Zooming out for a better view within: An analysis on the institutional and macroeconomic factors affecting the financial performance of the insurance industry in the ASEAN-5 evidence from the Philippines, Singapore, Malaysia, and Indonesia

Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Management of Financial Institutions


Ramon V. Del Rosario College of Business


Financial Management Department

Thesis Adviser

Ricarte Pinlac

Defense Panel Chair

Ray Anthony Almonares

Defense Panel Member

Dioscoro Baylon

Patricia Salvacion Benito

Liberty Patiu

Mar Adriel Umali


The insurance industry plays a vital role in the economy because it allows individuals or business to be protected from risks. Southeast Asia in particular has had its share of certain natural and artificial disasters thus making it essential to study the performance of insurance industry. Many factors play a key role in influencing the performance of the insurance industry. The Worldwide Governance Indicators in particular, may have a considerable effect as these indicators capture the performance of the government in general. Macroeconomic factors are also considered to have a possible effect on the economy of a nation and can possibly influence the profitability of an industry as well. The researchers aimed to investigate how these factors influence the profitability of the insurance industry of the ASEAN-5 region for it can greatly benefit the policy makers, stakeholders, shareholders, and insurance purchasers. Using Pooled OLS regression to determine the results, it showed that the six Worldwide Governance Indicators and GDP, Interest rate, and Inflation rate are all significant results. However, these results defied expectations for the relationship between some of the variables and insurance industry profitability differed from similar journals that had focused on other parts of the world. The researchers believed that the results are caused by external and behavioral differences between the countries that were examined. Nevertheless, this paper gives significant insight to how the six Worldwide Governance Indicators and the three macroeconomic affect the life and non-life industries of countries in the Southeast Asia.

Abstract Format






Accession Number


Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

1 volume (various foliations) : illustrations (some color) ; 28 cm.


ASEAN; Finance--Philippines; Insurance--Philippines

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