Report forecast the micro-insurance market in the
Philippines to grow at a CAGR of 21.47% during the period 2016-2020.
Micro-insurance products are coverage policies targeted at
households with low income levels. Micro-insurance plans provide tailored
insurance coverage policies for individuals with little or low saving plans.
Such policies provide lower value assets and compensation for injury, illness,
or death to an individual than in other insurance policies. Micro-insurance
companies assist poor families by offering customized insurance plans to meet
the specific needs of the customers. The value of the coverage policy is lower
compared to other insurance plans because of which the policyholder pays
smaller premiums to the insurance company than in the case of a usual plan. The
micro-insurance market is stronger in developing countries which offer high
growth opportunities for the insurance industry.
The report covers the present scenario and the growth
prospects of the micro-insurance market in the Philippines for 2016-2020. To
calculate the market size, the report considered the premiums earned from
accidental micro-insurance, life micro-insurance, health micro-insurance,
agriculture micro-insurance, and property micro-insurance from the Philippines
market.
According to the report, different valuation strategies will
be a key driver for market growth. Micro-insurance is subject to normal
industry cyclicals. Market players therefore formulate different strategies to
earn positive yields and generate cash flows. These techniques help to bring in
stable earnings year-on-year for players in the micro-insurance industry. While
micro-insurance players remain subject to business cyclicals, the growth
resulting from changes in premiums may not affect much of the relative growth
prospects of the industry players. However, it is important to note that a
micro-insurance company’s underwriting activities do cast an effect on the
valuation of the insurer. This applies to instances when the insurance company
hikes the rate of premium.
Further, the report states that if we look at the current
market scenario, there has been low penetration of micro-insurance as there is
a lack of insurance culture amongst the population. So, to increase market
penetration, the government and top players in the market should tap the
low-income market segment. The lack of general awareness about micro-insurance
as a protection tool and details about the types of insurances pose major
challenges to market growth. This lack of awareness often keeps potential
clients away. Micro-insurance service providers offer services at a slow pace.
The claim settlement process is a vital component in the whole process flow as
it is crucial for the goodwill of the micro-insurance company.
Micro-Insurance Market in the Philippines 2016-2020,
has been prepared based on an in-depth market analysis with inputs from
industry experts. The report covers the market landscape and its growth
prospects over the coming years. The report also includes a discussion of the
key vendors operating in this market.
key players in the micro-insurance market in the
Philippines: AIG Philippines, Asian Life and General Assurance, CARD Pioneer,
and CLIMBS Life.
Other Prominent Vendors in the market are: AFP General
lnsurance, PNB MetLife, and xMicroEnsure.
Market driver
- Encouraging regulatory environment
- For a full, detailed list, view our report
Market challenge
- Lack of trained staff to explain insurance products to the poor
- For a full, detailed list, view our report
Market trend
- Increase in financial inclusion programs
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
Spanning over 75 pages and 37 Exhibit “Microinsurance
Market in the Philippines 2016 - 2020” report covers Executive summary, Scope of the
report, Market research methodology, Introduction, Market landscape, Market
drivers, Market drivers, Impact of drivers, Market challenges, Impact of
drivers and challenges, Market trends, Vendor landscape, Key vendor analysis,
Appendix.
For
more information Visit at: http://mrr.cm/3qt
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