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 Trends and Opportunities in India to 2016

In terms of gross written premiums, the Indian reinsurance market value grew at a CAGR of 12.2% during the review period (2007−2011). The increase was partially due to the robust growth posted by the insurance industry, coupled with the growing participation of foreign reinsurance companies. This was further supported by India’s positive economic growth, increasing employment rates and rising levels of life expectancy. These indicators are expected to support the Indian reinsurance segment over the forecast period (2012−2016).

Robust insurance industry growth fuels reinsurance segment

The Indian reinsurance segment’s growth is dependent on the growth of the country’s life, non-life and personal accident and health insurance segments. However, the percentage of reinsurance ceded is higher for non-life and personal accident and health insurance than for life insurance. The reinsurance segment posted a CAGR of 12.2% during the review period, which was driven by growth across all segments. During the review period, the insurance industry as a whole grew at a CAGR of 16.9%. Life insurance which constitutes 86.0% of total insurance industry registered a similar CAGR of 16.9% while non-life insurance registered a CAGR of 12.8% and personal accident and health insurance achieved an impressive CAGR of 33.4%.

General Insurance Corporation (GIC) is anticipated to control the reinsurance segment

The majority of Indian reinsurance is sourced from the General Insurance Corporation (GIC) and European reinsurers with bases in Asia. Over the forecast period, it is expected that GIC will retain its market-leading position in the Indian reinsurance segment. However, the growing interest of overseas reinsurers to participate in the Indian reinsurance segment is anticipated to intensify the level of competition. 

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Facultative reinsurance product category will continue to dominate the reinsurance segment

The facultative reinsurance product category accounted for 51.7% of the Indian reinsurance segment in 2011, while the treaty reinsurance category had a relatively lower market share of 48.3%. The share of treaty reinsurance products is expected to increase to 54.5% in 2016, due to floods in Uttarakhand.

Growing interest of foreign reinsurers to intensify competition over the forecast period

Over the forecast period, the level of competition in the Indian reinsurance segment is expected to increase following the IRDA’s proposal to permit foreign reinsurance companies to establish branches in the country. As it stands very few foreign reinsurance companies operate in India, and those which do provide services to Indian insurance firms generally operate outside the country. However, leading global reinsurance companies Berkshire Hathaway Re entered the reinsurance segment and will be the lead reinsurer for Bajaj Allianz and National Insurance. Other leading global reinsurers such as SCOR Re and Asia Capital Re increased their exposure to India during the review period. The growing interest of global reinsurance companies is expected to intensify competition over the forecast period.

Report Details:
Published: October 2012
No. of Pages: 92
price:Single User License:US$1950 Corporate User License:US$3900

Malaysia Reinsurance Key Trends and Opportunities to 2016

The Malaysian insurance industry is considered to be one of the promising insurance industries in South East Asia, with the industry registering stable growth in written premiums during the review period (2007–2011). Meanwhile, the reinsurance segment also showed healthy growth during the review period. The reinsurance segment is expected to continue recording strong growth over the forecast period (2012–2016). This will be supported by the country’s improving economic condition, expanding real estate industry and increasing access to credit markets with a rising number of Malaysians owning bank accounts. In particular, increasing property insurance policy sales to protect against natural disasters, such as flooding,  that often affect the country will encourage non-life insurance companies to cede premium to reinsurance companies in order to mitigate their risks from natural disasters.

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

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

Malaysia Reinsurance Industry

Published: April 2012
No. of Pages: 106
Price: Single User License: US$ 1950     Corporate User License: US$3900

    
Key Highlights

• The Malaysian insurance industry is considered to be one of the promising insurance industries in South East Asia, and the industry registered stable growth in written premiums during the review period.
• In addition to liberalizing the reinsurance segment, the Malaysian government offered various incentives and benefits to foreign companies in order to encourage these companies to establish operations in the region.
• The Malaysian reinsurance segment experienced a price increase of up to 10% due to the 2010–2011 floods, which affected Northern Malaysia in the November 2010 and Southern Malaysia in January 2011.
• The Malaysian reinsurance segment is highly consolidated and only seven reinsurers operate in the country.

Reasons To Buy

• Make strategic business decisions using top-level historic and forecast market data related to the Malaysian reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Malaysian 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 Malaysian insurance market and its impact on companies and the market's future