Lewes, DE -- (SBWire) -- 09/28/2016 --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://www.marketresearchreports.com/technavio/microinsurance-market-philippines-2016-2020
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