Insurance
From The Report: The Philippines 2016
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With development dating back nearly 200 years, the Philippine insurance sector is among the region’s most mature and competitive, expanding steadily in recent years despite serious challenges in 2014. The nation remains prone to natural disasters, as evidenced by Typhoon Haiyan, a category-five storm that caused billions in damage when it struck in November 2013. It cost the sector millions and dampened industry growth the following year. The industry stayed resilient, however, with continuing growth in investment and assets in 2014. Meanwhile, the sector remains open to foreign investment, despite a high tax burden and rising capital requirements. Indeed, recently enacted legislation, though painful for some smaller players, should improve industry stability and spur consolidation in 2015, keeping the industry on a steady long-term growth path. This chapter contains an interview with Lorenzo Chan Jr, President, Pioneer Life & Retail Organisation Head, Pioneer Group.

Articles from this Chapter

Overview

Taking form: As the sector grows, regulatory frameworks are being revised
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While still relatively small in comparison to many of its ASEAN peers, the Philippine insurance sector has shown strong growth in recent years, averaging 10% expansion between 2008 and 2014. The signs are that with the country’s continued economic growth and a burgeoning middle class, the sector’s expansion will continue to be impressive, while moves on the legislative side, partly aimed at bringing the country into line with other ASEAN markets, are also facilitating wider take-up and awareness. The…

Analysis

Breathing new life: Development of market conditions gives a boost to the segment
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The Philippine life insurance sector has seen major growth in recent years, in market size, penetration rates and product range. New channels are also opening – there has been a surge in bancassurance, for example – and more market entrants are expected as the country moves towards fuller integration into the ASEAN Economic Community. Underpinning all this is the continued economic growth of the Philippines, with the particular sectors driving this, such as business process outsourcing (BPO),…

Interview

Market expansion: OBG talks to Lorenzo Chan Jr, President, Pioneer Life & Retail Organisation Head, Pioneer Group
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Interview:Lorenzo Chan Jr To what extent has the life insurance industry transitioned to serve the mass market, and how can micro-insurance penetration be boosted? LORENZO CHAN JR: The life insurance industry has largely focused on investment products and the top-tier corporate market, which represents a tiny, single-digit share of the overall Philippine market. Premiums from unit-linked investment products comprise some 70% of the life insurance industry’s total premium income, and most…