List of Insurance Companies in Philippines

List of Insurance Companies in Philippines

List of Insurance Companies in Philippines – Insurance is like preventive medicine. Insurance is a preventive mechanism which has been developed over time with the intention of protecting the people from financial loss which may be occasioned by the loss of property, or life, other factors which can affect a person’s well being. On a personal note, this can be explained as a kind of risk management arrangement in which one pays a fee (premium) to the insurer (insurance company) in order to receive a previously agreed upon payment in the event of losing or damaging whatever has been insured by the policy, due to an accident, or any other event in which the insured party (also called the policyholder) does not have a fault, or is not the cause. The insurer(one who agrees to carry the risk) can be the state, a bank, or any other designated financial institution so licensed by the government to engage in Insurance Business.

Business, just like every other aspect or venture in life, is full of risks. Over time, the authorities in the Philippines have developed an insurance sector that is best suited to its particular and unique market, and the needs of its unique populace. This is the reason for the list of insurance companies in the Philippines.

Some of the many risks facing the average Filipino in his daily activities include motor vehicle theft, fire risk, home robbery, loss of profit as a result of a changing economy, loss of profit through fall in demand, loss of profit through the change in fashion tastes of the public, machine breakdown, injury to workers, etc.

List of Insurance Companies in Philippines
List of Insurance Companies in Philippines

In response to some of the risks mentioned above, some insurance policies have been developed in order to protect the insured party from losses or to reduce the risks of policy holders suffering in the continuum as a result of having inured such a loss. Some of the policies are Motor Vehicle Insurance, Life and Injury Insurance policies, Fire Insurance, Burglary Insurance, Theft and Robbery Insurance, and so many others.

The following are insurance companies with operations in the country of the Philippines. Please take note that the list may contain agencies. Remember that the information in this article does not amount to investment advice. Kindly consult your solicitor or financial adviser or any other investment professional before investing your money in any of the companies listed below.

List of Insurance Companies in the Philippines

  • Company: Insular Life insurance
  • Company: Manulife Insurance
  • Company: Philam Life Insurance Company
  • Sun Life of Canada (Philippines), Inc.
  • Philippine Axa Life lnsurance Corporation (AXA Philippines)
  • BPI-Philam Life Assurance Corp., Inc. (BPl-Philam)
  • Pru Life lnsurance Corporation of U.K. (Pru Life U.K.)
  • Liberty Insurance Corporation
  • COCOLIFE
  • Lhuillier Group of Companies (PJLGC)
  • Auto CARE Insurance
  • Pacific Union Insurance Co
  • Mercantile Insurance Co
  • Standard Insurance
  • QBE Seaboard Insurance Philippines
  • PNB General Insurance Co Inc
  • PlaridelSurety& Insurance Co
  • Philippines First Insurance Co. Inc

Contact Us Of Insurance Companies in the Philippines – Address, Phone Number and Website

  • Company: Insular Life insurance
    • Founded: November 25, 1910
      Headquarters Located at: Insular Life Corporate Centre, Muntinlupa, Philippines
      Area served: Philippines
  • Company: Manulife Insurance
    • Founded: 1901
      Headquarters Located at: 10th Floor NEX Tower, 6786 Ayala Avenue, Makati City, 1229, Philippines.
      Area served: Philippines
      Parent Company: Manulife International
      Official Company Website www.manulife.com.ph
  • Company: Philam Life Insurance Company
    • Headquarters 15/F-18/F Net Lima Bldg. 5th Avenue cor. 26th Street, Bonifacio Global City, Taguig, Philippines.
      Area served: Philippines
      Parent Company: AIA Group
      Official Company Website: www.philamlife.com
  • Sun Life of Canada (Philippines), Inc.
    • Headquarters Located at: 2/F, Sun Life Centre, 5th Avenue corner Rizal Drive, Bonifacio Global City, Taguig City 1634 Metro Manila, Philippines.
      Care Hotline (02) 849-9888
      Official Company Website: https://www.sunlife.com.ph/PH/About+us/Contact+us?vgnLocale=en_CA
  • Philippine Axa Life lnsurance Corporation (AXA Philippines)
    • Headquarters Located at: AXA Life Centre Sen Gil Puyat Avenue Makati City, 1200 Philippines.
      Official Company Website: https://www.axa.com.ph/
  • BPI-Philam Life Assurance Corp., Inc. (BPl-Philam)
    • Address: 11th, 14th & 16th Insyrance, BPI-Philam Life Makati, 6811 Ayala Avenue. Manila, Philippines.
      Official Company Website: https://www.bpi-philam.com/en/index.html
  • Pru Life lnsurance Corporation of U.K. (Pru Life U.K.)
    • Headquarters Located at: Tower 1, 1 East 11th Drive, Uptown Bonifacio, 1634 Taguig City, Philippines
      https://www.prulifeuk.com.ph/en/contact-us/
  • Liberty Insurance Corporation
    • Headquarters Located at: 3rd Floor, Cojuangco and Sons Building, 119 Dela Rosa Street, corner, 1229 Don Carlos Palanca, Legazpi Village, Makati, Metro Manila, Philippines
      Contact Phone: +63 2 819 1961
      Official Company Website: www.libertyinsurance.com.ph/
  • COCOLIFE
    • Headquarters Located at: Cocolife Building 6807 Ayala Avenue, Makati City, Makati, Metro Manila, Philippines.
      Contact Phone: (+632) 8-101-888.
      Official Company Website: www.cocolife.com/customer-service
  • Lhuillier Group of Companies (PJLGC)
    • Headquarters Located at: PJL Corporate Center, 1782 N. Garcia corner Candelaria Streets, Makati City 1209 Philippines, Philippines
      Contact Phone:: +63 2 728 3826
      hotline.compliance@jgc.com.ph
      Official Company Website: https://www.jgc.com.ph/
      Holding Company: P.J. Lhuillier Group of Companies
  • Auto CARE Insurance
    • Headquarters Located at: :: Short Horn; Quezon City, Philippines;
      Contact Phone:‎: ‎+63 995 438 6429
  • Pacific Union Insurance Co
    • Headquarters Located at: 121 Valero, Salcedo, Makati, 1227 Metro Manila, Philippines
      Tel. No.(International): 845.1033 to 37
      (local). 122; 845.1220.
      Official Company Website: www.puicinsurance.com/contact-us/
  • Mercantile Insurance Co
    • Headquarters Located at:: Corner General Luna & Beaterio Sts., Intramuros, Manila, 1002 Metro Manila, Philippines
      Contact Phone:: +63 2 527 7701
      Official Company Website: www.mic.com.ph/contact-us/
  • Standard Insurance
    • Headquarters Located at: Standard Insurance Tower, 999 Pedro Gil Street Corner F. Agoncillo Street, Ermita, City of Manilla, Philippines.
      Contact Phone: +63 2 400 7777
  • QBE Seaboard Insurance Philippines
    • Headquarters Located at:: 16th Floor, Equitable Bank Tower, 8751 Paseo de Roxas. City: Makati City.
      Contact Phone: No.: 224.4040.
      Fax No.: 224.4044.
      Email 1: infp.php@qbe.com.
      Official Company Website: www.qbe.com.ph/contact.html
  • PNB General Insurance Co Inc
    • Headquarters Located at:: 2nd Floor, PNB Financial Center, Pres. D. Macapagal Boulevard. City: Pasay City.
      Contact Phone: No.: 832.0312.
      Fax No.: 832.0313.
      Official Company Website: https://www.pnb.com.ph/
  • PlaridelSurety& Insurance Co
    • Headquarters Located at:: 2502 Valero Street Corner Sedeno Street, Makati, Philippines
      Phone: +63 2 889 6101
      Official Company Website: https://www.plaridelsurety.com.ph/
  • Philippines First Insurance Co. Inc
    • Headquarters Located at:: 7th Flr., Phils First Bldg., 6764 Ayala Ave, Makati, 1200 Metro Manila, Philippines
      Contact Phone: +63 2 892 8888
      Official Company Website: www.philfirstinsurance.com.ph/

That is an inexhaustive list of the companies that presently offer insurance business in the Philippines. A closer look will reveal that most of the insurance companies operating in the Philippines are of foreign multinational companies. So who regulates the Philipino insurance sector? Below is a brief introduction to the Insurance Commission of the Philippines.

During the period before the Hispanic Era, the concept of insurance as we know it today is non-existent in the Philippines. The Pre-Hispanic Filipinos relied mostly on hunting and gathering for their survival, and so did not have the need for insurance as they were more concerned about surviving from day to day. Thus, every demise of a family or tribe member was suffered alone by the person, family, or tribe where the dead person belonged to.

When the Spaniards came in and took possession of the country, insurance, in its present concept, was then introduced into the Philippines. The Lloyd’s of London, (mostly known as Lloyd’s), is an insurance company which is located in London’s primary financial district, the City of London. They introduced the concept of insurance into the Philippines with the appointment of Strachman, Murray & Co., Inc. as their representative agents in the country.

Along with the introduction insurance business into the Philippines came the need for laws to regulate this sometimes messy industry. During the Spanish colonization Era, the laws on insurance were stipulated in the documents: Title VII of Book II and Section III of Title III of Book III of the Spanish Code of Commerce; and also in the Chapters II and IV of Title XII of Book IV of the Spanish Civil Code (of 1889.)

The introduction of the concept of insurance as a business in the Philippines brought about by the founding of Strachman, Murray & Co., Inc. in the Philippines Islands then was followed by an influx of foreign insurance businesses into the Philippines. But then in 1898, life insurance (a subsector of Insurance) came on board with the entry of Sun Life Assurance of Canada in the Philippines insurance market.

Not long after that, in 1906, came the first domestic non-life insurance company Came on board. Shortly after that, the first domestic life insurance company in the country was established in 1910.

Due to the extremely quick pace of growth of the insurance industry in the Philippines, the Philippine Legislature, on December 11, 1914, made Act 2427, which is also known as the Insurance Act. This Act of law took effect on July 1st, 1915, and replaced the provisions of the Spanish Code of Commerce on the Insurance business. Under the new Insurance Act, the Insular Treasurer, in addition to his official title, was mandated as the Insurance Commissioner (unofficially). At that time the government agency which supervised the insurance sector in the Philippines was then called the Insurance Division which was part of the Bureau of Treasury.

The good prospects in the insurance market in the Philippines encouraged many more foreign insurance companies to troop into the Philippines to open shop in the country. In 1939, more insurance companies came down into Manila and started to transact business limited to non-life insurance policies.

During World War II, the Insurance Division was then separated from the Bureau of Treasury and then attached to the Bureau of Banking. After the war ended, the Division was again returned to the Bureau of Treasury. However, in 1947, the Philippine government saw the practical advantage of merging the Insurance Division with the Bureau of Banking since they are both financial institutions that deal directly with people. Hence, the former was detached once again from the Bureau of Treasury and then re-merged with the Bureau of Banking.

As the industry grew and prospered, the government saw the need to establish an independent office to oversee all matters relating to the country’s insurance industry. Therefore, on January 3, 1949, the Bureau of Banking was renamed as the Office of the Insurance Commissioner. That was done along with the formal opening of the Central Bank of the Philippines by virtue of Republic Act No. 275. {{{Following so, the Bank Commissioner and Assistant Bank Commissioner were renamed: Insurance Commissioner and Assistant Insurance Commissioner, respectively.

On December 18, 1974, Presidential Decree}}} No. 612 came into effect, empowering and instituting the Insurance Code of the Philippines, and thereby replacing Act 2427 also known as the Insurance Act. Presidential Decree Nos. 63, 123, and 317 were then issued, thus amending the previous PD 612. Among other things, Presidential Decree No. 63 stated that the Office of the Insurance Commissioner should be renamed the Insurance Commission. Finally, on June 11, 1976, Presidential Decree No. 1460 came into being and consolidated all insurance laws into one single law – resulting in what is known today as the Insurance Code of 1978.

That’s all about List Of Insurance Companies In the Philippines and the contact address information.

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