Philippines Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Philippines Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Philippines Motor Insurance Market is estimated to grow at a CAGR of approximately 9% during the forecast period.
• In 2018, Motor insurance gross premium increased to 28,415 million PHP from 27,118 million PHP from the previous year 2017. Motor insurance holds 33.66% of the total gross premium in the overall non-life business. In 2018, Motor insurance net claims amounted to 12,496.8 million PHP. In 2018, Motor insurance net premium was also increased to 26,522 million PHP from 24,609.8 million PHP from the previous year 2017.

Key Market TrendsIncrease in Motor Vehicle Sales:

In 2019, Motor Vehicle sales were increased by 4% from 357,410 units to 369,941 units compared to the previous year. Passenger vehicles were sold 109,197 units and commercial vehicles 260,744 units. Since the introduction of the TRAIN (Tax Reform for Acceleration and Inclusion) law in 2018, the growth of the auto industry has been threatened by higher vehicle prices and panic-stricken purchases in 2017.

Potential for Insurtech growth:

After slowly growing over several years, the insurance industry in the Philippines is expected to scale new heights, driven by technological innovation. In recent times, the industry has remained resilient and upbeat to the changing economy of the country. Although it faces many obstacles, the outlook for the Philippine insurance industry remains optimistic. The Insurance Commission continues to push for digitalization and further innovation by promoting better customer service with more appropriate products, thus growing the level of insurance penetration. Insurance companies have turned to insurance technology (insurtech) is another way to better serve their growing market. Self-service dashboards, chatbots, Email notifications, digitization of parts of the claims process, and insurance comparison tools to direct consumers to the best deal have all appeared in recent years. In addition, in order to encourage the use of insurtech, the Insurance Commission released a policy statement enabling insurance companies, subject to certain security requirements, to market their policies using mobile phone applications and to provide flexible payment mechanisms instead of the traditional payment methods.

Competitive Landscape

The report covers the major players operating in the Philippines Motor Insurance Market. The market is Consolidated, the market is expected to grow during the forecast period due to the increase in sales of motor vehicles and many other factors are driving the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
DBS Bank
OCBC Bank
United Overseas Bank
Siam Commercial Bank
VietcomBank
TMB Bank
FWD Insurance
Generali Vietnam Life
Sun Life
Prudential Insurance*

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