Top 40 Insurance Companies in the Philippines – Grit PH (2024)

Last Updated – Dec 26, 2023 @ 3:40 pm

Choosing your insurance provider can be extremely overwhelming especially considering the number of companies that provide this service. One great way to narrow down your choice is to start looking at the most reputable insurance companies in the Philippines.

Whether you want to avail life insurance, non-life insurance, or both, you need to pick a reliable company that is committed to serving your needs.

This guide will reveal the top insurance companies in the country that should be on your radar.

What is Insurance?

Insurance is a type of financial product sold by insurance companies to protect you and your properties against the risk of accidents, illnesses, damage, theft, and losses. Insurance policies are vital since it is considered a hedge against the risk of financial losses.

When you get insurance, you will make regular payments also known as premiums to an insurance company. Once you make a claim, the company will pay you for the loss covered by your policy. Without this claim, you won’t get compensation.

Life Insurance vs. Non-Life Insurance

There are a lot of dangers you will face in your life, and these can have great financial consequences if you are not protected by an insurance policy. There are many types of insurance products, and this can be divided into two: life insurance and non-life insurance.

Life insurance is an umbrella term for insurance policies that have to do with life, the death of someone, or a funeral provision.

On the other hand, non-life insurance covers policies that protect financial and material things in your daily life. This could include your vehicle, home, business, and other properties. It can also serve as protection for accidents or illnesses.

This table illustrates the major differences between the two insurance types.

Types of Insurance Products in the Philippines

If you want to secure your future, you need to protect your assets. After all, nobody expects their car to crash, their house to burn down, or even suffer from a disability that will prevent them from working.

However, all these unfortunate events can still happen. There are many types of insurance policies that can cover different aspects of your life. Here are the most common ones below.

Life Insurance

Life insurance policies involve paying a specific amount within the policy’s time frame. If you die within that time frame, your heirs or beneficiaries will be compensated.

Insurance companies earn by investing your premiums so you can also earn interest until your contract expires.

When applying for life insurance, you need to answer questions regarding your health and lifestyle to determine your risk category.

Health Insurance

Major medical events in your life can cause financial turmoil. More often than not, the costs are so huge that people end up in debt.

Health insurance is a coverage that protects you from the cost of surgical and medical expenses. It can reimburse the policyholder, or pay the hospital directly.

Accident Insurance

Even if you have health insurance, there are still gaps you need to fill. Accident Insurance is a great added layer of protection that will help you cover costs associated with injuries from accidents.

Car Insurance

Cars and motorcycles make your life more convenient, but if you encounter vehicle-related damages, it can be hard to recover from them if you are not financially prepared.

Car insurance is your protection against this. It can include property, liability, and medical protection.

Home & Property Insurance

Property insurance is an umbrella term that covers the protection of your properties, including your home.

This way, you won’t have to worry about out-of-pocket costs caused by damage, or loss. For instance, if your business is vandalized, your insurer will pay for the damage.

Travel Insurance

Travel insurance is a policy that guarantees compensation for accident, damage, illness, specified loss, and interruption that happens while you are traveling.

Therefore, you can handle unexpected situations better especially when you’re out of the country.

Business Insurance

This type of insurance is a must-have for all business owners since it protects them from losses that are caused by risks involved in the business.

With business insurance, losses with financial assets, physical property, and intellectual property can be easily dealt with.

This is integral for businesses that still want to prosper in the event of customer injury, natural disasters, and security breaches, among others challenges.

Pet Insurance

Pets are considered members of the family, and they too should have insurance. Pet insurance allows pet owners to save money when it comes to veterinary bills caused by accidents and illnesses.

It works in the same way as health insurance for humans.

Educational Plan

An educational plan is like a cross between life insurance and a savings account. It is designed to help parents save and ensure there would be sufficient funds for their child’s college education in the future.

Gadget Insurance

Gadget insurance or gadget protection can give you peace of mind if something unfortunate happens to your devices because this policy safeguards your devices against hazards.

Top 20 Life Insurance Companies in the Philippines

Here are the top life insurance companies issued by the Insurance Commission. This ranking is based on their New Business Annual Premium Equivalent (NBAPE) from 2022.1

1. Sun Life of Canada

Sun Life of Canada (Philippines), Incorporated was founded in 1895, which makes it the oldest life insurance provider in the country.

The company halted their business after World War II, and resumed operation after it concluded. Now, it is one of the most popular and reliable life insurance providers in the country.

The insurance products they offer include:

• Education
• Estate preservation
• Health protection
• Income continuation
• Retirement
• Group life
• VUL (Variable Universal Insurance)
• Family insurance
• Travel & accident insurance

2. PRU Life UK

PRU Life Insurance Corporation of U.K. is a subsidiary of British financial services Prudential plc.

Established in 1996, their goal is to help every Filipino have the opportunity to face challenges by providing different insurance products and driving innovation in what they do.

Insurance products they offer:

• Insurance with investment
• Term insurance
• Health insurance
• Accident & disability insurance

3. Allianz PNB Life Insurance

Allianz PNB Life Insurance, Incorporated was founded only in 2001, operating as an Alliance SE subsidiary. In recent years, the company has shown growth and has jumped positions in the top insurance companies list.

Insurance products they offer:

• Health insurance
• Savings and investment (VUL)
• Life insurance
• Education
• Retirement

4. BDO Life

Founded in 1999 as a joint venture between BDO and Generali Pilipinas Holdings Company, this life insurance provider has been renamed BDO Life Assurance Company, Inc. This company also caters to corporate clients.

Insurance products they offer:

• Life insurance (protection & savings)
• Health insurance
• Retirement plans
• Estate planning
• Group insurance

5. AXA Philippines

Philippine Axa Life Insurance Corporation is one of the fastest-growing insurance providers in the country. This insurance provider is a joint venture between Metrobank group and AXA group. Although it was only founded in 1999 in the Philippines, it has cemented its name as one of the best life insurance companies.

Insurance products they offer:

• Health coverage
• Income protection
• Educational plans
• Life insurance
• VUL
• Retirement plan
• Home & property insurance
• Business insurance (Charter Ping An)
• Travel insurance (Charter Ping An)
• Car insurance (Charter Ping An)

6. FWD Life Insurance

FWD Life Insurance Corporation is not only successful in the Philippines, but also in other countries such as Thailand, Vietnam, Malaysia, Japan, Singapore, Indonesia, and many more.

Despite only being launched in the country in 2014, this new player has managed to expand its reach drastically.

Insurance products they offer:

• Life protection
• Health protection
• Investments (VUL)

7. Manulife

Manufacturers Life Insurance Co. (Phils.), Incorporated has been a major player in the industry since 1901. This reliable company serves countless Filipinos by providing products that suit every need of its customers.

Insurance products they offer:

• Investment (VUL)
• Education
• Health insurance
• Savings and retirement
• Life insurance
• Group insurance products

8. BPI-AIA

BPI AIA Life Assurance Corporation (BPI AIA) represents a strategic partnership between two prominent financial institutions in the Philippines: AIA Philippines Life and General Insurance Company, Inc. (AIA Philippines), and the Bank of the Philippine Islands (BPI).

Insurance products they offer:

• Partnership insurance
• Savings
• Life insurance (savings, protection, and investment plans)
• Heath insurance
• Business insurance

9. Insular Life

Insular Life Assurance Company is one of the most trusted Filipino life insurance companies. It is also the only mutual life insurance company in the Philippines.

With more than 100 years of experience, it promises to help clients make more confident decisions when it comes to their finances.

Insurance products they offer:

• Life insurance
• Heath insurance
• Education plan
• VUL
• Retirement plan
• Estate planning
• Investment funds

10. AIA Philippines

AIA Philippines, a subsidiary of the multinational corporation AIA Group, is one of the leading providers of life insurance and general insurance services in the Philippines.

With a strong commitment to providing comprehensive financial solutions, it aims to assist individuals and businesses in securing their financial future.

Insurance products they offer:

• Health insurance
• Life insurance (protection, savings, and investment)
• Education plans
• Business and group insurance products

11. Manulife Chinabank

Manulife Chinabank Life Assurance Corporation is a joint venture between Manulife Philippines and China Banking Corporation. Their goal is to ensure that all China Bank customers receive the best solution for their insurance needs.

Insurance products they offer:

• Education plans
• Life insurance
• Heath insurance
• Personal wealth plans
• Retirement plans

12. Sun Life GREPA

Sun Life GREPA Financial, Incorporated is a joint venture between Sun Life Financial Philippines and the Yuchengco Group of Companies. Formerly known as Grepalife Financial, it was founded in1954 and has evolved to become one of the country’s industry leaders.

Insurance products they offer:

• Life insurance
• Income continuation
• Education
• Retirement and estate preservation
• Health protection

13. East West Ageas Life

East West Ageas Life Insurance Corporation is a joint venture of East West, one of the Philippines’ fastest-growing banks, and the Ageas Insurance International NV International Insurance Group based in Belgium.

Insurance products they offer:

• Life insurance
• Health insurance
• Home loan insurance
• Educational plans
• Retirement plans

14. Cocolife

Established in 1966, United Coconut Planters Life Assurance Corporation is the biggest Filipino-owned stock life insurance company.

Insurance products they offer:

• Healthcare
• Individual life insurance
• Group life insurance

15. BenLife

Beneficial Life Insurance Company, Inc. is a Filipino-owned life insurance company established in 1960.

From a capital of Php2.5 million, it has grown to have more than 6,700 stockholders, making it one of the most stable and formidable insurance providers in the country.

Insurance products they offer:

• Life insurance funds for life cycles needs
• Life insurance packages for regular employees
• Group insurance products for employees or members of institutions

16. Pioneer Life

Established in 1964, Pioneer Life Incorporated is a Filipino-owned company that continues to grow as a significant player in the industry.

Insurance products they offer:

• Individual life insurance and investment
• Insurance for groups and employees

17. Etiqa

Formerly known as AsianLife & General Assurance Corporation – Etiqa Life & General Assurance Philippines, Inc. is based in Kuala Lumpur, Malaysia, but has regional presences in Indonesia, the Philippines, Cambodia, and Singapore.

Insurance products they offer:

• Endowment plan (Education)
• Life insurance (VUL)
• Health insurance
• Auto insurance
• Property insurance
• Group life insurance
• Business insurance

18. Fortune Life Insurance

Founded in 1984, Fortune Life Insurance Company, Incorporated is dedicated to helping Filipinos achieve different financial goals through comprehensive solutions.

Insurance products they offer:

• Life insurance (savings & protection)
• Business insurance
• OFW insurance

19. Generali Life

Providing solutions to international and local clients since 1999, Generali Life Assurance Philippines, Inc. has a solid track record, particularly in group life policies.

Insurance products they offer:

• Life insurance
• Group life insurance
• Group health insurance
• Pension plans

20. Manila Bankers Life Insurance Corporation

Established in 1967, Manila Bankers Life Insurance Corporation is a distinguished insurance company in the Philippines, known for providing a range of insurance products and services.

Its portfolio includes life insurance, health insurance, and investment-linked products designed to offer comprehensive financial security and protection to its clients.

Insurance products they offer:

• Life insurance
• Health insurance
• Personal accident insurance
• Income replacement assurance

Top 20 Non-Life Insurance Companies in the Philippines

Here are the top non-life insurance companies issued by the Insurance Commission. This ranking is based on their Net Income data from 2022.2

1. BPI/MS Insurance Corp.

This is a joint venture between the Bank of the Philippine Islands and the Mitsui Sumitomo Insurance Company.

BPI/MS Insurance Corporation is a trusted provider with amazing services that allow its customers to pursue their goals without being worried about financial burdens caused by uncertainties.

Insurance products they offer:

• Fire insurance
• Motor insurance
• Marine insurance
• Personal accident insurance
• Travel care insurance
• Engineering insurance
• Home care advantage insurance
• Liability insurance
• Bonds

2. Starr International Insurance Philippines

Starr International Insurance Philippines is a branch of the global insurance and investment organization, Starr Companies.

Known for offering a diverse range of insurance solutions, it caters to various sectors, providing travel and health insurance products within the Philippine market.

3. FPG Insurance

FPG Insurance Company, formerly known as Federal Phoenix Assurance Co., Inc., is a prominent insurance company in the Philippines.

It offers a broad spectrum of insurance products, including motor, property, personal accident, travel, and health insurance, as well as innovative financial solutions to meet the diverse needs of individuals and businesses.

4. Prudential Guarantee

Prudential Guarantee & Assurance has maintained its excellence and leading position as one of the country’s top non-life insurance providers. Their clients belong to the top corporations in the Philippines.

Insurance products they offer:

• Accident and health insurance
• Auto insurance
• Aviation insurance
• Casualty insurance
• Engineering insurance
• Financial lines insurance
• Fire and property insurance
• Marine insurance
• Suretyship or bonds
• Works of art

5. CARD Pioneer Microinsurance

Since 2013, CARD and Pioneer have partnered to provide micro insurance policies to economically and socially challenged families.

This collaboration made way for the first-ever micro-insurance company in the Philippines. The company prides itself on continuously dialoguing with their partners and clients to provide reliable products.

Insurance products they offer:

• Sagip Plan
• CARD Care
• Kabuklon plan
• ER Care
• Medicash Dengue
• NegoSure
• ProteKITA
• Binhi
• Dakita

6. Chubb (Insurance Company of North America)

The Insurance Company of North America (INA), founded in 1792, is one of the oldest and most recognized insurance companies in the United States.

Now a part of Chubb Limited, it offers a wide range of insurance products including property, personal accident, gadget, travel, and business insurance products in the Philippines.

7. Malayan Insurance

With a significant lead in net income, Malayan Insurance Company, Incorporated tops the list of non-life insurance companies in the Philippines.

For half a decade, this insurance provider has introduced a myriad of products to the insurance market in the Philippines.

Insurance products they offer:

• Aviation insurance
• Engineering insurance
• Marine insurance
• Miscellaneous casualty insurance
• Personal accident insurance
• Surety insurance
• Fire insurance
• Motorcar insurance
• Pet insurance

8. Pioneer Insurance

Pioneer Insurance & Surety Corporation has been serving Filipinos for more than 60 years with its incredible non-life and life insurance policies.

This is what catapulted them to become one of the top-performing insurance providers in the country.

Insurance products they offer:

• Accident and health insurance
• Micro insurance
• Travel insurance
• Health insurance
• OFW insurance
• Surety
• Aviation insurance
• Cargo insurance
• Engineering insurance
• General accident insurance
• Car insurance
• Motor insurance
• Business insurance
• Golf buddy
• Home insurance

9. Pacific Cross

With their excellent policies in medical and travel insurance, Pacific Cross Insurance, Incorporated excels best at protecting Filipinos by helping them manage risks. Therefore, its clients can prepare for the worst and unexpected so it becomes easier to deal with.

Insurance products they offer:

• Medical insurance
• Travel insurance
• Personal accident

10. Petrogen Insurance Corporation

Petrogen Insurance Corporation, the insurance arm of San Miguel Corporation, is a leading insurance provider in the Philippines, known for its specialized focus on energy-related industries.

The company offers an array of insurance products including property, engineering, marine & aviation, bonds, motor, and casualty insurance, effectively catering to both businesses and individuals.

11. Oriental Assurance Corporation

Oriental Assurance Corporation provides an array of insurance products designed to cater to diverse needs.

It specializes in offering non-life insurance products such as

• Car & motor insurance
• Property insurance
• Accident & health insuraance
• Casualty & crime insurance
• Travel insurance
• Surety insurance
• Marine insurance
• Engineering insurance
• Liability insurance

12. Standard Insurance

Standard Insurance Company, Incorporated wants its clients to have the highest quality coverage and service in the country. This non-life insurance company strives to become part of the 10 world’s top insurance providers by 2035.

Insurance products they offer:

• Car protect
• Motorcycle protect
• CTPL cover
• Cellphone protect
• Travel protect
• House protect
• Accident insurance (for teachers, students, & kasambahay)
• Biz protect
• Truck protect
• Marine
• 3-in-1 protect (motor, marine cargo, & personal accident insurance)
• Fire and allied perils
• Bonds

13. Asia United Insurance

Asia United Insurance, Incorporated plays a dynamic role in the lives of its clients. This insurance provider is a joint venture of a consortium of reputable businessmen who have a common vision to give Filipinos quality insurance as a response to today’s challenging times. This Filipino-owned company started operating in 2000.

Insurance products they offer:

• Fire and allied perils insurance
• Motor car insurance
• Marine cargo
• Personal accident insurance
• Miscellaneous casualty insurance
• Engineering insurance
• Bonds

14. Cocogen Insurance

Cocogen Insurance, Inc. has been offering a comprehensive suite of non-life insurance products and services since 1963. With a focus on:

• Property (auto, home, and condo)
• Travel insurance
• Microinsurance products (for Kasambahay and Covid-19)
• Pet insurance
• Gadget and parcel insurance

15. Liberty Insurance

Liberty Insurance Corporation provides a wide range of non-life insurance products tailored to the needs of various sectors, including households, entrepreneurs, contractors, motor fleet owners, medium-scale manufacturers, and even large industrial entities.

Insurance products they offer:

• Motor car insurance
• Property insurance
• Surety & Bonds insurance
• Personal accident insurance
• Travel insurance
• Pet insurance

16. Asia Insurance (Philippines)

Asia Insurance (Philippines) Corp. is one of the most established insurance companies in Indonesia, Thailand, and Hong Kong. The company’s solid business profile and strength has allowed it to expand in the Philippines in 1998

Insurance products they offer:

• Casualty insurance
• Fire insurance
• Motor insurance
• Surety bond insurance
• Marine insurance
• Engineering lines insurance

17. Philippine British Assurance

Philippine British Assurance Company, Incorporated has been in service in the country for the past 60 years. This privately-owned non-life insurance provider aspires to be a partner Filipinos can depend upon at all times.

Insurance products they offer:

• Migrant workers insurance
• Property insurance
• Miscellaneous casualty insurance
• Motor car insurance
• Engineering insurance
• Personal accident insurance
• Marine insurance
• Bonds
• Accident & health insurance

18. PGA Sompo Insurance

PGA Sompo Insurance Corporation has close to 30 years of experience under its belt. Since its inception, the company has remained steadfast and competitive in offering non-life insurance services that protect Filipinos from losing everything they value.

Insurance products they offer:

• Travel insurance
• Motor insurance
• Property and home insurance
• Engineering insurance
• Marine insurance
• Trade insurance
• Credit insurance
• Personal accident insurance

19. Commonwealth Insurance

Established in 1935, Commonwealth Insurance Company is one of the most experienced non-life insurance providers in the country. It is considered a respected industry leader that provides innovative quality service.

Insurance products they offer:

• Fire insurance
• Marine insurance
• Engineering insurance
• Special risk
• Bonds
• Motor car insurance
• Personal accident insurance

20. CLIMBS

CLIMBS Life & General Insurance Cooperative is a unique cooperative insurance system in the Philippines that provides life and non-life insurance products. Its mission is to offer affordable, comprehensive insurance solutions to cooperatives, their leaders, members, and families, while promoting mutual aid and financial stability.

Insurance products they offer:

• Loan protection
• Savings plan
• Accident insurance
• Weather protect insurance
• Fire insurance
• Motor vehicle insurance
• Property insurance

Insurance in the Philippines FAQs

Still got questions about insurance companies? We’ll answer them below.

What is an insurance company?

An insurance company is a business that provides financial protection to individuals or organizations against potential losses in exchange for a fee, known as a premium.

Insurance companies offer a range of policies, such as auto, home, health, and life insurance, which provide coverage for risks associated with those specific areas of life.

The company calculates the premium based on the level of risk involved and the likelihood of the policyholder needing to file a claim. When a policyholder experiences a loss that is covered under their policy, the insurance company pays out a claim to compensate for the financial loss.

How do insurance companies work?

Insurance companies work by collecting premiums from policyholders and investing those premiums to earn a profit.

They use actuarial science to calculate risk and determine how much to charge for each policy. The premiums collected are put into a pool of money, which is then used to pay out claims to policyholders who experience a covered loss.

Insurance companies also have reserves set aside to cover unexpected losses or catastrophic events. The goal of an insurance company is to balance the amount of money they collect in premiums with the amount of money they pay out in claims, while also earning a profit.

What are the different types of insurance companies?

There are several types of insurance companies, including:

Life insurance companies

These companies provide financial protection to individuals and families in the event of the policyholder’s death.

Health insurance companies

They offer coverage for medical expenses, including checkups, hospital stays, and prescription drugs.

Auto insurance companies

These companies provide coverage for damages or injuries caused by a policyholder while driving.

Homeowners insurance companies

These companies offer protection for damages or losses to a policyholder’s home or personal property.

Commercial insurance companies

They provide coverage for businesses and organizations for various risks, such as liability, property damage, and worker’s compensation.

How do I choose the right insurance company for me?

Choosing the right insurance company requires research and careful consideration. Here are the steps you can take.

First, evaluate your insurance needs and determine what type of coverage you require. Next, research and compare the policies and premiums offered by different insurance companies.

Also, check the financial stability and reputation of the insurance companies you are considering. You may even read reviews and ask for recommendations from friends or family members who have experience with the companies you are interested in.

Finally, consider the level of customer service and support offered by the insurance company.

What are the key factors to consider when comparing insurance companies?

When comparing insurance companies, there are several key factors to consider:

Coverage and premiums

Compare the coverage options and premiums offered by different companies to ensure you are getting the best value for your money.

Financial stability

Look into the financial stability of the insurance company and make sure they have the funds to pay out claims.

Customer service

Evaluate the level of customer service and support offered by the insurance company, including their responsiveness and willingness to help with claims.

Reputation

Research the reputation of the insurance company and read reviews from other policyholders to get an idea of their experience with the company.

Claims process

Look into the claims process of the insurance company and ensure it is user-friendly and efficient. Check if they have a mobile app or online portal, or if they offer 24/7 support for claims.

Discounts and incentives

Check if the insurance company offers any discounts or incentives for good health or other factors that could lower your premium.

Deductibles

Look into what deductibles are offered by the insurance company and ensure they are affordable for you in the event of a claim.

By considering these factors, you can choose the insurance company that best fits your needs and provides you with the coverage and support you require.

How do insurance companies determine premiums?

Insurance companies determine premiums based on several factors, including the level of risk associated with insuring the policyholder and the likelihood of the policyholder needing to file a claim.

For example, life insurance premiums are based on the policyholder’s age, health status, and lifestyle factors such as smoking or drinking habits.

What happens if my insurance company goes bankrupt?

If your insurance company goes bankrupt, your coverage may be affected. However, there are usually protections in place to help policyholders in this situation.

For instance, a government agency may oversee the liquidation of the insolvent insurance company and ensure that policyholders are protected to the fullest extent possible.

In most cases, policyholders will receive some reimbursem*nt from the state insurance guarantee association, up to a certain limit.

It’s important to review your policy and understand the coverage limits and exclusions to ensure you are fully prepared in the event of a bankrupt insurance company.

What is the process to claim insurance in the Philippines?

In the Philippines, the process to claim insurance varies depending on the type of insurance and the insurance company.

However, here are the general steps that policyholders can take to file a claim:

Contact the insurance company

Notify the insurance company as soon as possible after the incident or loss occurs. You can do this by contacting your agent.

Provide them with all the necessary details of the claim, including the date, time, and location of the incident.

Submit required documents

The insurance company will require supporting documents to process the claim. This may include police reports, medical records, or receipts for damaged property.

Wait for assessment

Once the insurance company receives the claim, they will conduct an assessment to investigate the incident and determine the validity of the claim. This may involve an on-site inspection or review of documents.

Receive settlement

After the assessment, the insurance company will provide a settlement amount for the claim. If the claim is approved, the policyholder will receive the settlement payment according to the terms of their policy.

How does an insurance company decide to approve or deny a claim?

Insurance companies use a variety of factors to determine whether to approve or deny a claim, including the terms of the policy, the circ*mstances surrounding the incident, and the results of any investigation or assessment conducted by the company.

Can I purchase insurance online in the Philippines?

Yes, you can purchase insurance online in the Philippines. Many insurance companies offer online platforms for selecting and buying various types of insurance policies, including life, health, car, and property insurance.

This online process often involves browsing through different plans, getting quotes, filling out application forms, and making payments. It’s a convenient option that allows you to compare plans and make informed decisions without visiting an office in person.

Always ensure that you are dealing with reputable and officially recognized insurance companies when making online transactions.

How do I check the credibility of an insurance company?

To check the credibility of an insurance company in the Philippines, you can:

1. Verify with the Insurance Commission: Ensure the company is registered and licensed with the Philippine Insurance Commission.
2. Research Financial Stability: Look into the company’s financial performance and stability over the years.
3. Read Customer Reviews: Customer feedback can provide insights into their experiences and satisfaction levels.
4. Check Claim Settlement Ratio: A high claim settlement ratio indicates reliability in honoring claims.
5. Assess Company Reputation: Consider the company’s market presence, years in business, and industry awards or recognition.

It’s important to thoroughly research and cross-check these factors to ensure that you choose a trustworthy and reliable insurance provider.

Are there any government-regulated insurance policies in the Philippines?

Yes, in the Philippines, there are insurance policies that are regulated by the government. The Insurance Commission, a government agency under the Department of Finance, is responsible for supervising and regulating the insurance industry.

This includes ensuring the solvency, liquidity, and financial stability of insurance companies, as well as protecting policyholders. The Commission oversees all insurance operations in the country, ensuring that companies comply with legal and regulatory requirements.

Sources

1. Insurance Commission
2. Insurance Commission