Top Insurance Companies in Philippines

The insurance industry in the Philippines plays a crucial role in the country's financial landscape, providing financial protection and risk management solutions to both individuals and businesses. Over the past several years, the industry has experienced significant growth, bolstered by various factors such as government support, increasing awareness of insurance products, and a thriving economy. This article provides an in-depth analysis of the various aspects of the insurance industry, offering insights into its current state and future potential.

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CompanyHeadcountContactDescriptionDecision Maker
ANDO INSURANCE220 +64 800 567 333

Ando was created because of the irresistible opportunity we saw to build a partnership-driven business, with no baggage or bureaucracy; just great technology and a brilliant team of well-known New Zealand insurance people, who are all experts in their fields.Our vision is to create a fresh, nimble, customer-centered business that will challenge the traditional insurance company model and help shape the future of the New Zealand insurance industry.Ando, operating as an underwriting agency, is majority owned by our management team, with a shareholding held by Australian underwriter The Hollard Insurance Company Pty Ltd, whose innovative and entrepreneurial business model is a perfect match for us. Because our business leaders are also the owners, decisions are made locally and fast, allowing us to be more customer-focused than traditional players. This flexible, nimble structure enables us to work closely with brokers and partners to create fast, fresh solutions that simplify and streamline the way we do business for our customers. As we grow we will be seeking talented and ambitious insurance professionals to join us in this exciting and dynamic new environment. If you are interested, let’s talk.For more information, please contact: John Lyon Email: john.lyon@ando.co.nz Tel: 021 895618 Dean Edwards Email: dean.edwards@ando.co.nz Tel: 021 567873

EML2,120 +61 2 8251 9229

At EML we take great pride in helping people get their lives back after a workplace injury. Since our foundation in 1910 we’ve maintained a singular vision; to dedicate our services to improving work health and safety for the benefit of our members, workers and the broader community which we support.Today, we have over 3,000 specialists working in partnership with businesses, injured workers and government schemes across Australia, helping to make a difference.As Australia’s only mutual personal injury manager, we focus exclusively on providing tailored injury prevention and return to work support. Since we have been in operation, we have helped over 350,000 injured workers get their lives back.

LIBERTY MUTUAL INSURANCE40,869 +65 6338 0990

At Liberty Mutual, we want to help you embrace today and confidently pursue tomorrow. That’s why our company culture supports and champions each employee—helping you turn your passion into a rewarding profession. From comprehensive health and benefits to professional development opportunities, you’ll have access to the resources you need to pursue a meaningful career in an environment focused on openness, inclusion, trust and respect.As a Fortune 100 global leader in property and casualty insurance with more than 45,000 employees in 29 countries and economies around the world, our dedication to putting others first extends beyond our organization. We’re also committed to being a force for social and environmental good, and championing sustainability and Diversity & Inclusion initiatives around the world. Whether you’re helping our customers navigate an important claim or developing a new environmentally friendly product, you can feel good about the work you do at Liberty Mutual. We’ve spent more than 100 years creating innovative insurance products, services, ideas and technologies to meet the world’s ever-changing needs—breaking away from old mindsets and thinking outside of traditional insurance roles. Why? Because we’re committed to transforming our industry in order to create peace of mind for our customers. We hope you’ll join us.

CHARLES TAYLOR1,541 +61 456 658 666

Charles Taylor provides an unrivalled and growing range of insurance services, claims and technology solutions across the globe, with a specialism in complex situations requiring distinctive technical expertise and technology. We aim to build long-term client relationships spanning multiple value-creating solutions, and to consistently delight our clients with the quality and responsiveness of our people and delivery.We have 3,000+ experts based around the globe in more than 120 locations spread across 30 countries in the UK & Europe, the Americas, Asia Pacific, the Middle East and Africa.Visit our website for more information.

DOCDOC PTE. LTD.64 +65 6602 8035

DocDoc is the world’s first patient intelligence company. Our vision is to empower patients to make data-driven healthcare decisions which are safe, transparent, and fair. We use technology in conjunction with medically trained professionals to optimise healthcare outcomes and cost, and enhance the patient’s end-to-end healthcare journey. DocDoc combines AI-powered doctor discovery, telemedicine, and digital Third Party Administrator services onto a single platform. With this platform, DocDoc enables insurance companies to offer a differentiated product in a crowded market, employers to attract and retain world-class employees, and governments to improve accessibility and affordability of healthcare services for their citizens.DocDoc is an independent company with deep expertise in healthcare quality. We seek physicians, clinics, and hospitals with excellent outcomes who believe they are the best at what they do. We then spend hours with each doctor, investigating quality of care and documenting procedures and conditions where the physician excels. We review national records to confirm credentials and discover any legal action. Then, we enter information from multiple sources into a sophisticated system that finds a best match between a unique patient need and unique physician experience.Our model is that everyone wins. The patient finds a highly qualified doctor to treat their condition. The physician, who excels in specific treatments and procedures, has a company validate their expertise and send select patients to them so they can focus on clinical care. The insurance firms, knowing that happy policyholders maintain memberships and employers knowing that healthy employees are more productive, pay us a modest fee to assure their patients make informed medical decisions. The service is free of charge to providers to ensure transparency and avoid conflict of interest.

FWD INSURANCE7,946 +65 6820 8888

FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

IGLOO179 +65 6920 5134

Igloo is a full stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams and optimise and enhance existing products.

INCOME2,379 +65 6789 5000

Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being. For more information, please visit www.income.com.sg

AXA INSURANCE COMPANY627 +65 6880 4888

Our purpose at AXA is to protect people and businesses so they can pursue their lives and ventures with peace of mind. AXA US Insurance, part of AXA’s international network, provides US commercial Property & Casualty insurance and risk management solutions to large and mid-sized companies. In a rapidly changing world, we are committed to supporting our domestic and international customers so they can face US risks and exposures head on.AXA US Insurance Value:Commitment to our CustomersEmbedded in our culture as a core value; we put our customers first; our number one priority is to provide the best products and services that empower our customers to succeed.Large International Network:We are a member of AXA’s Property & Casualty international network, which covers over 150 countries worldwide with 64 locations.Customized Coverage:AXA US Insurance is admitted in all 50 states, including Washington DC, Puerto Rico, Guam and other US territories, our responsive and knowledgeable underwriting team offer Property, Casualty, Marine Cargo, Aviation and Specialty Liability solutions for US business risks.Claims Expertise:We are committed to providing the best in class services to our customers through our in-house specialty claims team, currently ranked 5/5 stars for customer satisfaction.Financial Strength:AXA US Insurance is rated A (VIII) by AM Best and part of the AXA Group, rated AA- by Standard & Poor’s with €100BN revenue, €5.7BN underlying earnings, €72.7BN shareholders equity, and €1.059TN assets under management.For more information or questions about our company, please contact: marketing@axa-ic.com

PRUDENTIAL ASSURANCE MALAYSIA BERHAD5,294 +60 3-2771 0228

Our purpose is to help people get the most out of life. We make healthcare affordable and accessible, we protect people’s wealth and grow their assets, and we empower our customers to save for their goals.Our brand commitment “Listening. Understanding. Delivering.” reinforces our purpose of helping customers progress in life, meeting their evolving needs in a highly digital, interconnected world. By putting innovation at the core for our customers, Prudential continues to be as relevant today as it has been for more than 99 years.Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924 and is a subsidiary of Prudential plc, which was founded in London in 1848. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa. Our financial strength, heritage, prudence and focus on our customers’ long-term needs ensure that people continue to turn to us to help them plan for today and tomorrow.

SINGLIFE900 +65 6827 9980

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives. Singlife was formed by the merger of Aviva Singapore and Singlife. First announced in September 2020 and valued at S$3.2 billion, it was the largest insurance deal in Singapore, creating one of the largest homegrown financial services companies in the republic.Are you ready for A Better Way?

STARR INSURANCE COMPANIES2,528 +65 6636 0380

Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.Starr has the global knowledge, vision and relationships to help your company succeed, anywhere you do business.

GALLAGHER RE2,261 +61 1800 254 287

The reinsurance landscape is evolving. To compete in a global marketplace, our clients and carriers demand scale and breadth. And we’re rising to meet the challenges ahead. As we welcome Willis Re to the Gallagher Re team, we look forward to driving greater value by combining the knowledge and expertise of our two organisations. The new Gallagher Re is more than just bigger. It’s smarter, faster, and stronger. At Gallagher Re, client advocacy is at the heart of everything we do. We are here to help you face your future with confidence.

STANDARD INSURANCE734 +63 2 8845 1111

We are a Philippine non-life insurance company operating nationwide for more than 60 years. We are known as one of the country’s most established motorcar insurers with the widest network of dealer-intermediaries and a large number of corporate fleets insured. Our mission is to provide excellent insurance products and services to the growing needs of the Philippine market.We offer a wide range of property and general insurance products for individuals, small and medium enterprises, local and global corporations. We rely on a trusted and talented workforce whose service delivery ensures that our customers receive the finest quality insurance cover and service.

MARSH27,114 +65 6333 6006

We help our clients and colleagues grow — and our communities thrive — by protecting and promoting Possibility. We seek better ways to manage risk and define more effective paths to the right outcome. We go beyond risk to rewards for our clients, our company, our colleagues, and the communities in which we serve.Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman.

PRUDENTIAL INDONESIA (PT PRUDENTIAL LIFE ASSURANCE)10,928 +62 1 500 085

Listening. Understanding. Delivering.At Prudential Indonesia we deliver excellence by consistently innovating, creating new opportunities and growing our business to cater all of our customers needs.With a vision of becoming truly world class, Prudential Indonesia provides quality services and proven track record of market leadership in the country.Working at Prudential Indonesia gives you many opportunities to develop yourself and explore what you’re really capable of, as well as the perfect environment to collaborate, listen and care for others.Ask around. The more you find out about us, the more you’ll learn that we’re an insurance company that understands you.We are here to listen.

REINSURANCE GROUP OF AMERICA, INCORPORATED3,426 +65 6692 9380

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortunes Worlds Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com.

MUNICH RE17,773 +65 6220 1768

Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. We are globally active and operate in all lines of the insurance business. Since our founding in 1880, we’ve been known for our unrivaled risk-related expertise and sound financial position. We offer customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. We possess outstanding innovative strength, which enables us to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyber attacks, or pandemics.We’re also playing a key role in driving forward the digital transformation of the insurance industry, and in doing so have further expanded our ability to assess risks and the range of services that we offer. Our tailor-made solutions and close proximity to our customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.Our corporate culture is defined by performance, mutual respect and trust. All this makes us an attractive employer providing global career development opportunities and prospects.Munich Re Imprint: www.munichre.com/en/service/imprint/index.htmlMunich Re Legal Notice: https://www.munichre.com/en/service/legal-notice/index.htmlMunich Re Privacy Policy: https://www.munichre.com/en/service/privacy-statement/index.htmlBy accessing the Munich Re LinkedIn page, you agree to LinkedIns terms and conditions and its data use policy: www.linkedin.com/legal/privacy-policy© 2000–2018Münchener Rückversicherungs-GesellschaftGroup Communications

PACIFIC PRIME476 +66 2 656 0180

Pacific Prime was founded in 2000 by Neil Raymond to simplify insurance for international clients looking for health insurance coverage. Fast forward, and over two decades later, we are now the 3rd largest employee benefits broker in the Asia Pacific region after acquiring CXA Group’s brokerage arms in Hong Kong and Singapore in 2021. Globally, we are internationally recognized as one of the largest employee benefits and insurance brokers. We have a broad portfolio of clients, including expats, families, international schools, professional services firms, and more.Our global operations in 15 strategic locations (Hong Kong, Shanghai, Beijing, Singapore, Dubai, Bangkok, London, New York, Miami, Los Angeles, Mexico City, Cebu, Kuala Lumpur, Guangzhou, Shenzhen) allow us to offer a wide range of cross-border and compliant insurance solutions. Collectively, we manage over USD $700 million in premiums and cover more than 1,500,000 lives. Moreover, our team of over 1,000 professional insurance experts and staff, speaking more than 28 different languages, helps foster strong, long-term relationships with clients and stakeholders. We are also a leading distributor for over 60 insurance companies, including BUPA, Allianz, Cigna, AXA, Aetna, CHUBB, and many more. In partnership with networks such as the Worldwide Broker Network (WBN), we strive to extend our reach and provide dedicated support and solutions to individuals and companies across various industries.If youre interested in learning more about our insurance solutions, please email us at corporate@pacificprime.com or visit our website: https://www.pacificprime.com/.

TOWER INSURANCE886 +64 800 379 372

Welcome to Towers LinkedIn page! Were kiwi, were passionate about what we do and were all about helping New Zealanders protect the things they value through simple and easy insurance.

Top Insurance Companies in Philippines

Key Statistics from 2022: GDP and Employment

In 2022, the insurance industry contributed approximately 1.8% to the Philippine GDP, representing a 4.5% increase from the previous year. This growth can be attributed to the strong performance of various subsectors, including life insurance, non-life insurance, and microinsurance.

Employment in the insurance industry has also witnessed steady growth. In 2022, the sector provided jobs for over 350,000 individuals, a 3.7% increase compared to 2021. The industry has become a vital source of employment opportunities, particularly for those with skills in sales, underwriting, and actuarial services.

Factors Contributing to Growth and Success: Government Initiatives

The Philippine government has played a pivotal role in supporting the growth of the insurance industry through various initiatives, including:

Regulatory Reforms:

The Insurance Commission (IC) has implemented a series of regulatory reforms aimed at strengthening the industry's capital base, promoting transparency, and encouraging competition among insurers.

Financial Inclusion Programs:

The government has pursued financial inclusion initiatives, such as the National Strategy for Financial Inclusion (NSFI), which aims to improve access to financial services, including insurance products, for the unbanked and underinsured segments of the population.

Promotion of Microinsurance:

The government has actively promoted the development of microinsurance products to cater to the needs of low-income individuals, thereby expanding the insurance market and increasing penetration rates.

Industry Growth and Comparison to Previous Years

The insurance industry in the Philippines has experienced consistent growth in recent years, driven by the strong performance of various subsectors:

Life Insurance:

In 2022, the life insurance subsector witnessed a 6.2% increase in premiums compared to the previous year, reflecting the growing demand for insurance products that provide financial protection and long-term savings solutions.

Non-Life Insurance:

The non-life insurance subsector experienced a 4.8% increase in premiums in 2022, driven by the rising demand for property, casualty, and health insurance products.

Microinsurance:

The microinsurance subsector saw a remarkable 12.1% increase in premiums in 2022, highlighting the growing awareness of insurance products among the low-income population and the effectiveness of government initiatives to promote financial inclusion.

Key Trends and Technological Disruptions

The insurance industry in the Philippines has embraced various trends and technological disruptions, including:

Digitalization and Insurtech:

The widespread adoption of digital technologies has transformed the insurance landscape, with insurers increasingly leveraging insurtech solutions to streamline processes, enhance customer experiences, and develop innovative products.

Big Data and Analytics:

The use of big data and analytics has enabled insurers to gain deeper insights into customer behavior, assess risk more accurately, and develop personalized products and pricing strategies.

Artificial Intelligence (AI) and Automation:

The adoption of AI and automation technologies has allowed insurers to improve underwriting processes, enhance fraud detection capabilities, and optimize claims management.

Health and Wellness Initiatives:

The increasing focus on health and wellness has led to the development of innovative insurance products that incorporate wellness incentives, such as discounts on premiums for maintaining a healthy lifestyle or participating in wellness programs.

Challenges

Despite its growth, the insurance industry in the Philippines faces several challenges that need to be addressed to ensure continued success:

Low Insurance Penetration:

The Philippines has a relatively low insurance penetration rate, with a large segment of the population remaining uninsured or underinsured. Raising awareness of the importance of insurance and developing affordable products for the mass market will be critical to further expanding the industry.

Regulatory Environment:

While regulatory reforms have contributed to the industry's growth, there is still room for improvement, particularly in areas such as consumer protection, solvency requirements, and the promotion of fair competition.

Talent Development:

The industry must continue to invest in talent development, particularly in areas such as digital technology, data analytics, and actuarial services, to stay competitive in an increasingly technology-driven landscape.

Catastrophic Risk Management:

The Philippines is prone to natural disasters, such as typhoons, earthquakes, and volcanic eruptions, which pose significant challenges for insurers in terms of risk assessment and management.

Future Outlook

The future outlook for the insurance industry in the Philippines remains positive. With continued government support, investments in technology, and a focus on addressing the challenges and embracing emerging trends, the industry is well-positioned for sustained growth. As the Philippines continues to develop its insurance market and increases penetration rates, the industry is poised to play an increasingly vital role in the nation's financial stability and economic growth.

Conclusion

The insurance industry in the Philippines has experienced significant growth in recent years, driven by government initiatives, technological innovations, and increasing awareness of the importance of insurance products. Despite facing several challenges, the industry's prospects remain bright, with ample opportunities for further expansion and development. As the Philippines navigates the complex landscape of the global insurance market, the nation stands to benefit from the immense potential of this growing sector in terms of financial security and resilience.

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By Melissa Goh
Published on 28 May 2023