Philippine life market growing at rapid pace

May 3 2017 by InsuranceAsia News Staff

The Philippines’ life sector is expected to register one of the fastest growth rates among emerging markets over the next nine years, global reinsurance firm Munich Re said in its latest report.

From 2017 to 2025, the life insurance premiums in the country are expected to grow at a compound annual growth rate (CAGR) of 9.1%, according to the ‘Insurance Market Outlook for 2017/2018’ report.

The country’s nine-year compound growth is expected to top that of all emerging markets except the United Arab Emirates, which is seen to post a CAGR of 10%, and Indonesia, with CGIAR of 9.1%.

China’s life insurance sector is seen to grow 8.8% over the same period.

Munich Re’s report also projected that life insurance sales in Thailand will grow 6.9%; India, 6.2%; and Malaysia, 4.7%.