World BankInternational Monetary Fund2013-10-032013-10-032010-04https://hdl.handle.net/10986/16058This note summarizes the conclusions of the review of the insurance sector in the Philippines as part of the Financial Sector Assessment Program (FSAP). The main objectives of the assessment are to review the performance and structure of the insurance sector in the Philippines with respect to: a) the potential exposure of the sector to vulnerabilities, either generated from the sector or in response to other circumstances outside the sector that could either be magnified or dampened by the sector; b) the potential for the sector to grow and develop, in its own context and also to contribute to the overall long term growth and development of the economy and the well-being of the Philippines people; and c) the relationship between the oversight and regulatory arrangements for the sector against international norms and best practices. In summary, the key conclusions of this analysis are: i) the financial performance of the sector has been particularly stable although the outlook is less sanguine; ii) financial vulnerabilities are present but the challenges would appear to be manageable with careful and vigilant oversight and some targeted policy measures; and iii) opportunities for growth in the sector are wide ranging.en-USCC BY 3.0 IGOACCESS TO INSURANCEACCOUNTINGACCOUNTING STANDARDSACTS OF GODAGENTSASSET HOLDINGASSET MANAGEMENTASSET PRICEASSETSASSURANCEBANK DEPOSITSBANKING LAWBANKING SECTORBANKING SECTORSBANKING SERVICESBODILY INJURYBONDSBOOK VALUEBOOK VALUESBORROWERBROKERBROKERSBUSINESS INVESTMENTSCAPITAL MARKETSCAPITAL REQUIREMENTCAPITALIZATIONCASH FLOWSCATASTROPHESCATASTROPHIC RISKSCLIENT BASECOMMERCIAL BANKINGCOMMISSIONSCOMMON STOCKSCOMPENSATIONCONSUMER PROTECTIONCONVENTIONAL INSURANCECOOPERATIVE BANKSCOUNTRY TO COUNTRYCOVERAGECREDIBILITYCREDIT PROVIDERSCROP INSURANCEDEBENTURESDEPOSITSDISCOUNT RATEDISPOSABLE INCOMEEARNED PREMIUMEQUIPMENTEQUITIESEXPENSE RATIOSEXPOSUREEXPOSURESFACULTATIVE REINSURANCEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL PERFORMANCEFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL STRESSESFINANCIAL SUPPORTFIRE INSURANCEFIXED INTERESTFOREIGN EQUITYFOREIGN INSURERFOREIGN INSURERSFOREIGN OWNERSHIPGENERAL INSURANCEGOVERNMENT REGULATIONSGOVERNMENT SECURITIESGRACE PERIODGUARANTEE FUNDHARMONIZATIONHEALTH CAREHEALTH INSURANCEHOLDINGINCOMEINCOME LEVELSINCOMESINDEMNITYINFORMAL INSURANCEINFORMAL PROVIDERSINSPECTIONSINSTITUTIONAL INVESTORINSTRUMENTINSURANCEINSURANCE ACTIVITIESINSURANCE BROKERINSURANCE BROKERSINSURANCE CLAIMSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE COMPANY INVESTMENTSINSURANCE CORPORATIONINSURANCE INDUSTRYINSURANCE LAWINSURANCE LICENSESINSURANCE MARKETINSURANCE MARKETSINSURANCE PENETRATIONINSURANCE POLICIESINSURANCE PRODUCTSINSURANCE RATESINSURANCE SUPERVISORSINSURANCE SYSTEMINSURANCESINTEREST RATESINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL STANDARDSINVESTMENT MARKETSINVESTMENT OPPORTUNITIESINVESTMENT OPTIONSINVESTMENT PORTFOLIOINVESTMENT PROCESSESINVESTMENT PRODUCTSINVESTMENT RATESIPOISSUANCEJURISDICTIONLAWSLEGAL PROTECTIONSLIABILITYLIABILITY INSURANCELIBERALIZATIONLIFE INSURANCELIFE INSURANCE COMPANIESLIFE INSURANCE PREMIUMLIFE INSURANCE PRODUCTLIFE INSURANCE PRODUCTSLIFE INSURANCESLIFE INSURERSLIQUIDITYLOCAL CURRENCYLOCAL MARKETMARKET EXPANSIONMARKET PARTICIPANTSMARKET PORTFOLIOMARKET SECURITIESMARKET SHARESMARKET SIZEMARKET VALUEMARKET VOLATILITYMICRO FINANCEMICRO FINANCE INSTITUTIONSMICRO INSURANCEMICRO-INSURANCEMICROCREDITMICROFINANCEMICROFINANCE INSTITUTIONSMICROINSURANCEMINIMUM CAPITAL REQUIREMENTSMONETARY FUNDMORTGAGEMOTOR INSURANCEMUTUAL FUNDSMUTUAL INSURANCE COMPANIESNON LIFE INSURANCENON-LIFE INSURANCEPAR VALUEPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPOLICYHOLDERSPORTFOLIOPORTFOLIOSPRICE COMPETITIONPRICE VOLATILITYPRICE WARSPRIVATE INSURANCEPRIVATE MARKETPRIVATE SECTOR DEVELOPMENTPROGRAMSPROPERTY INSURANCEPROVISIONING RULESPRUDENTIAL SUPERVISIONRATE OF GROWTHRATES OF RETURNREAL ESTATEREAL ESTATE MORTGAGESRECOVERABLESREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY REQUIREMENTREGULATORY REQUIREMENTSREGULATORY RESTRICTIONSREGULATORY SYSTEMREINSURANCEREINSURANCE COMPANIESREINSURANCE PREMIUMSREINSURANCE TRANSACTIONSREINSURERSREMITTANCEREMITTANCESREPUTATIONRESERVERESERVESRETURNRETURNSRISK FACTORSRISK POOLINGRISK SHARINGRURAL BANKSSAVINGSSECURITIESSEPARATE ASSETSETTLEMENTSHAREHOLDERSHAREHOLDERSSOCIAL SECURITYSOLVENCYSTOCKSSUPERVISORY REGIMESURETYTAXTAX REGIMETECHNICAL ASSISTANCETRACK RECORDTRANSACTIONTREATIESTREATYTRUSTEESTURNOVERUNDERINSURANCEUNDERWRITINGVALUATIONVALUATION STANDARDSWORKERS COMPENSATIONWorld Bank10.1596/16058