The Insurances market in Philippines has been experiencing significant growth and development in recent years. Customer preferences in the Philippines are shifting towards more comprehensive insurance coverage, driven by an increasing awareness of the importance of financial protection. Customers are seeking policies that not only cover traditional risks like health and property damage but also provide protection against emerging threats such as cybercrime and natural disasters. Trends in the market indicate a rising demand for micro-insurance products in the Philippines, especially among low-income populations. Insurers are adapting their offerings to cater to this segment by providing affordable and easily accessible insurance solutions. Additionally, there is a growing interest in digital insurance services, with more customers opting to purchase policies online or through mobile apps. Local special circumstances, such as the archipelagic geography of the Philippines, present unique challenges and opportunities for the insurance market. Insurers are developing innovative products to address the specific needs of customers in different regions, considering factors like varying levels of exposure to environmental risks and infrastructure limitations. Underlying macroeconomic factors, including steady economic growth and a young and tech-savvy population, are driving the expansion of the insurance market in the Philippines. As disposable incomes rise and financial literacy improves, more individuals and businesses are recognizing the value of insurance as a risk management tool, fueling the overall growth of the industry. Additionally, regulatory reforms and government initiatives to promote insurance penetration are creating a favorable environment for insurers to expand their operations and reach a wider customer base.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
