Reinsurance in the Philippines, Key Trends and Opportunities to 2016

The Philippine reinsurance segment declined in 2009 as a result of the global economic crisis, before recovering and recording annual growth of 3.6% in 2010 and 3.0% in 2011. During the review period, the Philippine reinsurance segment was dominated by National Reinsurance Corporation of the Philippines (PhilNaRe), which has been awarded a financial strength rating of “B++” and an issuer credit rating of “bbb” from AM Best. The company’s adequate capitalization, established market presence and conservative investment portfolio are major contributors to its status as the most successful reinsurer in the Philippines. Its conservative investment portfolio also allowed PhilNaRe to generate a stable investment income during the review period.

Growth in the direct insurance segments, including life, non-life, and personal accident and health insurance, is expected to drive the reinsurance segment over the forecast period. As insurance companies tend to share some proportion of their risk with reinsurers, this creates significant opportunities for reinsurance companies operating in the Philippines. The occurrence of natural disasters in the country has also compelled insurance companies to cede part of their written premium to reinsurers. The reinsurance segment in the Philippines is expected to register a CAGR of 1.9% over the forecast period. 

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Report Details:

Published: October 2012
No. of Pages: 99
Price:Single User License:US$1950 Corporate User License:US$3900

Regulatory standards expected to drive the growth of reinsurance

According to the solvency standards introduced by insurance regulatory authority the Insurance Commission, all existing incorporated insurance companies are required to maintain a minimum paid-up capital requirement of PHP175 million (US$4.0 million), PHP250 million (US$5.8 million), PHP450 million (US$10.4 million), PHP625 million (US$14.4 million), PHP800 million (US$18.5 million) and PHP1 billion (US$23.1 million) by the end of 2011, 2012, 2013, 2014, 2015 and 2016 respectively. However, new companies entering the industry will have to maintain a minimum paid-up capital of PHP1 billion (US$23.1 million).  This will lead to a larger financial burden on insurance companies.

Flexible reinsurance regulation dramatically increases the competitiveness of the segment

The absence of regulation to force insurers to spend a minimum percentage of their contract premium with the state-owned reinsurer increases the competitiveness of the Philippine reinsurance segment. Insurers can, therefore, decide whether to choose a domestic or foreign reinsurance partner. PhilNaRe is the only domestic reinsurer operating in the Philippine reinsurance segment.

Growth of various insurance segments expected to drive growth of reinsurance segment

The written premium value of the Philippine insurance industry registered a CAGR of 2.2% during the review period. In 2011, the life insurance segment accounted for 70.5% of the industry, followed by the non-life segment with a 25.1% share, and the personal accident and health segment with a 4.4% share. During the review period, the personal accident and health segment registered the highest CAGR of 16.1%.

Reinsurance in Italy, Key Trends and Opportunities to 2016

During the review period, premium ceded to reinsurance by Italian direct insurers declined consistently, with the exception of a noticeable increase of 5% in 2010 as a result of the 2009 L'Aquila earthquake. The absence of obligatory insurance for natural disasters in the presence of government intervention to cover the losses through ad hoc financing, had the effect of decreasing the written premium value of the Italian reinsurance segment. The Italian reinsurance market is highly competitive and during the review period a number of mergers and acquisitions occurred. In the absence of any domestic reinsurance company, the segment is dominated by multinational reinsurers. Anticipating a significant improvement in the Italian economy, some of the country’s largest reinsurance providers, including Munich Re, Swiss Re and Hannover Re, are preparing themselves for further growth in the Italian reinsurance segment.

Scope

This report provides a comprehensive analysis of the reinsurance market in Italy:

• It provides historical values for the Italian reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
• It offers a detailed analysis of the key sub-segments in the Italian reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Italy and its growth prospects
• It profiles the top reinsurance companies in Italy

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Report Details:

Published: June 2012
No. of Pages: 96

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Key highlights

• The Italian reinsurance market is highly competitive and during the review period a number of mergers and acquisitions occurred. In the absence of any domestic reinsurance company, the segment is dominated by multinational reinsurers.
• Inadequate financial support from the Italian government is also expected to support the growth of the Italian reinsurance segment over the forecast period.
• The absence of obligatory insurance for natural disasters in the presence of government intervention to cover the losses through ad hoc financing, had the effect of decreasing the written premium value of the Italian reinsurance segment.
• Regulatory changes in the reinsurance segment will expose new challenges and opportunities with respect to competitive differentiation. Italian reinsurers have become more rigid in terms their underwriting approach. Some of the ceding companies have shown a greater awareness, whereas others have adjusted minimally to meet the new Solvency II requirements.

Reasons to buy

• Make strategic business decisions using in depth historic and forecast market data related to the Italian reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Italian reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Italian insurance market and its impact on companies and the market's future

Philippines Trends and Opportunities in Reinsurance - 2016

Despite the global economic crisis, the Philippine reinsurance segment recorded stable growth during the review period. This is attributable to the increasing cost of reinsurance protection and susceptibility of the country to frequent natural disasters such as typhoons. The number of reinsurance companies registered in the Philippines fell from two to one during the review period, although some domestic insurers also have limited reinsurance operations. The National Reinsurance Corporation of the Philippines is the only reinsurer based in the Philippines. It was established to provide both life and non-life reinsurance to the Philippines and other neighboring countries.

The report provides top-level market analysis, information and insights into the Philippine reinsurance market, including:

• The Philippine reinsurance market’s growth prospects by reinsurance categories
• The Philippine reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
• The competitive landscape in the Philippine reinsurance insurance market

Philippines Reinsurance Market

Published: March 2012
No. of Pages: 97
Price: Single User License: US$ 1950    Corporate User License: US$3990 

                 

Reasons To Buy

• Make strategic business decisions using top-level historic and forecast market data related to the Philippine reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Philippine reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories

Key Highlights

• Despite the global economic crisis, the Philippine reinsurance segment recorded stable growth during the review period.
• The Philippine reinsurance segment is dominated by the Philippines National Reinsurance Corporation (PhilnaRe), which is the only domestic reinsurance company in the Philippines.
• The Philippine government is also expected to introduce more regulations for the country’s insurance industry over the forecast period, as it tries to match the EU’s strict regulatory environment.
• The significant growths registered by the non-life and personal accident and health insurance segments over the forecast period are expected to generate growth for the reinsurance segment.