Many non-life insurance companies are operating in the Philippines, and they are all competing to lead the country’s insurance industry. The leading company will have more renown as its clients continue to rely on their excellent services.

Many people look at the cost of an insurance company’s services when deciding whether or not to get insured. Those who can afford insurance won’t see price as an issue, but will likely look for a trustworthy name for their insurance policies.

Those companies leading in the industry will likely receive more clients than those in the bottom as more Filipinos look to get insured. The Department of Finance’s Insurance Commission has ranked the many non-life insurance companies in the Philippines on their Gross Premiums Written. iChoose has compiled the top 20 from the list from the Insurance Commission.

Top 1

Malayan Insurance Company, Inc. (Php 11 billion)

Malayan Insurance Company, Inc. topped the Insurance Commission’s list in terms of Gross Premiums Written. Malayan Insurance has about a billion pesos lead over the next insurer on the list.

For about 50 years, Malayan Insurance has been the leading non-life insurer for businesses and families in the Philippines. Malayan Insurance introduced new products and services to the insurance market in the Philippines, including travel insurance and motorcycle insurance.

Malayan Insurance Company is the only non-life insurance company in the Philippines rated by AM Best. The rating it received are the following:

• Financial Strength Rating: B++ (Good)
• Insurer Credit Rating BBB+

Thanks to AM Best’s rating, the Malayan Insurance company is classified as a world-class insurance company.

Top 2

Prudential Guarantee & Assurance, Inc. (Php 9.8 billion)

Prudential Guarantee & Assurance is the second insurance company in the Insurance Commission’s list and has maintained its position for several years. Prudential Guarantee’s gross premiums written of about Php 9.8 billion makes it one of the largest non-life insurance companies operating in the Philippines.

Prudential Guarantee has expanded and now has about 39 offices around the country with more scheduled to open. Among the company’s clients belong in the country’s top 1,000 corporations.

Top 3

Pioneer Insurance & Surety Corp. (Php 9.3 billion)

Pioneer Insurance & Surety Corporation is the third insurance company in the Insurance Commission’s rankings. Pioneer’s gross premium written is around 500 million short of Prudential’s but is still among the top companies in the Philippines.

Pioneer has been serving Filipinos for more than 60 years with its non-life and life insurance products. Among its non-life insurance services are property, marine, motor, and aviation.

Top 4

BPI/MS Insurance Corp. (Php 5.8 billion)

BPI/MS is a joint venture between the Bank of the Philippine Islands and Mitsui Sumitomo Insurance Company. BPI/MS is one of the top insurance companies in the Philippines and can be trusted to provide excellent services to let people and businesses pursue their goals without worries.

BPI/MS aims to keep individuals from living in a blur amidst the many uncertainties in the country. BPI/MS is ranked fourth based on their gross premium written.

Top 5

Charter Ping An Insurance (Php 5.7 billion)

Charter Ping An is committed to delivering the best insurance services for the interest, needs, and protection of our customers.

Charter Ping An Insurance Corporation is ranked fifth among the country’s non-life insurance companies based on gross premium written. Charter Ping An offers multiple insurance products and services, including fire, car, marine, personal accident, bonds, casualty, and engineering insurance.

The various brokers and agents of Charter Ping An Insurance Corporation are strategically situated across the country.

Top 6

FPG Insurance Co., Inc. (Php 5.3 billion)

FPG Insurance is the largest insurance company in the Philippines and one of the top insurance firms in South East Asia. It is ranked sixth among the non-life insurance companies in the country based on gross premium written. FPG was established in 1958 by Zuellig Group of Companies, which is also known for its relevant comprehensive insurance policies in Asia.

FPG Insurance has about fifty years of experience in the industry, and it is dedicated to providing innovative insurance products for its clients.

Top 7

Standard Insurance Company, Inc. (Php 3.8 billion)

Standard Insurance Company is among the top ten non-life insurance companies in the Philippines and is ranked seventh based on gross premium written. Standard Insurance strives to become one of the world’s top ten finest general insurers by the year 2035.

Standard Insurance aims to let their clients receive the highest quality of insurance coverage and service.

 

Top 8

UCPB General Insurers Company, Inc. (Php 3 billion)

UCPB General Insurers Company, Inc. ranked eighth among the many non-life insurance companies in the Philippines. UCPB was granted by the BSP or the Bangko Sentral ng Pilipinas to cross-sell insurance products through its many branches nationwide.

BSP allowed UCPB to offer the insurance products of the United Coconut Planters Life Assurance Corp. (COCOLIFE) and the UCPB General Insurance Company, Inc. (UCPB GEN), its initial insurance partners.

Top 9

Pacific Cross Insurance, Inc. (Blue Cross Insurance, Inc.) (Php 2.7 billion)

Pacific Cross is known for its excellent medical and travel insurance policies that are the result of understanding the strains resulting from becoming ill or getting caught in an accident. Pacific Cross Insurance, Inc. is the ninth insurance company on the Insurance Commission’s list of non-life insurance companies based on gross premiums written.

Pacific Cross aims to keep their clients from worrying about anything as they travel.

Top 10

PNB General Insurers Company, Inc. (Php 2.53 billion)

PNB General Insurers Co., Inc. is the Philippine National Bank’s non-life insurance company that started its operations in 1991. The non-life insurance company is now among the fastest growing and most competitive companies in the Philippines. PNB General Insurers is currently ranked tenth among the country’s insurance companies based on gross premiums written.

PNBGen pursues excellence in its service as it extends its market’s reach across the country.

PNBGen has a lead of around 60 million over the next insurer on the list.

Top 11

AIG Philippines Insurance Company (Php 2.47 billion)

AIG Philippines Insurance Company is a leading provider of property-casualty and general insurance in the country. Globally, AIG has more than 88 million customers in a hundred countries all around the globe. AIG Philippines is currently ranked eleventh in the Insurance Commission’s list based on its gross premium written.

The global capabilities of AIG were brought to the Philippines by AIG Philippines Insurance Company to provide clients with unique and tailor-made insurance solutions to meet the needs of Philippine businesses.

Top 12

Commonwealth Insurance Company (Php 2.1 billion)

Commonwealth Insurance Company or CIC has survived in the industry for about 70 years, and it became one of the most experienced insurers as a result. The company experienced various changes in management until October 7, 1997, when the current investors took over the company.

After the change in management, CIC managed to outperform many of its competitors up to this day and has ranked twelfth from 59 other non-life insurance providers. Commonwealth Insurance Company has been accredited by most universal, commercial, development, savings, and rural banks, along with leasing and financial institutions in the Philippines. CIC also has a growing clientele that receives excellent service from them.

Top 13

MAA General Assurance Phils., Inc (Php 2 billion)

MAA General Assurance Phil., Inc. has been operating in the Philippines since September 1, 2001, after getting licensed from the Insurance Commission. MAAGAP offers insurance coverage ranging from car, personal accident, fire, marine, and others.

MAAGAP is currently the top 13 non-life insurance company based on gross premium written. It also managed to attain the ISO 9001:2000 Certificate of Excellence in Quality Management on November 27, 2006, and then obtain a new ISO 9001:2008 certification on September 20, 2010. MAAGAP was also able to get re-certified in January 2016. MAA General Assurance Phil., Inc. remains as one of only six ISO certified non-life insurance companies in the country.

Top 14

PGA Sompo Insurance Corp. (Php 1.9 billion)

PGA Sompo Insurance Corporation is ranked fourteenth in the Insurance Commission’s list of non-life insurance companies in the Philippines. Its gross premium written is evident in the fact that it’s one of the fastest-growing non-life insurers in the country.

After around 25 years of service in the insurance industry, PGA Sompo has grown and become profitable, and it remains steadfast to provide more excellent traction in today’s competitive business environment. PGA Sompo aims to offer excellent non-life insurance services to protect their customers and everything they value.

Top 15

Mapfre Insular Insurance Corp. (Php 1.7 billion)

MAPFRE INSULAR is among the top 20 non-life insurance companies in the Philippines and is ranked fifteenth in the Insurance Commission’s list based on gross premium written. MAPFRE offers insurance for optimal financial protection and risk management.

MAPFRE was founded in 1934 and has continued to provide excellent insurance services in motor vehicles, engineering, marine cargo, and others. It is also among the highest capitalized and most solvent companies in the country’s non-life insurance industry.

Top 16

Insurance Company of North America (Php 1.5 billion)

Insurance Company of North America is a registered non-life insurance company in the Philippines and is also one of the top 20 insurers based on gross premiums written. It has been assigned by Standard & Poor a financial rating of AA.

Insurance Company of North America offers specialized and customized property, casualty, marine, financial lines, and other insurance coverages. Insurance Company of North America focuses on using responsive service to build strong relationships with its clients.

Top 17

Mercantile Insurance Company, Inc. (Php 1.46 billion)

Throughout its years in the non-life insurance industry since 1962, Mercantile Insurance Company has continuously grown as it found its current home in Intramuros and expanded across the country. It currently has a gross premium written of around Php 1.5 billion, which exceeded the industry’s growth standards. It only had a net premium of Php 400 million in 2014 and has grown significantly in just four years.

Mercantile Insurance Company is currently ranked seventeenth in the Insurance Commission’s list of non-life insurance companies based on gross premiums written.

Top 18

QBE Seaboard Insurance Philippines, Inc. (Php 1.11 billion)

QBE has been in operation since 2000. QBE Seaboard operates under the combined operating structure of QBE Insurance and Seaboard Eastern Insurance Company after it acquired business renewal rights from Seaboard Eastern Insurance in 2013. QBE Insurance holds a 75% stake, while Seaboard has a 25% stake on QBE Seaboard. It received its operating license from the Insurance Commissioner’s office in March 2014.

QBE Seaboard has the Corporate division that focuses on Property & Engineering, Marine & Aviation, General Liability, and Professional Liability products for corporations and the Retail division, which focuses on Motor and Personal Accident products to individual customers. QBE Seaboard’s gross premium written ranked it as the top 18 in the non-life insurers in the Philippines.

Top 19

Stronghold Insurance Company, Inc. (Php 1.1 billion)

Stronghold Insurance was able to make a name for itself in the insurance industry with its excellent non-life insurance policies. Stronghold is also currently ranked nineteenth in the Insurance Commission’s list.

Stronghold has a growing number of clienteles and stakeholders across the country while sustaining the trust and confidence of their reinsurers. Stronghold Insurance will remain steadfast in providing dependable risk coverages as it continues to compete in the industry beyond its six decades of service.

Top 20

Alpha Insurance & Surety Company, Inc. (Php 1 billion)

Alpha Insurance & Surety Company, Inc. is a domestic non-life insurance provider that was established on May 13, 1957. Alpha Insurance once served its parent company’s insurance needs when it was part of a huge conglomerate. It grew steadily and made its presence known in the insurance industry and has expanded across the archipelago.

Alpha Insurance has grown and improved for the past 18 years, with notable increases in its sales and assets. Its current gross premium written is about a billion pesos and is the lowest of the top 20 non-life insurance companies. Alpha Insurance is ranked twentieth among insurance companies in the Philippines.

The company was recognized as one of the top taxpayers for the year 2013 in its Revenue District Office (RDO 34). It was also conferred the Global Brand Award for being the Most Outstanding Insurance & Surety Company in 2014 at the 34th Annual Consumers Choice Awards.

Those who will need non-life insurance in the Philippines will need to trust in a reputable insurance comparison website to get the best deals for their coverages.