The Philippines’ Top Car Insurance Companies: 2018 Update

2 min. read By eCompareMo on

The Insurance Commission (IC), the government body responsible for all things insurance-related, released a report on the Phlippines’ best-performing car insurance companies this 2018.

If you’re shopping for a comprehensive vehicle insurance provider, here are some numbers provided by the IC on their website to guide you.

Best car insurance companies in the Philippines in terms of assets

Like any other company, insurance firms’ assets are one of the key points to determine their growth. To the uninitiated, assets could be any possession that has monetary value. Things that are commonly considered as assets include cash, securities, accounts receivable, equity securities, fixed assets, goodwill, debt securities, among others.

According to the the IC, the following these are the top 10 non-life insurance in terms of assets:

Company name

Assets (in PHP)

Pioneer lnsurance & Surety Corporation

20,578,346,072

Malayan lnsurance Company, lnc.

19,049,308,434

Prudential Gtee. & Assce., lnc.

10,069,816,246

BPI/MS lnsurance Corporation

9,334,593,960

Charter Ping An lns. Corp. (Philippine Charter)

8,328,997,688

PNB General lnsurers Company, lnc.

5,846,283,483

FPG lnsurance Co., lnc. (Federal Phoenix)

4,894,899,832

Standard lnsurance Company, lnc.

4,744,476,380

AIG Phil. lns. Company (Chartis Phils., lnc.)

4,548,082,244

UCPB General lnsurance Company, lnc.

3,959,589,449

Compared to last year’s statistics, Pioneer and Malayan still lead the pack as the top companies in terms of assets.

Top vehicle insurance companies in terms of premiums written

If you’re not familiar with the terms used in insurance, the phrase “premiums written” means the amount required to be paid by customers for their insurance policies during a certain period.

Gross premiums written are payments made by the customers for policies, including the businesses they received from agents, brokers, and reinsurance companies.

To get their net premiums written, insurance companies subtract the commissions earned by third parties from the gross premiums written.

Company name

Gross premiums written (in PHP)

Net premiums written (in PHP)

Malayan lnsurance Company, lnc.

9,054,634,473

4,205,938,987

Prudential Gtee. & Assce., lnc.

7,881,759,245

3,993,020,267

Pioneer lnsurance & Surety Corporation

7,034,941,055

1,994,386,965

BPI/MS lnsurance Corporation

5,623,175,143

2,694,064,594

Charter Ping An lns. Corp. (Philippine Charter)

4,904,238,679

2,210,691,083

FPG lnsurance Co., lnc. (Federal Phoenix)

4,129,682,973

2,164,342,747

Standard lnsurance Company, lnc.

3,214,091,387

1,347,896,354

AIG Phil. lns. Company (Chartis Phils., lnc.)

2,578,353,413

351,102,804

UCPB General lnsurance Company, lnc.

2,511,158,028

1,460,203,113

PNB General lnsurers Company, lnc.

2,220,386,461

665,304,588

Strong assets + high premiums written = ?

To give you an idea how important the above numbers are, let’s talk about them.

Assets posted by insurers determine their worth. Aside from the premiums they earned from the clients, a significant chunk of these numbers is from the investments they made using the money they collected from clients.

Although they keep some of the cash for near-future claims as well as operational expenses, they put some of their money in low-yield but liquid investment vehicles like bonds so they can easily take their money out in case of emergencies.

(Read: Finding The Best Car Insurance In The Philippines: What Do You Need To Look For)

If your preferred insurance company poses strong numbers in terms of assets, it means that their brand enjoys patronage from the public and their asset managers make wise decisions in terms of where to put their company’s money.

For written premiums, they are one of the biggest indicators of a company’s favorable growth through customers alone. According to Investopedia, written premiums are the main source of income of insurance companies “and thus will appear on the top line of the income statement.”

With insurance companies fighting for the lion’s share of customers for a certain year, seeing these numbers go up and down can reveal insights regarding customer choices.

Other sources: Biz Fluent

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