Life insurance report reveals key trends to 2018
Research and Markets has now released a new publication that provides insights into opportunities in the Philippines.
Analytics firm, Research and Markets, has now added a new report to its offerings which they have entitled “Life Insurance in Philippines, Key Trends and Opportunities to 2018”, providing insight into that location and the opportunities that are opening up there over the next four years.
The results of the study showed a number of important trends within this sector of the insurance industry.
This life insurance news report showed that in the Philippines industry as a whole, there have been significant growth rates over the last few years. For example, in 2012, they saw a rise of 27.8 percent, while the following year saw even greater growth of 31.0 percent. The life sector, specifically, was viewed as a primary driving force of this growth, as sales of those products has been exceptionally healthy since 2010.
The primary market for life insurance policies in the Philippines has been the growing middle class population.
This demographic has been expanding in size within the increasingly urbanized country, where life policies had been nearly nonexistent, not too long ago. Insurance companies have now recognized this opportunity and are seeing a tremendous boost in sales by way of those policies.
Additional growth contributors in that market included the easing of the central bank’s bancassurance regulations in 2013. That allowed for improved competition, more affordable prices, and increased stock market returns, as well. Each of those drivers has boosted the demand for products in the life sector, causing insurance providers to create new strategies that have expanded their focus into that area in order to maximize their profits through innovative new products.
The efforts being made by life insurance companies to boost their market shares were forecasted by the report to supplement the increasing demand for this coverage throughout the entire extent of the report’s focus, which ran from 2013 through 2018. The recovery of global markets, paired with the expansion of the middle class in the country are expected to keep up the ongoing growth of the life segment.