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Micro-insurance Market in the Philippines 2016-2020

  • Published: Sep 2016
  • Pages: 75
  • SKU: IRTNTR10377
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This industry research report identifies AIG Philippines, Asian Life and General Assurance, Card Pioneer, and CLIMBS Life & General as key vendors in the microinsurance market in the Philippines. This report also presents a competitive analysis all the major factors that will drive and challenge market growth during the estimated period.

Overview of the micro-insurance market in the Philippines

Market research analysts at Technavio have predicted that the microinsurance market in the Philippines will grow steadily during the next four years and will post a CAGR of more than 21% by 2020. Microinsurance companies constantly formulate different strategies to earn positive yields and to increase their cash flows. This market research analysis estimates the formulation of new strategies to be one of the major factors that will have a positive impact on the growth of the market. The market is subject to normal industry cyclicals and requires insurance providers to follow techniques that help bring in stable earnings. Also, a microinsurance company’s underwriting activities have an effect on the valuation of the insurer. For instance, an insurance company with 9% as the written premium base will outperform other insurance companies when the industry has an annual growth rate of 5%. This will encourage equity markets to allot higher valuation to the particular insurance firm. There are several insurance agents and insurance brokers who execute valuations for private equity-backed buyers and local agencies. This helps microinsurance companies and customers to attain a transparent picture of the legal structure in the region, and, in turn, helps insurance firms to formulate different strategies for buyers.

Due to the focus on increasing their market penetration and enhancing customer connectivity, microinsurance companies will start leveraging social media channels. Social media platforms help market players broaden their communication and marketing channels required for launching new products and services and also assist in collecting customer feedback, resolving queries in real-time, and in updating customers on new product releases. Moreover, social media channels also help companies overcome geographical limitations and acts as an effective channel to attract different customer segments.

Competitive landscape and key vendors

The country is currently witnessing changes in its economy due to factors such as political changes and economic integration. This coupled with technological advancements has resulted in the competitive environment among microinsurance companies to be intense. The boost in the region’s GDP and a subsequent rise in the demand for microinsurance products has also led to the entry of several new players in the market. Major insurance providers have already established their presence in the market and with the aim to increase their revenues, have started shifting their focus from advanced markets to emerging markets. Moreover, since policy changes in different geographies will compel insurance companies to compete with various international competitors, most microinsurance companies will start providing products and services at a comparatively lower price. Vendors are also expected to focus on innovative products and also on increasing their investments across different segments.

The leading vendors in the market are -

  • AIG Philippines
  • Asian Life and General Assurance
  • Card Pioneer
  • CLIMBS Life & General

The other prominent vendors in the market are AFP General lnsurance Corporation, PNB MetLife, and MicroEnsure.

Growth drivers, challenges, and upcoming trends: Micro-insurance to become mandatory

With the availability of a number of micro-insurance products that combine both mandatory and voluntary coverage policies, mandatory coverage has become mandatory in the micro-insurance industry. The focus on increasing the adoption of micro-insurance products has compelled countries such as the Philippines to introduce certain regulations that require insurance providers to use simple terminologies in their coverage plans and has also led to the introduction of less-stringent licensing requirements for microinsurance companies.

This report provides a number of factors contributing to the adoption, limitations, and opportunities of the microinsurance market in the Philippines. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.

Key questions answered in the report include

  • What will the market size and the growth rate be in 2020?
  • What are the key factors driving the micro-insurance market in the Philippines?
  • What are the key market trends impacting the growth of the micro-insurance market in the Philippines?
  • What are the challenges to market growth?
  • Who are the key vendors in the micro-insurance market in the Philippines?
  • What are the market opportunities and threats faced by the vendors in the micro-insurance market in the Philippines?
  • Trending factors influencing the market shares of the Philippines.
  • What are the key outcomes of the five forces analysis of the micro-insurance market in the Philippines?

Technavio also offers customization on reports based on specific client requirement.

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Table of Contents

PART 01: Executive summary

  • Highlights

PART 02: Scope of the report

  • Market overview
  • Top-vendor offerings

PART 03: Market research methodology

  • Research methodology
  • Economic indicators

PART 04: Introduction

  • Key market highlights
  • Definition of micro-insurance
  • Key players in micro-insurance value chain
  • Micro-insurance transaction
  • Role of policy and regulation in shaping business environment of micro-insurance sector
  • Difference between traditional insurance and micro-insurance

PART 05: Market landscape

  • Market overview
  • Market size and forecast
  • Five forces analysis

PART 06: Market drivers

  • Encouraging regulatory environment
  • Impact of growing urbanization on markets pertaining to life micro-insurance, health micro-insurance, and various kinds of agricultural insurance
  • Different valuation strategies

PART 07: Impact of drivers

PART 08: Market challenges

  • Decapitalization due to high insurance claims
  • Lack of trained staff to explain insurance products to the poor
  • Difficulty in credit assessment

PART 09: Impact of drivers and challenges

PART 10: Market trends

  • Increase in financial inclusion programs
  • Micro-insurance becoming mandatory
  • Leveraging social media channels for better market penetration and better customer connectivity

PART 11: Vendor landscape

  • Competitive landscape
  • Other prominent vendors

PART 12: Key vendor analysis

  • AIG Philippines
  • Asian Life and General Assurance
  • CARD Pioneer
  • CLIMBS Life

PART 13: Appendix

  • List of abbreviations

PART 14: Explore Technavio

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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