Commercial Non-Life Insurance Brokers in the Philippines plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in the Philippines. This report first provides unique data for the size, segmentation and growth of the Filipino commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of around 60 broking entities in total, it ranks the leading 15 brokers in the Philippines according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.
This report provides unique data in the following areas:
- the value of commercial non-life insurance markets for 2010 to 2014;
- the share of this market distributed by brokers in 2010 and 2014;
- the revenues generated by commercial non-life insurance business for brokers in 2010 and 2014;
- the concentration of the market for commercial non-life insurance broking in 2014;
- forecasts for 2018 for the value of commercial non-life insurance premiums, brokers' share of this market and their revenues from commercial non-life insurance business.
Moreover, the report, BrokerBASE™ and market data file can be used in one or more of the following ways:
- to quantify the size and dynamism of the broker market for commercial non-life insurance in the Philippines;
- to utilise a single comprehensive source of information that uses a uniform methodology to size the underlying commercial non-life insurance market and to quantify brokers' share of distribution;
- to assess a range of potential business opportunities: from selecting targets for acquisition to niche product development and ideas for distribution partnerships;
- to understand the competitive landscape in the Philippines through its market concentration, the importance of international brokers, and brokers' distribution strategies;
- to identify the leading brokers in the Philippines, with coverage of competitors such as Aon, BDO Insurance Brokers, Gotuaco-Del Rosario, Intertrade and Marsh.
Table of Contents
0.0 EXECUTIVE SUMMARY
- What is this report about?
- The focus is uniquely on commercial non-life insurance, excluding other types of business...
- ...and on brokerage, even where intermediaries can act as both agents and brokers.
- Research program
- Market data analysis
- Exchange rate
2.0 MARKET ANALYSIS
- Regulatory information
- The Insurance Commission distinguishes between insurance agents and insurance brokers
- There are around 60 brokerages active in non-life insurance in the Philippines
- Commercial non-life insurance market
- The commercial lines market of the Philippines grew quite rapidly between 2010 and 2014...
- ...with commercial property insurance outperforming other segments in this respect
- Commercial non-life insurance brokers
- Overview of brokers' presence in the distribution of commercial non-life insurance
- Brokers have consolidated their position as the main distribution channel for commercial lines
- Competitor trends and specialisms
- The commercial lines broking market is characterised by a fairly high degree of fragmentation...
- ... with the top competitor restricted to a share of commercial lines broking revenues of less than 10%
- Non-indigenous brokers in the top 15 include Aon, Howden, JLT, Lockton and Marsh
- For primary insurance, Willis operates through a correspondent broker
- Among the top 15, Trinity obtains the highest proportion of total revenues from commercial lines broking...
- ... and BDO Insurance Brokers the least due to its primary focus on personal lines
- Brokers' distribution strategies
- Intertrade is particularly strong in the motor insurance segment
- Five international broker networks have members in the Philippines
- Future outlook
- Commercial lines broking revenues are predicted to continue growing at a healthy rate
- Brokers may benefit from advancing integration of financial services markets in the ASEAN region
LIST OF GRAPHICS / TABLES
0.0 EXECUTIVE SUMMARY
- Key market data for commercial non-life insurance brokers in the Philippines
2.0 MARKET ANALYSIS
- Segmentation of the commercial non-life insurance market in the Philippines, 2014
- Growth in the commercial non-life insurance market in the Philippines by segment, 2010 to 2014
- Size and growth of the commercial non-life insurance market in the Philippines by segment, 2010 to 2014 (table)
- Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014
- Brokers' share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2010 and 2014 (table)
- Market concentration for commercial non-life insurance broking in the Philippines, 2014
- Market shares of commercial non-life insurance broking revenues of the top ten brokers in the Philippines, 2014
- Importance of different types of insurance broking for the top 15 commercial non-life insurance brokers in the Philippines
- Partners of broker networks in the Philippines, 2014
- Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018
- Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in the Philippines, 2018 (table)