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Wide Base of Low Income Groups Offers Microinsurance Market in the Philippines a Huge Scope for Growth

Press Release   •   Oct 04, 2016 07:38 EDT

MarketResearchReports.Biz presents this most up-to-date research on “Microinsurance Market in the Philippines 2016-2020 " has added a new research report to its ever-growing online repository. The research report, titled “Microinsurance Market In The Philippines 2016-2020,” provides a detailed analysis of the overall microinsurance market in the Philippines. It discusses the recent development in the market and the impact of the global economy in the region. It factors in the consumer sentiment while collaborating the document to provide a detailed understanding of the market drivers and restraints. The research report has been compiled using primary and secondary research methodologies to present to the readers an accurate and exact picture of the trajectory this market is anticipated to take.

According to the research report, the microinsurance market in the Philippines is anticipated to progress at a CAGR of 21.47% between 2016 and 2020. The main growth driver for the market will be the sizeable population base that is still categorized in the low per capita income bracket. Thus, these plans are customized to meet the needs of those who have negligible incomes and savings. The microinsurance plans offer a lower value compensation and assets for illnesses, injuries, and death as compared to other insurance policies. Additionally, these policies can be customized depending on the needs and requirements of the insurance buyer.

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The microinsurance market in the Philippines is expected to witness a spur as the governance in undergoing a transformation with an aim to regularize policies. The market is also likely to be fueled by the entry of several companies offering microinsurance, health microinsurance, and other kinds of policies. The different valuation strategies being used by the companies operating in this market are also anticipated to work in its favor during the forecast period. Some of the emerging trends in the microinsurance market in the Philippines are the rise of financial inclusion programs and implementation of policies to make microinsurance mandatory. Companies are also using social media to raise awareness about benefits of insurance, which is expected to aid the growth of the market in the near future.

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Despite these steady drivers and trends, the market is being overshadowed by challenges such as lack of trained staff to explain the products and services of insurance companies and poor levels of knowledge amongst the end users. The market is also being restrained due to the frequent claims that are leading to decapitalization.

Some of the key companies in the Philippines microinsurance market are CARD Pioneer, AIG Philippines, CLIMBS Life, AFP General Insurance, Asian Life General Assurance, PNB MetLife, and xMicroEnsure. The research report provides a comprehensive understanding of the competitive landscape of the overall market through a Porter’s five forces analysis. It explains the intensity of the competitive rivalry along with detailing the threats to the new entrants. The research report examines the business and marketing strategies, the investment plans of the leading companies for the coming years, and the mergers and acquisition plans for the near future.