Prudential, Malayan lead non-life insurance industry in 2019

MANILA, Philippines — Prudential Guarantee and Assurance Inc. led the non-life insurance industry in terms of net premiums written (NPW) while Malayan Insurance Co. Inc. topped the industry in terms of gross premiums written (GPW) in 2019, according to the  Insurance Commission (IC).

Citing the unaudited quarterly reports submitted by non-life insurance firms, Insurance Commissioner Dennis Funa said Malayan Insurance recorded the highest GPW in 2019 amounting to P12.25 billion.

“Gross premiums written are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” Funa said.

Prudential Guarantee reported P10.11 billion in total GPW during the same year.

Pioneer Insurance and Surety Corp. ranked third, with a GPW of P10.08 billion followed by BPI/MS Insurance Corp. with P6.12 billion and Charter Ping An Insurance Corp. with P5.44 billion.

Completing the top 10 were FPG Insurance Co. Inc. with a total GPW of P5.11 billion, Pacific Cross Insurance, Inc. with P5.02 billion, Standard Insurance Co. Inc. with P3.98 billion, UCPB General Insurance Co. Inc. with P3.42 billion, and PNB General Insurers Co. Inc. with P2.93 billion.

In terms of NPW, Funa said Prudential Guarantee maintained its market leadership with total NPW of P5.03 billion in 2019.

“Net premiums written are obtained by subtracting a non-life insurance company’s reinsurance cessation from gross premiums written. It represents how much of the premiums non-life insurers get for assuming risks,” Funa said.

Pacific Cross Insurance Inc. ranked second with  NPW of P4.88 billion.

Malayan Insurance came in third with NPW of  P3.98 billion followed by Charter Ping An with P3.61 billion and Pioneer Insurance with P3.58 billion.

Also in the top 10 were BPI/MS Insurance (P3.07 billion), FPG Insurance Co. Inc. (P2.94 billion), Commonwealth Insurance Co. (P2.60 billion), UCPB General Insurance (P1.84 billion), and Standard Insurance Co. Inc. (P1.82 billion).