Page 33 - AEC Digital Edition

ASEAN MARKET REPORTS

Philippines

General Information

Land Area 298,170 sq km.
Climate Tropical marine; northeast monsoon (November to April); southwest monsoon (May to October).
Capital Manila.
Form of Government Republic.
Chief of State and Head of Government President Benigno AQUINO.
Population (July 2015 est) 100,998,376.
Population Growth Rate (2015 est) 1.61%.
Ethnic Composition (2000 census) Tagalog 28.1%, Cebuano 13.1%, Ilocano 9%, Bisaya/Binisaya 7.6%, Hiligaynon Ilonggo
7.5%, Bikol 6%, Waray 3.4%, other 25.3%.
Religious Affiliation (2000 census) Catholic 82.9% (Roman Catholic 80.9%, Aglipayan 2%), Muslim 5%, Evangelical 2.8%,
Iglesia ni Kristo 2.3%, other Christian 4.5%, other 1.8%, unspecified 0.6%, none 0.1%.
Birth Rate (2015 est) per 1,000 population 24.27 births.
Death Rate (2015 est) per 1,000 population 6.11 deaths.
Infant Mortality Rate (2015 est) per 1,000 live births 22.34 deaths.
Life Expectancy at Birth (2015 est) Male 65.47 years; Female 72.62 years.

Economy

Monetary Unit P1 (Philippine peso) = 100 centavos.
Exchange Rate (10 Sep 2015) US$1 = P46.9343 (Philippine pesos).
GDP purchasing power parity (2014 est) US$692.2 billion.
GDP per capita (2014 est) US$7,000.

Insurance market structure

Number of registered insurers 2013 2014 Non-life insurance
2012

Composite insurers 4 4 4 Non-life – Statistics

Life insurers 29 30 27 (US$ mln & %) 2012 2013 2014
1,332 1,331 1,474
Non-life insurers 76 71 69 Gross written premium 49.8% 47.7% 48.7%
40.1% 49.7% 40.8%
Total 109 105 100 Retention ratio
Incurred loss ratio 192 136 223
Life insurance 2,761 3,312 3,367

Total premiums 2012 2013 2014 Underwriting results
(US$ mln) Total assets

Total premiums 2,872 4,060 4,420

Life policies in force Non-life – Gross written premiums by class of business

Policies in force (US$ bln)90 1,600
Gross written premiums (US$ mln)80 6.9
70 4.6 1,400
60
50 10.2 1,200
40 42.7 52.7
30 50.6 1,000
20
10 20.6 22.1 20.4 Variable 800 Total
Group 600 Motor
2011 2012 2013 Ordinary 400 Fire
200 Marine

2008 2009 2010 2011 2012 2013 2014

Back to Contents Source: 2015 ASEAN Insurance Statistical Report

AEC – IMPACT ON INSURANCE • DECEMBER 2015 31