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May 6, 2021 | 12:05 am
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THE MICROINSURANCE industry’s total premium production dropped by 14.5% last year, but the number of persons covered by these products increased at the height of the coronavirus pandemic, the Insurance Commission (IC) reported on Wednesday.
The IC said in a statement that the total premiums produced by microinsurance companies in the country went down to P7.8 billion in 2020 from P9.12 billion in 2019, citing unaudited financial reports.
The regulator attributed the decline to the strict quarantine measures imposed by the government last year at the height of the coronavirus pandemic.
The nonlife insurance sector posted the largest drop in premiums at P913.51 million, down by 25.46% year on year. This was followed by the mutual benefit association (MBA) sector, which produced P4.46 million in premiums last year, or 15.13% lower from the 2019 level.
Published April 24, 2021, 6:00 AM
Based on net premiums
The Prudential Guarantee and Assurance, Inc. (PGAI) remained the top non-life insurance company in terms of net premiums last year.
Based on the 2020 rankings released by Insurance Commission, PGAI registered the highest net premiums among non-life insurers at P4.55 billion, effectively maintaining its top spot position for four consecutive years based on companies’ quarterly reports on selected financial statistics submitted to IC at the end of December last year.
Second on the list was Malayan Insurance Co., Inc. with P4.08 billion, followed by Pacific Cross Insurance, Inc. with P3.32 billion and Pioneer Insurance & Surety Corp. with P2.97 billion.
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