Top-Insurance-Companies-in-the-Philippines

We look for insurance companies as a means for coverage, in the form of compensation from the result of loss, damages, injury, treatment or hardship in exchange for premium insurance payments. The insurance companies in the Philippines computes the risk of occurrence of a particular event to be covered by insurance policies, then determines the cost to pay for the loss. This computation then becomes the premium amount we pay for the insurance policy. An example of mot commonly applied insurance in the Philippines is the health insurance. There are other types of insurance also in the Philippines like travel insurance which are commonly availed during travel and visa applications, car insurance to protect car owners from vehicular incidents, and life insurance which can bring support to beneficiaries on the loss of an insured love one.

Based on the report from the Insurance Commission under the Philippine Department of Finance, we come up with the list below of insurance companies in the Philippines and the premium income of life insurance companies in the year 2017. It is based on Philippine insurance company’s submitted un-audited quarterly statistics.

Top-Insurance-Companies-in-the-Philippines

Top Insurance Companies in the Philippines

Name of Company Traditional (Php) Variable (Php) Grand Total (Php)
1. Sun Life of Canada (Philippines), Inc. 6552120405 25561896453 32,114,016,858
2. Philippine AXA Life Insurance. Corp. 2674258070 23510296427 26,184,554,497
3. BPI Philam Life Assurance Corp., Inc. 1250845930 19078641963 20,329,487,893
4. Philippine American Life & Gen. Ins. Co. (life unit ) 6595833765 13300513134 19,896,346,899
5. Pru Life Insurance Corp.of U.K. 402960205 18818245360 17,638,454.537
6. Manuf,!cture Life Ins. Co. (Phils.), Inc., The 5265999088 12372455449 17,638,454,537
7. Insular Life Assce. Co., Ltd., The 3749919806 7925348232 11,675,268,038
8. BOO Life Assce. Co., Inc.(Generali Pilipinas Life) 5941715519 3929742874 9,871,458,393
9. Manulife Chinabank Life Assce. Corp. 256768574 7954361338 8,211,129,912
10. United Coconut Plante Life Assce.Corp. 4723768515 1783160641 6,506,929,156
11. SunLife Grepa Financ:_i, Inc. 1665872699 4532508762 6,198,381,461
12. Allianz PNB Life Insurance, Inc. 1107157068 4200574876 5,307,731,944
13. FWD Life Insurance Corp. 136818453 4415978451 4,552,796,904
14. Pioneer Life Inc. 2274508172 941410313 3,215,918,485
15. Asian Lite &General Assurance Corp.( life unit ) 2651115164 60368214 2,711,483,378
16. CLIMBS Life & General Ins. Coop. (life unit) 134054141 1,340,541,410
17. First Life Financial Company, Inc. 931122761 106706678 1,037,829,439
18. Fortune Life Insurance Company , Inc. 1026356948 1,026,356,948
19. Beneficial Life Insurance Co., Inc. 996506584 996,506,584
20. Paramount Life & General Ins.Corp. ( life unit ) 887585074 887,585,074
21. East West Ageas Life Ins.Corp. 477560965 383269448 860,830,413
22. Generali Life Assurance Phils., Inc. 782207576 782,207,576
23. Country Bankers Life Insurance Corp. 563090452 563,090,452
24. Cooperative Insurance System of the Phils. 514948862 541,948,862
25. Philippine Life Financial Assce. Corp. 497658486 3000 497,661,486
26. Manila Bankers Life Insurance Corp. 239496221 239,496,221
27. Caritas Life Insurance Corp. 94282992 94,282,992
28. United Life Assurance Corp. 13164433 13,164,433
29. Phil International Life Ins. Co., Inc. 7690414 7,690,414
30. Philam Equitable Life Assurance Co., Inc. 1352122 1599266 2,951,388

 

Based on a 2014 released report of Philippine Statistics Authority, Filipino households remains heavily burdened in terms of paying for their own health necessities as private funded outlay of cash (that may or may not be later reimbursed from a third-party or insurance companies) equals 57.6 percent of the total health expenditure in 2012. This is equivalent to an estimated share worth Php 269.419 million. A proof indeed, that Filipinos do not fully embrace the benefits of insurance companies and the benefits of health insurance to their expenses.

Health-Insurance-Philippines

On the other hand, Philippine government health spending equals to Php 86.423 million back in year 2012 or 2.7 percent higher than 2011. In 2011, it amounted to Php 84.139 million. SSS, and PhilHealth provides basic assistance to Filipino families experiencing difficulties in health expenses. The benefits of insurance is felt only when needed and claims are filled, however it must not be a reason to not get insurance. A health issue in the family can affect a typical uninsured family in the long run, affecting work and income of the family. Such devastating incidence can be lessened by being practical and to get insurance. It is said that it is better to get insurance while younger at 20s or 30s. At younger age, there are fewer expenses and priorities can be set to get and apply for an insurance policy.

 

By techno

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