Major non-life insurance companies Philippines 2023, by assets

Pioneer Insurance and Surety Corporation was ranked as the largest non-life insurance company in the Philippines based on its assets. In 2023, the company was valued at approximately 56 billion Philippine pesos. Other leading non-life insurance companies were Malayan Insurance and Prudential Guarantee & Assurance, Inc.

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 and its contribution to mitigating risks across significant industries, the value of gross premiums increased. For motor car insurance in the country, the value of gross premiums gradually increased from 2015 until 2020. 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 two of the reasons for its marketability.