Prudential leads non-life insurance with highest NPW

MANILA, Philippines — Prudential Guarantee and Assurance Inc. (PGAI) has again ranked number one among non-life insurance companies in terms of net premiums written (NPW), according to Insurance Commissioner Dennis Funa.

Latest statistics from the Insurance Commission (IC) show PGAI has topped the non-life insurance sector in 2019, the third-straight year the company has led in NPW.

“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.

Unlike gross premiums written, NPW already takes into account the effect of ceded reinsurance. It indicates an insurance company’s underwriting process and quality of risk selection, thereby retaining more risks and bigger premium retention.

PGAI’s net premiums written as of the fourth quarter of 2019 amounted to P5.03 billion. Following PGAI as second-best in NPW is Pacific Cross Insurance Inc. (Blue Cross Insurance Inc.) with P4.88 billion, while Malayan Insurance Co. Inc. landed on third spot with P3.98 billion.

Rounding out the Philippines’ top 10 list of non-insurance firms’ NPW performance are Charter Ping An Insurance Corp. with P3.61 billion; Pioneer Insurance & Surety Corp. with P3.58 billion; BPI/MS Insurance Corp. with P3.07 billion; FPG Insurance Co. Inc. with P2.94 billion; Commonwealth Insurance Co. with P2.60 billion; UCPB General Insurance Co. with P1.84 billion; and Standard Insurance Co. Inc. with P1.82 billion.

PGAI holds the record for settling the single biggest claim ever—at P7.5 billion—in the domestic insurance industry, as well as the biggest general aviation insurance claim worth $37 million.