Philippines Non-Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Summary
Non-Life Insurance in Philippines industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- The non-life insurance market consists of the general insurance market segmented into motor, property, liability and other insurance. The other segment is made up of non-life insurance products including health, travel, and accident cover among others. The value of the non-life insurance market is shown in terms of gross premium incomes. Gross premium income is defined as the insurer’s premium income for the year from its policies, calculated without reduction for reinsurance premiums paid or payable by the insurer.
- The Filipino non-life insurance market had total gross written premiums of $2.1 million in 2022, representing a compound annual growth rate (CAGR) of 3.3% between 2017 and 2022.
- The Motor segment accounted for market's the largest proportion in 2022, with total gross written premiums of $0.6 million, equivalent to 28.8% of the market's overall value.
- The Filipino non-life insurance market has experienced moderate growth in recent years. The market grew by 5.6% in 2022, as compared to a high of 14.5% in 2021.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Philippines
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Philippines
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Philippines non-life insurance market with five year forecasts by both value and volume
- What was the size of the Philippines non-life insurance market by value in 2022?
- What will be the size of the Philippines non-life insurance market in 2027?
- What factors are affecting the strength of competition in the Philippines non-life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Philippines's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What strategies do leading players follow?
- 7.4. What are the strengths of leading players?
- 7.5. How has the COVID-19 outbreak impacted the market?
- 8 Company Profiles
- 8.1. BPI/MS Insurance Corp
- 8.2. Malayan Insurance Co Inc
- 8.3. Prudential Guarantee and Assurance Inc
- 8.4. Pioneer Insurance & Surety Corp
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. About MarketLine
- List of Tables
- Table 1: Philippines non-life insurance market value: $ billion, 2017-22(e)
- Table 2: Philippines non–life insurance market category segmentation: % share, by value, 2017–2022(e)
- Table 3: Philippines non-life insurance market category segmentation: $ billion, 2017-2022
- Table 4: Philippines non–life insurance market geography segmentation: $ billion, 2022(e)
- Table 5: Philippines non-life insurance market value forecast: $ billion, 2022-27
- Table 6: Philippines non-life insurance market share: % share, by value, 2022(e)
- Table 7: BPI/MS Insurance Corp: key facts
- Table 8: BPI/MS Insurance Corp: Key Employees
- Table 9: BPI/MS Insurance Corp: Key Employees Continued
- Table 10: Malayan Insurance Co Inc: key facts
- Table 11: Malayan Insurance Co Inc: Key Employees
- Table 12: Prudential Guarantee and Assurance Inc: key facts
- Table 13: Prudential Guarantee and Assurance Inc: Key Employees
- Table 14: Prudential Guarantee and Assurance Inc: Key Employees Continued
- Table 15: Pioneer Insurance & Surety Corp: key facts
- Table 16: Pioneer Insurance & Surety Corp: Key Employees
- Table 17: Philippines size of population (million), 2018–22
- Table 18: Philippines gdp (constant 2005 prices, $ billion), 2018–22
- Table 19: Philippines gdp (current prices, $ billion), 2018–22
- Table 20: Philippines inflation, 2018–22
- Table 21: Philippines consumer price index (absolute), 2018–22
- Table 22: Philippines exchange rate, 2017–21
- List of Figures
- Figure 1: Philippines non-life insurance market value: $ billion, 2017-22(e)
- Figure 2: Philippines non-life insurance market category segmentation: $ billion, 2017-2022
- Figure 3: Philippines non–life insurance market geography segmentation: % share, by value, 2022(e)
- Figure 4: Philippines non-life insurance market value forecast: $ billion, 2022-27
- Figure 5: Forces driving competition in the non-life insurance market in Philippines, 2022
- Figure 6: Drivers of buyer power in the non-life insurance market in Philippines, 2022
- Figure 7: Drivers of supplier power in the non-life insurance market in Philippines, 2022
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Philippines, 2022
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Philippines, 2022
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Philippines, 2022
- Figure 11: Philippines non-life insurance market share: % share, by value, 2022(e)
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