Looking for the list of insurance companies in the Philippines with license to operate? Let us study “insurance”, its definition and importance. Planning to buy a life insurance in the Philippines? Here are the lists of insurance companies in the Philippines whose certificates of authority were extended for license year 2014-2015.
Here in InvestmentTotal.com, I don’t only inform the readers about good investment opportunity in the Philippines, but also inform them about the importance of insurance. You should never divert your attention immediately in any of the investment opportunity without your life insurance. It is a “must” that anybody should have insurance.
Some people insured their car, their homes and their business as well as their investment capital for protection. In my own opinion, a “life” itself is the first to get insured rather than the things mentioned.
What is Insurance?
It is important to know the meaning of insurance. “Insurance is the practice by which an individual secures financial compensation for a specified loss of damage resulting from risk of any sort, by contract with a company to which he pays regular premiums, the profession of drawing up some contracts, the contract drawn up, the protection afforded by this, the premium demanded for such protection, the sum for which something is insured”.
Insurance policy is the contract drawn up between an individual and an insurance company.
Insurant – someone to whom an insurance policy is issued.
Reference: The New Lexicon Webster’s Encyclopedic Dictionary of the English Language, Deluxe Edition
Sometimes it is frustrating when you shop around and talking to an insurance agent about insurance. In my experience, when I am buying my insurance, although it is my first time, the agent offers me immediately VUL, he explained me that it has an insurance and an investment at the same time.
He didn’t ask me first if I am investing already or not. That time I invested in mutual funds,stocks and started to invest in BDO UITF Easy Investment Plan. (Do not do what I did, get insurance first before investing, okay!)
I am very frustrated because the agent insisted the VUL product, when I am searching the best mutual fund companies and their performance, his company didn’t belong to top 5. My rule in investing is to invest only with the topnotcher and forget the rest. (Example mutual fund top companies (equity and balanced fund): Philequity Fund Inc, FAMI-SALEF)
I assume that the agent wasn’t that familiar with the product he is offering, or he don’t really know fully the company he is working or affiliated with. If I am an insurance agent, I would let the client first to speak to talk about himself, his work, his financial status, his family and his needs to speak what he really wants or needs.
Priority of Life Insurance agents
The priority of a life insurance agent should be the client needs not the “sales commission”. If you are buying insurance, you can smell and read the mind of an agent if he is willing to help you or not. Am I right? I don’t want to mention the company wherein their agent aren’t familiar with financial products, or let me say “unprofessional”, “unethical” salesman.
In my other articles, I will write the characteristics of a good insurance agent, insurance company and how much an insurance really cost. Going back to the topic, here are the lists of insurance company in the Philippines.
List of Insurance Companies in the Philippines with Certificates of Authority (Extended License)
As of 2 October 2014
COMPOSITE (Lite and Non-Life)
AsianLife and General Assurance Corporation
(Formedy: ATR Professional Life Assurance
Corporation – name changad effective 31 March 2003)
CLIMBS Life & General lnsurance Cooperative
Paramount Life & General lnsurance Corporation
Philippine American Life and General lnsurance Company
Beneficial Life lnsurance Company, lnc.
BPI-Philam Life Assurance Corporation
CAP Life lnsurance Corporation
Caritas Life lnsurance Corporation
Cooperative lnsurance System of the Philippines
Country Bankers Life lnsurance Corporation
First Life Financial Company, lnc.
(Formerly: First Guarantee Life Assurance Co.-as of 2007 )
Fortune Life lnsurance Company, lnc.
FWD Life lnsurance Corporation
Generali Pilipinas Life Assurance Company, lnc.
lnsular Life Assurance Company, Ltd., The
Manila Bankers Life lnsurance Corporation
Manufacturers Life lnsurance Company (Phils.), lnc., The
Manu I ife Chinabank Life Assurance Corporation
(Fonnerty: The Prameica Life lnsurance Co., lnc.)
Philam Equitable Life Assurance Company, lnc.
Philippine AXA Life lnsurance Corporation
Philippines lnternational Life lnsurance Company, lnc.
Philippine Life Financial Assurance Corporation
(Formerly: Asian Life Financial Assurance Corporation)
Philippine Prudential Life lnsurance Company, lnc.
Pioneer Life lnc.
PNB Life lnsurance, lnc.
Pru Life lnsurance Corporation of U.K.
Sun Life Grepa Financial, lnc.
Sun Life of Canada (Philippines), lnc.
United Coconut Planters Life Assurance Corporation
United Life Assurance Corporation
1 . AFP General lnsurance Corporation
2 . AIG Philippines lnsurance, lnc.
(Formerly: Chartis Phils. lnsurance lnc. name change effec. 13 Dec. 2012)
3 . Alliedbankers lnsurance Corporation
4 . Alpha lnsurance and Surety Company, lnc.
5 . Asia lnsurance (Philippines) Corporation (a)
(Formerly: Asia Traders lnsurance Corpontion –name change effec. 23 June 2004)
6 . Asia United lnsurance, lnc.
7 . Bankers Assurance Corporation
8 . BF General lnsurance Company, lnc.
9 . Blue Cross lnsurance, lnc.
10 . BPI/MS lnsurance Corporation
11 . CARD Pioneer Microinsurance lnc.
(Formety: Pioneer Asia lnsurance Corporation – name changed etrec. 13 Sept. 2013)
12 . Centennial Guarantee Assurance Corporation (b)
13 . Charter Ping An lnsurance Corporation
14 . Cibeles lnsurance Corporation
15 . Commonwealth lnsurance Company
16 . Country Bankers lnsurance Corporation
17 . Corporate Guarantee and lnsurance Company, lnc.
18 . Empire lnsurance Company
19 . Far Eastern Surety & lnsurance Company, lnc.
20 . Federal Phoenix Assurance Company, lnc.
21 . FLT Prime lnsurance Corporation
(Formerly: First Lepanto-Taisho lnsurcnce Corp. – name changed effec. 11 May 2005)
22 . First Nationwide Assurance Corporation, The
23 . Fortune General lnsurance Corporation
24 . lnsurance Company of North America
25 . lntra Strata Assurance Corporation
26 . lnvestors Assurance Gorporation
27 . Liberty lnsurance Corporation
28 . MAA GeneralAssurance Philippines, lnc.
29 . Malayan lnsurance Company, lnc.
30 . Manila Surety and Fidelity Company, lnc.
31 . Mapfre lnsular lnsurance Corporation
32 . Mercantile lnsurance Company, lnc.
33 . Meridian Assurance Corporation
34 . Metropolitan lnsurance Company, lnc.
35 . Milestone Guaranty and Assurance Corporation
36 . New lndia Assurance Company, Ltd., The
37 . Northwest lnsurance & Surety Company, lnc.
38 . OrientalAssuranceCorporation
39 . Pacific Union lnsurance Company (a)
40 . People’s General lnsurance Corporation
41 . Perla Compafiia de Seguros, lnc.
(a) Not authorized fo issue Cusfoms Bonds
(b) Not authorized fo issue Judicial Bonds
(c) Not authorized fo issue Supersedeas Bonds
42 . Petrogen lnsurance Corporation
43 . PGA Sompo Japan lnsurance, lnc.
44 . Philippine British Assurance Company, lnc.
45 . Philippine Fire and Marine lnsurance Corporation
46 . Philippines First lnsurance Company, lnc.
47 . Pioneer lnsurance and Surety Corporation
48 . Pioneer lntercontinental lnsurance Corporation
49 . Plaridel Surety and lnsurance Company
50 . PNB General lnsurers Company, lnc.
51 . Premier lnsurance & Surety Corporation, The
52 . Prudential Guarantee and Assurance lnc.
53 . QBE Seaboard lnsurance Philippines, lnc.
(Formerly: QBE Insurance (Philippines), lnc. – name changed effec. 27 December 2013)
54 . Reliance Surety and lnsurance Company, lnc.
55 . Republic Surety and lnsurance Company, lnc.
56 . SGI Philippines General lnsurance Company, lnc.
(Formerly: Monarch lnsutance Company, lnc. – name changed effec. 26 May 2014)
57 . Solid Guaranty, lnc. The
58 . Standard lnsurance Company, lnc.
59 . Starr lnternational lnsurance Philippines Branch
60 . Sterling lnsurance Company, lnc.
61 . Stronghold lnsurance Company, lnc.
62 . Travellers lnsurance & Surety Corporation
63 . UCPB General lnsurance Company, lnc.
64 . United lnsurance Company, lnc.
65 . Visayan Surety and lnsurance Corporation
66 . Western Guaranty Corporation
(b) Not authorized to issue Judicial Bonds
(c) Not authoized to issue Supersedeas Bonds
1 . National Reinsurance Corporation of the Phils.
SERVICING INSURANCE COMPANY
1 . Sun Life Assurance Company of Canada
2 . Generali Pilipinas lnsurance Company, lnc.
Reference: Office of the Insurance Commission
Komisyon ng Seguro | www.insurance.gov.ph
Disclaimer: The data above came from the official website of insurance commission in the Philippines. If you found error, please report it immediately to make immediate changes in this data. I am not affiliated to any of the insurance companies mentioned. Ask the financial experts or insurance experts related to buying an insurance.
It is always depend on your needs when buying an insurance, you can buy an insurance with investment if you really need it, or insurance only and invest your money with other companies. Some words written here are just an opinion, to avoid mistakes, please ask the experts in this field before making any decision. Do not forget, insurance is very important before diverting your attention into investing.
Money Quote for the Day:
The wealthiest people I know are good decision makers. They don’t procrastinate or live in denial. They take time to identify all the issues, research the alternatives, and select the best answer. – Larry Waschka on The Complete Idiot’s Guide to Getting Rich
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