List of Licensed Insurance Brokers in the Philippines (2012)

August 21, 2012 Leave a comment


Once you decided to get an Insurance, you must have to deal with the Insurance Broker.

To make sure you are dealing with a licensed broker, below are the list of life and non-life insurance broker in the Philippines for the year 2011-2012.

You can also go to the Philippine Insurance Commission website to check if the broker you are dealing has a license to do the transaction.

Click the link below for the complete list of Life and Non-Life insurance broker in the Philippines.

List of Insurance Brokers (2012)

source : Philippine Insurance Commission (http://www.insurance.gov.ph/)

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Top Life Insurance Companies in the Philippines (2011)

August 20, 2012 2 Comments


Below are the ranking of Life Insurance Companies in the Philippines according to their Premium Income, Networth and Paid-up Capital  for the year 2011.

You can click the link below for the complete ranking from each category.

1. Life Insurance Ranking According to Premium Income (2011)

2. Life Insurance Ranking According to Networth (2011)

3. Life Insurance Ranking According to Paid-up Capital (2011)

Philam Life, the biggest Life Insurance company in the Philippines tops them in all categories.

source : Philippine Insurance Commission ( http://www.insurance.gov.ph/ )

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List of Life Insurance and Pre-Need Companies in Philippines (2012)

August 19, 2012 1 Comment


The link below are the list of Life Insurance and Pre-Need Companies in the Philippines whose certificate of authority were renewed for licensed year 2012 – 2013.

1. List of Life Insurance Companies (2012)

2. List of Pre-Need Companies (2012)

You can click the above link for the complete list of Life Insurance and Pre-Need firms.

source :
http://www.insurance.gov.ph/

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Philippine Non-Life Insurance: Acts of God Policy

July 12, 2011 Leave a comment


Philippine Non-Life Insurance: Acts of God Policy

After the Typhoon “Ondoy” hits the Philippines, the Acts of Gods Insurance Policy became famous. This type of policy protects our properties from any natural calamities and disasters.

For those who have some question about the Philippine Non-Life Insurance Policy that has an “Acts of God” coverage.

The site below contains some frequently asked questions about the Act of God insurance coverage.

From: Inquirer Money Smarts Blogs (please click on the link)


http://blogs.inquirer.net/moneysmarts/2009/11/04/should-you-get-insurance-coverage-for-acts-of-god/index.html

Actually, every Non-Life Insurance companies has a different Acts of God policy. The Insurance broker should explain it well, just make sure you clearly understand it before getting one.

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Investment and Life Insurance

July 11, 2011 Leave a comment


Why do we need to get a Life Insurance? Why do we need to have an Investment? Is Insurance the same as Investment? If I have a Life insurance, do I need to have an Investment? If I already have an Investment, does it wise to have an Insurance too?

These were the frequently asked questions in comparing Investment and Insurance.

Why do we need to get an Insurance?

Insurance protects our greatest asset. Do you know what our greatest asset is? If you are the one providing income for the family, then you are the family’s greatest asset.

So, how does Insurance protects you? In case of untimely death or permanent disabilities of the family’s breadwinner that may cause the loss of income. The Insurance will eased their pain of financial loss.

Insurance will provide a new stream of income that will temporarily support the financial obligations that the breadwinner leaves.

Why do we need to have an Investment?

Investment will provide financial support when our retirement period comes. Many Filipinos think that our SSS (Social Security System) or GSIS (Government Service Insurance System) pension is enough to support our retirement. But for me, I think this is not enough.

An Investment is still necessary to sustain our daily needs for our retirement.

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In Summary:

Case 1: We need Insurance in case of untimely death (if we die too early).

Case 2: If we live too long, we need an Investment to sustain our daily expenses when we retire.

Insurance protects wealth. Investment builds wealth.

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List of Non-Life Insurance Companies in the Philippines (2011)

July 2, 2011 1 Comment


Non-Life Insurance (or General Insurance) typically comprises of any insurance that is not determined to be life insurance. This type of insurance policies normally covered the automobile, house and other property.

Below are the list of Non-life Insurance Companies in the Philippines whose certificate of authority were released for licensed year 2010-2011.

1 . AFP General Insurance Corporation 2010/32-R
2 . Alliedbankers Insurance Corporation 2010/92-R
3 . Alpha Insurance and Surety Company, Inc. 2010/5-R
4 . Asia Insurance (Philippines) Corporation (a) 2010/29-R
(Formerly: Asia Traders Insurance Corporation –
name change effec. 23 June 2004)
5 . Asia United Insurance, Inc. 2010/81-R
6 . BF General Insurance Company, Inc. 2010/104-R
7 . BPI/MS Insurance Corporation 2010/86-R
8 . Bankers Assurance Corporation 2010/3-R
(Formerly:Malayan Zurich Insurance Company, Inc. -
name changed effec. 13 October 2006.)
9 . Blue Cross Insurance, Inc. 2010/51-R
10 . CAP General Insurance Corporation 2010/27-R
11 . CCC Insurance Corporation 2010/80-R
12 . Centennial Guarantee Assurance Corporation (b) 2010/103-R
13 . Chartis Philippines Insurance, Inc. 2010/105-R
(Formerly: AIU Insurance (Philippines) Company, Inc.)
14 . Cibeles Insurance Corporation 2010/42-R
15 . Commonwealth Insurance Company 2010/8-R
16 . Corporate Guarantee and Insurance Company, Inc. 2010/82-R
17 . Country Bankers Insurance Corporation 2010/49-R
18 . Eastern Assurance and Surety Corporation (a, b) 2010/88-R
19 . Empire Insurance Company 2010/40-R
20 . Equitable Insurance Corporation (a) 2010/23-R
21 . Far Eastern Surety & Insurance Company, Inc. 2010/113-R
22 . Federal Phoenix Assurance Company, Inc. 2010/111-R
23 . FLT Prime Insurance Corporation 2010/65-R
(Formerly: First Lepanto-Taisho Insurance Corp. – name changed effec. 11 May 2005)
24 . Finman General Assurance Corporation 2010/11-R
25 . First Integrated Bonding & Insurance Co., Inc. 2010/91-R
26 . First Nationwide Assurance Corporation, The 2010/4-R
27 . Fortune General Insurance Corporation 2010/19-R
28 . Generali Pilipinas Insurance Company, Inc. 2010/68-R
29 . Great Domestic Insurance Company of the Phils., Inc. (b) 2010/112-R
30 . Industrial Insurance Company, Inc. 2010/110-R
31 . Insurance of the Philippine Islands Company, Inc. 2010/64-R
32 . Insurance Company of North America 2010/114-R
33 . Intra Strata Assurance Corporation (a) 2010/107-R
34 . Investors Assurance Corporation 2010/95-R
35 . Liberty Insurance Corporation 2010/63-R
(a) Not authorized to issue Customs Bonds
(b) Not authorized to issue Judicial Bonds
36 MAA General Assurance Philippines, Inc. 2010/57-R
37 . Malayan Insurance Company, Inc. 2010/2-R
(Merged with Tokio Marine Malayan Ins. Co., Inc. on July 2, 2008)
38 . Manila Insurance Company, Inc. The 2010/41-R
39 . Manila Surety and Fidelity Company, Inc. 2010/18-R
40 . Mapfre Insular Insurance Corporation 2010/9-R
41 . Mercantile Insurance Company, Inc. 2010/100-R
42 . Meridian Assurance Corporation 2010/58-R
43 . Metropolitan Insurance Company, Inc. 2010/48-R
44 . Monarch Insurance Company, Inc. 2010/31-R
45 . New Hampshire Insurance Company 2010/109/R
46 . New India Assurance Company, Ltd., The 2010/99-R

Composite Insurance Companies (Offers Life and Non-Life Policy)

1 . AsianLife and General Assurance Corporation 2010/26-R
(Formerly: ATR Professional Life Assurance
Corporation – name changed effective 31 March 2003)
2 . CLIMBS Life & General Insurance Cooperative 2010/1-R
3 . Paramount Life & General Insurance Corporation 2010/50-R
4 . Philippine American Life and General Insurance Company 2010/54-R

In the Philippines, the rainy season just started. Right now, floods were a great threat to our properties (like car and house).

The best way to protect our assets from these uncertainties is by getting a non-life insurance policy. I believe that after the Typhoon “Ondoy” tragedy, most of these general insurance companies offers an “Act of God” policy coverage.

Source : Philippine Insurance Commission (
http://www.insurance.gov.ph/
 )

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(2010) Top Philippine Life Insurance Companies

June 30, 2011 1 Comment


Ranking of Life Insurance Companies  according to their Premium Income as of December 31, 2010 ( tentative data as of June 16, 2011 )

These data is also available on the Philippine Insurance Commission Website. ( http://www.insurance.gov.ph/ )

See below the list of Philippine Life Insurance companies and their premium income as of December 31,2010.

1. Philam Life & Gen. — 11,254,874,199

2. Sunlife — 10,633,280,619

3. Phil. Axa — 8,359,866,264

4. Pru Life — 7,356,704,771

5. Insular Life — 7,129,014,421

6. BPI Philam Life — 5,695,869,300

7. Manulife (Phils) — 3,974,603,127

8. Grepalife Financial — 3,492,356,444

9. United Cocolife — 2,333,374,408

10. Generali Pilipinas — 1,419,746,109

11. Asian Life & Gen. — 1,125,966,159

12. PNB Life — 1,007,884,869

13. Pioneer Life — 987,749,200

14. Manulife Chinabank — 974,297,387

15. Phil. Prudential — 828,153,747

16. Fortune Life — 743,347,867

17. First Life Financial — 592,584,006

18. Beneficial Life — 536,829,803

19. Paramount Life & Gen. — 501,389,990

20. Coop Life Ins. (CLIMBS) — 345,406,229

21. Asian Life Financial — 243,062,332

22. Country Bankers — 227,448,596

23. CISP — 164,352,729

24. Manila Bankers — 144,358,251

25. Philam Equitable — 119,179,293

26. Great Life Financial — 96,752,544

27. Manulife (Branch) — 89,402,505

28. Phil. Interlife — 86,140,134

29. Caritas Life — 66,122,810

30. CAP Life — 63,407,887

31. United Life — 44,046,747

32. Sony Life — 36,730,094

33. Banc Life — 37,296

34. BF Life — AS not yet submitted

35. National Life — AS not yet submitted

TOTAL  —–  70,674,340,137

source: Philippine Insurance Commission ( http://www.insurance.gov.ph/ )

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List of Life Insurance Companies in the Philippines (2011)

June 17, 2011 Leave a comment


Life Insurance provides financial security in case of untimely death of the family’s bread winner. In a sudden loss of income due to this circumstances (death), our life insurance will protect our families from other financial obligations we have left.

Below are the list of Life Insurance companies in the Philippines whose certificate of authority were released for licensed year 2010-2011.

All licensed Insurance Companies in the Philippines were regulated by Insurance Commission. You can also check their website to know the latest list of licensed companies. (http://www.insurance.gov.ph/)

Life and Non-Life Insurance Companies (Composite)

1. AsianLife and General Assurance Corporation

(Formerly: ATR Professional Life Assurance Corporation – name changed effective 31 March 2003)

2. CLIMBS Life & General Insurance Cooperative

3. Paramount Life & General Insurance Corporation

4. Philippine American Life and General Insurance Company

Life Insurance Companies

1. AsianLife Financial Assurance Corporation

(Formerly: All Asia Life Assurance Corporation -name changed effective 31 March 2003)

2. Banclife Insurance Company, Inc.

3. Beneficial Life Insurance Company, Inc.

4. BF Life Insurance Corporation

5. BPI-Philam Life Assurance Corporation

(Formerly:Ayala Life Assurance, Inc.)

6. CAP Life Insurance Corporation

7. Caritas Life Insurance Corporation

8. Cooperative Insurance System of the Philippines

9. Country Bankers Life Insurance Corporation

10. First Life Financial Company, Inc.

(Formerly: First Guarantee Life Assurance Co.-as of 2007 )

11. Fortune Life Insurance Company, Inc.

12. Generali Pilipinas Life Assurance Company, Inc.

13. Great Life Financial Assurance Corporation

(Formerly: Nippon Life Insurance Company of the Philippines as of 2007)

14. Grepalife Financial, Inc.

(Formerly: Great Pacific Life Assurance Corp.)

15. Insular Life Assurance Company, Ltd., The

16. Manila Bankers Life Insurance Corporation

17. Manufacturers Life Insurance Company (Phils.), Inc., The

18. Manufacturers Life Insurance Company (Branch), The

19. Manulife Chinabank Life Assurance Corporation

(Formerly: The Pramerica Life Insurance Co., Inc.)

20. Philam Equitable Life Assurance Company, Inc.

21. Philippine AXA Life Insurance Corporation

22. Philippine Prudential Life Insurance Company, Inc.

23. Philippines International Life Insurance Company, Inc.

24. Pioneer Life Inc.

25. PNB Life Insurance, Inc.

26. Pru Life Insurance Corporation of U.K.

27. Sony Life Insurance (Phils.) Corporation

28. Sun Life of Canada (Philippines), Inc.

29. United Coconut Planters Life Assurance Corporation

30. United Life Assurance Corporation

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OFW… Do you have a LIFE INSURANCE plan?

May 29, 2011 2 Comments


Why do we need a life insurance?

In case of untimely death of the family’s bread winner, the Life Insurance protect their families from the loss of income and sometimes from their hefty debt obligations. I think everyone should know that if you have a family you must at some point consider buying some life insurance.

Actually, insurance product is not so familiar with the Filipino’s.

Do you agree on this?

In a Filipino culture, having a life insurance policy is almost unheard of unless an individual was employed and their company provides insurance for all its employees or an individual who belongs to the middle/upper income class.  Other than that and due to lack of financial literacy, the most of Filipino’s does not have any sort of life insurance at all.

For OFW’s like use, our untimely death will not just bring sorrow for our loss but, it will also bring financial disasters to our loved ones. Imagined leaving our family with huge debt obligations from our various loans.

Unless your spouse has a steady source of income, do you think that they can survive this?

Sometimes, due to absence of Life Insurance… The death of the bread winner will also bring death to the Financial security of their family.

Anyway, we must consider the fact that we don’t know when we are going to die. I can say that I am still young at the age of 36 and I have a good salary that provides everything for my wife and kids.

However, what will happen to them If I leave them earlier?

Just think of losing the bread winner and the income it provides.. What do you think will happen to their dependents?

I will not elaborate the series of tragic event that might happen..

Give your family a Financial Security thru Life Insurance.

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Quotes:

Remember kids, I have life insurance.

: by Adam Savage

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