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Largest non-life insurance companies in the Philippines in 2018, by assets
(in billion Philippine pesos)
Major non-life insurance companies Philippines, by assets
Malayan Insurance Company was named the largest non-life insurer or general insurance insurer in the Philippines in 2018, in terms of its assets and its gross premium written in the same year. Malayan Insurance has launched an electronic site and mobile app for users to access their products and services conveniently across the country. 

Performance of general insurance in the country

Insurance has previously been perceived as a non-mandatory intangible product in the Philippines. However, as more people realized its importance in its contribution to mitigating risks across significant industries, the value of gross premiums written has increased. For motor vehicle insurance in the country, the value of gross premiums written amounted to about 312.3 million U.S. dollars in 2011, forecasted to grow to 1.4 billion U.S. dollars by 2025. Relatively, its growth corresponds to the sales volume of motor vehicles requiring motor insurance.

Non-Life insurance vs. Life Insurance

Although non-life insurance products show potential growth in the insurance industry, life insurance is still more marketable in the Philippines. Its built-in investment incentive and security for covering life's risks and accidents are one of the reasons for its marketability. 
Largest non-life insurance companies in the Philippines in 2018, by assets
(in billion Philippine pesos)
Assets in billion Philippine pesos
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Source

Release date

August 2019

Region

Philippines

Survey time period

2018

Supplementary notes

1 Philippine peso equals 0.019 U.S. dollars or 0.017 euros as of August 2018.
Figures have been rounded.
The source does not provide an exact publication date. Date given here is the day of data access.
Only the leading ten insurance companies are mentioned in this report.
Data are based on submitted unaudited quarterly statistics.

Major non-life insurance companies Philippines, by assets
Malayan Insurance Company was named the largest non-life insurer or general insurance insurer in the Philippines in 2018, in terms of its assets and its gross premium written in the same year. Malayan Insurance has launched an electronic site and mobile app for users to access their products and services conveniently across the country. 

Performance of general insurance in the country

Insurance has previously been perceived as a non-mandatory intangible product in the Philippines. However, as more people realized its importance in its contribution to mitigating risks across significant industries, the value of gross premiums written has increased. For motor vehicle insurance in the country, the value of gross premiums written amounted to about 312.3 million U.S. dollars in 2011, forecasted to grow to 1.4 billion U.S. dollars by 2025. Relatively, its growth corresponds to the sales volume of motor vehicles requiring motor insurance.

Non-Life insurance vs. Life Insurance

Although non-life insurance products show potential growth in the insurance industry, life insurance is still more marketable in the Philippines. Its built-in investment incentive and security for covering life's risks and accidents are one of the reasons for its marketability. 
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