Typhoon Haiyan

Typhoon Haiyan

On November 8, 2013, Typhoon Haiyan, carrying winds of nearly 200 miles per hour, slammed into the Philippines. By November 11 the widespread damage to cities, towns and fishing villages across the central Philippines from the typhoon had become clear. Typhoon Haiyan killed thousands and caused hundreds of millions of dollars in insured losses. Economic losses were $10 billion.

Despite the power of the storm, losses to the insurance industry were limited. The storm did not have a direct impact on Manila, the capital and the largest city in the Philippines, which was well to the north of the track of Haiyan. In addition, the Philippines is a very small market for property/casualty (i.e., nonlife) insurance, with premiums written in 2012 coming to just $1.23 billion. On a per capital basis this works out to just $12.70, compared with $1,223.90 in the U.S. Even compared with the rest of Asia, the “penetration” of insurance in the Philippines is relatively low. Premiums per capita in Asia as a whole were $91.90 in 2012.

The following map and tables show the size of the Philippines economy and the typhoon’s impact.

 

POPULATION, 2011-2014 (1)

Year Population
2011 101,833,938
2012 103,775,002
2013 105,720,644
2014 107,668,231

(1) Estimated.

Source: U.S. Central Intelligence Agency.

 

 

GROSS DOMESTIC PRODUCT, 2009-2013 (1)

Year GDP
2009 $327.2
2010 324.9
2011 353.2
2012 393.4
2013 454.3

(1) Based on Purchasing Power Parity calculations, which take into account the relative cost of living and inflation rates of countries. GDP estimate for July for each year shown.

Source: U.S. Central Intelligence Agency.

 

 

LIFE AND NONLIFE INSURANCE PREMIUMS, 2013

(U.S. $ millions)

  Direct premiums written
Nonlife premiums (1) $1,233
Life premiums 4,060
Total premiums $5,293
Percent of total world premiums 0.11%

(1) Includes accident and health insurance.

Source: Swiss Re, sigma, No. 3/2014.

View Archived Tables

 

 

LEADING NONLIFE INSURANCE COMPANIES, 2012

  Gross written premiums
Company PHP Mn USD Mn
Malayan Insurance  6,777.8 160.5
Prudential Guarantee  5,029.6 119.1
BPI/MS  4,632.4 109.7
Pioneer Insurance  4,399.0 104.2
Chartis  2,995.4 70.9
Charter Ping AN  2,893.7 68.5
Federal Phoenix  2,553.4 60.5
UCPB General  2,395.6 56.7
Standard Insurance  2,172.4 51.4
MAPFRE Insular  1,914.8 45.3

Source: Axco Insurance Information Services.

View Archived Tables

 

LEADING LIFE INSURANCE COMPANIES, 2012

  Gross written premiums
Company PHP Mn USD Mn
Sun Life  20,059.1 475.0
Pru Life  15,594.5 369.3
Philam Life  15,291.0 362.1
Philippine AXA  12,276.9 290.7
Ayala Life-BPI-Philam  11,466.8 271.5
Insular Life  9,196.4 217.8
Manulife  7,484.9 177.3
Grepalife Financial  5,822.7 137.9
Manulife China Bank  4,512.5 106.9
PNB Life  3,932.8 93.1

Source: Axco Insurance Information Services.

View Archived Tables

 

WORLD NATURAL CATASTROPHE LOSSES, 2013

Source: © 2014 Munich Re, Geo Risks Research, NatCatSERVICE. As of January 2014.

View Archived Graphs

 

 

THE FIVE LARGEST NATURAL CATASTROPHES OF 2013 BY OVERALL LOSSES (1)

($ millions)

 

Source: © 2014 Munich Re, Geo Risks Research, NatCatSERVICE. As of January 2014.

 

 

THE FIVE LARGEST NATURAL CATASTROPHES OF 2013 BY NUMBER OF FATALITIES (1)

Source: © 2014 Munich Re, Geo Risks Research, NatCatSERVICE. As of January 2014.

 

Further information

Philippine Insurers and Reinsurers Association

Web: www.pirainc.org