Non-life insurance sector grows; Prudential leads

MANILA, Philippines — Local powerhouse Prudential Guarantee and Assurance Inc. (PGAI) led the non-life insurance segment last year, government data showed.

In a report, the Insurance Commission said PGAI led its sector in terms of net premiums written (NPW).

The non-life sector of the insurance industry covers various kinds of properties and businesses, among others.

Unlike the life sector, non-life insurance provides coverage for damages on indemnity basis. It also protects by providing money in case of any untoward incident.

Last year, PGAI topped the sector among 55 firms in terms of NPW.

NPW takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection.

The insurer retains more risks and bigger premiums – factors indicating a company’s financial strength and stability.

The IC report is based on quarterly reports on selected financial statistics submitted by non-life insurance companies as of end-2022.

PGAI dominated the non-life insurance sector with NPW amounting to P5.73 billion.

To date, PGAI gross premiums written have now reached P9.64 billion, making it one of the largest non-life insurance companies in the Philippines.

It handles more than 630,000 clients, many of whom belong to the country’s top 1,000 corporations.

Among non-life insurers, ranking second to PGAI was Malayan Insurance Co. Inc. with P4.5 billion in NPW. It is followed by Pioneer Insurance & Surety Corp. with P3.47 billion, BPI/MS Insurance Corp. with P2.51 billion and Mercantile Insurance Co. Inc. with P2.5 billion.

The total NPW of non-life insurance companies amounted to P56.17 billion last year, rising nearly 10 percent from P51.19 billion in 2021.