What are the top life and non-life insurance companies in the Philippines? Insurance is already an essential part of our living when it comes to securing our future, the future of our children, our business and our properties. Determining the best company that will manage your insurance involves a lot of consideration, such as its business stability, financial performance, handling of claims, cost of services, convenience, facilities, corporate governance, and customer care. These factors can be found on the insurer’s financial highlights, reputation, track records and customers’ feedback or testimonials.
Insurance companies may be classified into life and non-life insurance companies. Life insurance companies sell life insurance, annuities and pension products. On the other hand, non-life insurers typically insure your car, home or business. Non-life insurance is also called property and casualty insurance. In the country, the insurance industry is regulated and supervised by the Insurance Commission (IC) in accordance with the provisions of the Insurance Code of the Philippines. The following are the rankings of the top Life and Non-life Insurance Companies in the Philippines (according to Premium Income) published in the IC website as of July 2011.
Top 10 Life Insurance Companies according to Premium Income
as of December 31, 2010
(tentative as of July 12, 2011 )
1 . Philam Life & Gen. – Php 11,254,874,199
2 . Sunlife – Php 10,633,280,619
3 . Phil. Axa – Php 8,359,866,264
4 . Pru Life – Php 7,356,704,771
5 . Insular Life – Php 7,129,014,421
6 . BPI Philam Life – Php 5,695,869,300
7 . Manulife (Phils) – Php 3,974,603,127
8 Grepalife Financial – Php 3,492,356,444
9 . United Cocolife – Php 2,333,374,408
10 . Generali Pilipinas – Php 1,419,746,109
Top 10 Non-Life Insurance Companies according to Gross Premiums
As of December 31, 2010
(Tentative as of July 12, 2011)
1 . Malayan Insurance Company, Inc. – Php 5,858,106,620
2 . Prudential Gtee. & Assce., Inc. – Php 4,066,148,211
3 . BPI/MS Insurance Corporation – Php 3,539,295,809
4 . Pioneer Insurance & Surety Corporation – Php 2,718,585,446
5 . Standard Insurance Company, Inc. – Php 2,382,765,077
6 . Chartis Philippines Insurance, Inc. – Php 2,186,046,692
7 . UCPB General Insurance Company, Inc. – Php 1,711,150,556
8 Philippine Charter Insurance Corporation – Php 1,708,507,328
9 . Federal Phoenix Assurance Co., Inc. – Php 1,701,163,755
10 . Mapfre Insular Insurance Corporation – Php 1,657,172,423
Top 10 Non-Life Insurance Companies according to Net Premiums Written
As of December 31, 2010
(Tentative as of July 12, 2011)
1 . Malayan Insurance Company, Inc. – Php 2,592,615,313
2 . Prudential Gtee. & Assce., Inc. – Php 2,311,485,514
3 . BPI/MS Insurance Corporation – Php 1,463,556,306
4 . Mapfre Insular Insurance Corporation – Php 1,174,230,852
5 . Philippine Charter Insurance Corporation – Php 1,024,181,933
6 . Pioneer Insurance & Surety Corporation – Php 980,435,515
7 . UCPB General Insurance Company, Inc. – Php 914,780,895
8 Standard Insurance Company, Inc. – Php 913,351,295
9 . Federal Phoenix Assurance Co., Inc. – Php 859,506,016
10 . Chartis Philippines Insurance, Inc. – Php 766,106,109
The lists above only rank the top insurance companies based on their gross or net premiums. Remember that there are still a lot of factors we need to contemplate in order to choose and deal with the best insurance companies that will offer the best security for us. Also remember that these insurers offer a variety of insurance products or services. Thus, it is also wise that we consider the best specific product for our specific needs. Stay tuned for our next updates.
Source: Insurance Commission Statistics Website Page
Victorino Q. Abrugar is a marketing strategist and business consultant from Tacloban City, Philippines. Vic has been in the online marketing industry for more than 7 years, practicing problogging, web development, content marketing, SEO, social media marketing, and consulting.
“Insurance is already an essential part of our living when it comes to securing our future, the future of our children, our business and our properties.” – I certainly agree with your point. Having an insurance policy is definitely important to secure yourself and investment. I wasn’t very particular with this back then. But a friend of mine offered me a non-life car and accident insurance from MAPFRE Insular. I thought it was just a waste of money, but I found it quite handy when I got into an accident last year. It was definitely helpful in terms of cutting my medical expenses.