Malayan Insurance: 92 years of providing protection to Filipinos

MANILA, Philippines — The multi-threats of the pandemic, economic unpredictability and natural catastrophes aggravated by global warming and climate change have increased the uncertainties facing Filipinos today.

Amid global and domestic threats, the role of non-life insurance has become critical in helping Filipinos manage risks as well as secure them from financial losses. 

Non-life insurance offers financial protection from damage to property and other assets. It empowers individuals to easily recuperate in times of unexpected losses. 

It is in the DNA of Malayan Insurance Co. Inc. to develop insurance products that provide the security and protection Filipinos seek during these uncertain times. 

As the company marks its 92nd Anniversary this year, Malayan Insurance renews its commitment to provide relevant insurance products responsive to the most pressing concerns of Filipinos.  

Malayan Insurance president and chief executive officer Paolo Y. Abaya said that with all the uncertainties, the risks of losing one’s property or assets will always be present.  

“Every Filipino should not suffer from these threats. We remain committed to providing insurance solutions to weather emerging threats as we have for the past 92 years,” he added. 

Providing more specialized and comprehensive solutions, the company strengthens its resolve to offer the best insurance protection as well as the most efficient and fast settlement process for valid claims to its policyholders. 

Leading non-life insurer 

Founded in 1930, Malayan consistently kept its position as the leading non-life insurer in the country since 1970. Based on company milestones over the years, the insurer has proven its dominance in protecting businesses and families through relevant insurance solutions.  

The non-life insurer led the industry in attaining the highest gross premiums written (GPW) despite the continuing health crisis. According to the Insurance Commission, Malayan Insurance’s GPW amounted to P14.21 billion in 2020.  

Likewise, the company is one of the largest non-life insurers in the country with P39.24 billion in total assets in the same year. 

Aside from that, A.M. Best, a global insurance rating company, also reaffirmed Malayan’s stability, maintaining its Financial Strength Rating (FSR) at B++ (Good) while its Long-Term Issuer Credit Rating (Long-Term ICR) outlook at “bbb+” (Stable). 

“The milestones only reflect the quality of services that we pledged to our customers. For decades, the company has been striving to offer the best non-life insurance solutions and our efforts continue to bear fruit as evidenced by these recognitions,” Abaya added.

As the leading non-life insurance company, Malayan continues to respond to the changing needs of Filipinos by offering relevant products to ensure their clients’ peace of mind and financial security. 

This is why through the years, it has become the trusted partner of Filipinos in managing uncertainties through its array of comprehensive non-life insurance solutions. 

Innovative solutions for the changing times 

Malayan Insurance strives to fulfill its resolve to provide innovative insurance solutions. It has remained agile and adaptive. 

“Filipinos need relevant insurance products that address their changing needs due to our dynamic environment. Thus, we develop solutions that are tailor-fit to the demands of our present conditions,” shared Abaya. 

When the pandemic engulfed the country, the insurer offered Vital Cover to help Filipinos recover from the ill effects of the pandemic. Vital Cover indemnifies policyholders stricken by COVID-19, including dengue and chikungunya, providing loss of life and hospitalization cash assistance and telemedicine service. 

Likewise, the company was among the first insurers in the Philippines to offer an insurance product for travelers who are at risk of contracting the disease. Malayan Insurance’s Travel Master covers medical expenses and hospital cash benefits if a policyholder was confined due to COVID-19.

Malayan Insurance also extended solutions for small-scale business owners by strengthening its Business Protect insurance and making it more affordable to micro, small and medium enterprises (MSMEs). 

For as low as P1,000 with no minimum amount insured, businesses are entitled to property protection, comprehensive general liability and accident insurance, including telemedicine services through MediMate that is exclusive to Malayan Insurance. 

For motorcycle riders, it offers an insurance product that is suited for Filipinos using a motorcycle for transportation and deliveries. 

Aside from that, Malayan also launched last year a protection program for pet owners and their canine pets through Malayan Pet Care Insurance. This product provides veterinary fee reimbursement for the insured pet, a personal accident (PA) and owner’s liability coverage for the pet owner.

Furthermore, the insurer has consistently strived for modernization, which was further amplified in the past year, to enhance digital accessibility in all forms especially for its intermediaries, as well as product agility to be able to answer to the unique and evolving needs of the public.  Whether it's about selling products, filing of claims or collecting premiums, digital is the way to go.

These insurance products and customer service initiatives are just some of Malayan Insurance’s response to the evolving needs of their customers; proving the company’s commitment to helping their policyholders to recover and rebuild their lives in the face of a loss. 

Upholding excellence 

The recognitions and accolades received by the company in the past years have proven the excellence and values Malayan Insurance uphold to serve its customers through the years. 

The Asia Insurance Industry Awards awarded Malayan Insurance vice-chairperson Yvonne S. Yuchengco as the 2021 Woman Leader of the Year for We Women, a gender-based solution that provides the insurance protection needs of Filipinas. 

Moreover, it bagged two recognitions from the Global Banking and Finance Awards (GBAF) for providing the Best Non-Life Insurance Product in the Philippines for its Vital Cover and the 2021 Best Travel Insurance Policy in the Philippines for its Travel Master which features COVID-19 coverage. 

Aside from that, the Global Banking & Finance Review of UK also recognized Malayan for its initiatives to promote gender-based insurance solutions and to foster women's empowerment across the country. 

The company received the 2021 Best Insurance Education and Training in the Philippines in line with the company’s We Women Program that includes Gender Sensitivity Training (GS) for its agents and employees. 

“The recognition we receive are testaments of our commitment to upholding excellence as we uplift and protect the lives of Filipinos.  For the past decades, our core values served as our beacon to be the most trusted non-life insurer by Filipinos,” Abaya said. 

Malayan is part of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the country, with businesses spanning different industries.  The Yuchengco group includes the Rizal Commercial Banking Corp. (RCBC), EEI Corp., Mapua University and PetroEnergy Resources Corp., among others.

Renewed commitment to financial protection 

“As we celebrate our 92nd Anniversary, we would like to take this opportunity to strengthen our resolve to provide peace of mind to Filipinos. With our renewed commitment to ensure lives through affordable and comprehensive insurance, we hope to empower more Filipinos by enabling them to enjoy financial security,” Abaya said. 

Various risks and threats continue to challenge the resiliency of the Filipino. Natural catastrophes, home, marine or auto accidents, medical emergencies and personal tragedies are looming to strike at any moment. 

Amid all these, Malayan Insurance will be persistent in its mission to provide relevant, comprehensive and affordable non-life insurance products to secure the valued properties of their policyholders.           

With their renewed commitment to continuously develop customer-focused solutions sensitive to the current circumstances, the company hopes to remain the most trusted insurer of Filipinos in their journey towards financial security.