Insurance in Philippines

The insurance sector in the Philippines is a dynamic and rapidly expanding industry, driven by the country’s robust economic growth and increasing awareness of the importance of risk management. The sector encompasses a wide range of insurance products, including life insurance, health insurance and other non-life products. However, despite the increasing awareness of the importance of insurance, the penetration rate remains relatively low in the Philippines. Many Filipinos are under-insured or lack insurance coverage altogether. In this article, we will delve into the history, regulatory landscape, companies and institutions related to insurance in Philippines.


Insurance Companies in Philippines

Below is the list of insurance companies in Philippines as updated on 30 November (F.Y. 2023/24). This list includes life, non-life, composite, reinsurance and servicing insurance companies.

  1. 1 Cooperative Insurance System of the Philippines Life and General Insurance [Composite]
  2. AIA Philippines Life and General Insurance Company Inc. (Formerly: Philippine American Life and General Insurance Company Corporation) – Merged with Philam Equitable Life Assurance Company, Inc. effective 01 April 2022 [Composite]
  3. AIG Philippines Insurance, Inc. (Formerly: Chartis Phils. Insurance Inc.) [Non-Life]
  4. Allianz PNB Life Insurance, Inc. (Formerly: PNB Life Insurance, Inc.) [Life]
  5. Alliedbankers Insurance Corporation (Absorbed Corporation: Summit General Insurance Corporation) [Non-Life]
  6. Alpha Insurance and Surety Company, Inc. [Non-Life]
  7. Asia Insurance (Philippines) Corporation (Formerly: Asia Traders Insurance Corporation) [Non-Life]
  8. Asia United Insurance, Inc. [Non-Life]
  9. BDO Life Assurance Company, Inc. (Formerly: Generali Pilipinas Life Assurance Company, Inc.) [Life]
  10. Beneficial Life Insurance Company, Inc. [Life]
  11. Bethel General Insurance & Surety Corporation (Formerly: BF General Insurance & Surety Corporation) [Non-Life]
  12. BPI/MS Insurance Corporation [Non-Life]
  13. BPI-AIA Life Assurance Corporation (Formerly: BPI-Philam Life Assurance (BPLAC) Corporation) [Life]
  14. CARD Pioneer Microinsurance Inc. (Formerly: Pioneer Asia Insurance Corporation) [Non-Life]
  15. Caritas Life Insurance Corporation [Life]
  16. Centennial Guarantee Assurance Corporation [Servicing Insurance company]
  17. Charter Ping An Insurance Corporation [Non-Life]
  18. Cibeles Insurance Corporation [Non-Life]
  19. CLIMBS Life & General Insurance Cooperative [Composite]
  20. COCOGEN Insurance, Inc. (Formerly: UCPB General Insurance Company, Inc.) [Non-Life]
  21. Commonwealth Insurance Company [Non-Life]
  22. Corporate Guarantee and Insurance Company, Inc. [Non-Life]
  23. Country Bankers Insurance Corporation [Non-Life]
  24. Country Bankers Life Insurance Corporation [Life]
  25. East West Ageas Life Insurance Corporation [Life]
  26. Etiqa Life and General Assurance Philippines, Inc. (Formerly: AsianLife and General Assurance Corporation) [Composite]
  27. First Life Financial Company, Inc. (Formerly: First Guarantee Life Assurance Co.) [Life]
  28. Fortune General Insurance Corporation [Non-Life]
  29. Fortune Life Insurance Company, Inc. [Life]
  30. FPG Insurance Co., Inc. (Formerly: Federal Phoenix Assurance Company, Inc.) [Non-Life]
  31. FWD Life Insurance Corporation [Life]
  32. Generali Life Assurance Philippines, Inc. [Life]
  33. Insular Life Assurance Company, Ltd., The [Life]
  34. Insurance Company of North America [Non-Life]
  35. Intra Strata Assurance Corporation [Non-Life]
  36. Liberty Insurance Corporation [Non-Life]
  37. M Pioneer Insurance Inc. (Formerly: Republic Surety & Insurance Company, Inc.) [Non-Life]
  38. MAA General Assurance Philippines, Inc. [Non-Life]
  39. Malayan Insurance Company, Inc. [Non-Life]
  40. Manila Bankers Life and General Insurance Corporation (Formerly: Manila Bankers Life Insurance Corporation) [Composite]
  41. Manufacturers Life Insurance Company (Phils.), Inc., The [Life]
  42. Manulife Chinabank Life Assurance Corporation (Formerly: The Pramerica Life Insurance Co., Inc.) [Life]
  43. Maxicare Life Insurance Corporation [Life]
  44. Mercantile Insurance Company, Inc. [Non-Life]
  45. Metropolitan Insurance Company, Inc. [Non-Life]
  46. Milestone Guaranty and Assurance Corporation [Non-Life]
  47. National Reinsurance Corporation of the Phils [Reinsurance]
  48. New India Assurance Company, Ltd., The [Servicing Insurance company]
  49. Oona Insular Insurance Corporation (Formerly: Mapfre Insular Insurance Corporation) [Non-Life]
  50. Oriental Assurance Corporation [Non-Life]
  51. Pacific Cross Insurance, Inc. (Formerly: Blue Cross Insurance, Inc.) [Non-Life]
  52. Pacific Union Insurance Company [Non-Life]
  53. Paramount Life & General Insurance Corporation [Composite]
  54. People’s General Insurance Corporation [Non-Life]
  55. Perla Compañia de Seguros, Inc. [Non-Life]
  56. Petrogen Insurance Corporation [Non-Life]
  57. PGA Sompo Insurance Corporation (Formerly: PGA Sompo Japan Insurance, Inc.) [Non-Life]
  58. Philippine AXA Life Insurance Corporation [Life]
  59. Philippine British Assurance Company, Inc. [Non-Life]
  60. Philippine Life Financial Assurance Corporation (Formerly: Asian Life Financial Assurance Corporation) [Life]
  61. Philippines First Insurance Company, Inc. [Non-Life]
  62. Philippines International Life Insurance Company, Inc. [Life]
  63. Pioneer Insurance and Surety Corporation [Non-Life]
  64. Pioneer Intercontinental Insurance Corporation [Non-Life]
  65. Pioneer Life Inc. [Life]
  66. Pru Life Insurance Corporation of U.K. [Life]
  67. Prudential Guarantee and Assurance Inc. [Non-Life]
  68. QBE Seaboard Insurance Philippines, Inc. [Servicing Insurance company]
  69. Sealnsure General Insurance Co., Inc. (Formerly: AA Guaranty Assurance Co., Inc.) [Non-Life]
  70. Sealnsure Life Insurance Co., Inc. (Formerly: Reliance Surety Insurance Co., Inc.) [Life]
  71. SGI Philippines General Insurance Company, Inc. (Formerly: Monarch Insurance Company, Inc.) [Non-Life]
  72. Singlife Philippines Inc. (Formerly: Singapore Life (Philippines), Inc.) [Life]
  73. Solid Guaranty, Inc. The [Servicing Insurance company]
  74. Standard Insurance Company, Inc. [Non-Life]
  75. Starr International Insurance Philippines Branch [Non-Life]
  76. Sterling Insurance Company, Inc. [Non-Life]
  77. Stronghold Insurance Company, Inc. [Non-Life]
  78. Summit General Insurance Corporation (Formerly: PNB General Insurance Company, Inc.) [Non-Life]
  79. Sun Life Assurance Company of Canada [Servicing Insurance company]
  80. Sun Life Grepa Financial, Inc. [Life]
  81. Sun Life of Canada (Philippines), Inc. [Life]
  82. The Premier Life and General Assurance Corporation (Formerly: The Premier Insurance & Surety Corporation) [Composite]
  83. The Travellers Life Assurance of the Phils., Inc. [Life]
  84. Travellers Insurance & Surety Corporation [Non-Life]
  85. United Coconut Planters Life Assurance Corporation [Life]
  86. United Life Assurance Corporation [Life]
  87. Visayan Surety and Insurance Corporation [Non-Life]
  88. Western Guaranty Corporation [Non-Life]

History of Insurance in Philippines

The history of insurance in the Philippines is a narrative of resilience, adaptability, and regulatory evolution. From its modest beginnings under Spanish influence to the sophisticated industry we see today, the journey reflects a commitment to protecting the Filipino populace against life’s uncertainties. As the industry continues to evolve, the historical foundations laid down by legislative milestones remain instrumental in shaping its trajectory. Below we have categorically discussed the development of insurance in the history of Philippines.

Pre-Spanish Era

In the Pre-Spanish era, the concept of insurance was nonexistent. The subsistence-focused lifestyle of Filipinos, relying on hunting and gathering, did not necessitate a system of shared risk. Consequently, every loss incurred by a family or tribe was borne individually.

Spanish Colonization: The Birth of Insurance

The arrival of the Spaniards in the Philippines brought with it the introduction of the insurance concept. Lloyd’s of London, a renowned insurance market, appointed Strachman, Murray & Co., Inc. as its representative in the Philippines. This marked the inception of insurance practices in the archipelago.

Late 19th to Early 20th Century: Pioneer Insurers and Legislation

1898 witnessed the entry of life insurance in the Philippines, courtesy of Sun Life Assurance of Canada. The insurance landscape continued to diversify with the establishment of the first domestic non-life insurance company, Yek Tong Lin Insurance Company, in 1906. The pioneer domestic life insurance company, Insular Life Assurance Co., Ltd., followed suit in 1910.

The need for legislative structure became apparent, leading to the enactment of Act 2427, known as the Insurance Act, in 1914 during the American regime. This Act replaced the insurance provisions of the Spanish Code of Commerce.

The Insurance Act to the Insurance Code of 1978

The insurance regulatory landscape underwent significant changes with the implementation of the Insurance Act in 1915. However, it was not until December 18, 1974, that Presidential Decree No. 612 was promulgated, officially instituting the Insurance Code of the Philippines. This consolidated all existing insurance laws into a unified code, providing a comprehensive framework for the industry.

In 1976, further refinements occurred with Presidential Decree No. 1460, solidifying the foundation of the Insurance Code of 1978. The Insurance Commission emerged as a key regulatory body, overseeing the industry’s operations.

Post-Code Developments

The industry continued to adapt to changing dynamics. The Pre-Need Code of the Philippines, Republic Act No. 9829, came into effect in 2009, placing the regulation of pre-need companies under the purview of the Insurance Commission. Subsequently, Republic Act No. 10607, the Amended Insurance Code, was signed in 2013. This amendment aimed at reinforcing and strengthening the industry, introducing progressive increases in capital requirements for life and non-life insurance companies every three years until 2012.



The Insurance Commission (IC) stands as the primary regulatory authority overseeing insurance operations in the Philippines. Established on January 3, 1949, the IC replaced the earlier regulatory bodies and has since played a central role in ensuring the stability and fair practices of insurance companies.


Legislative Foundations: Insurance Code of 1978

The cornerstone of the regulatory framework is the Insurance Code of 1978, which consolidates all insurance laws into a comprehensive set of regulations. Enacted through Presidential Decree No. 1460, this code provides the guidelines, standards, and legal foundations for both life and non-life insurance companies operating in the Philippines.

Amendments and Recent Developments

The regulatory landscape has seen amendments, with Republic Act No. 10607, the Amended Insurance Code, signed in 2013. This amendment introduced changes, including the progressive increase of capital requirements for life and non-life insurance companies every three years until 2012. These amendments aim to strengthen the industry, enhance financial stability, and ensure the protection of policyholders.

Licensing and Authorization

Under the regulatory purview of the IC, insurance companies must undergo a thorough licensing process before commencing operations. The IC evaluates the financial stability, organizational structure, and compliance with regulatory requirements before granting authorization.

Solvency Standards and Financial Oversight

One of the primary responsibilities of the IC is to monitor the solvency of insurance companies. This involves regular assessments of the financial health of these entities to ensure they have sufficient capital to meet their obligations. The IC establishes solvency standards and conducts examinations, audits, and stress tests to enforce financial stability.

Consumer Protection

The IC places a strong emphasis on safeguarding the interests of policyholders. This involves approving insurance products to ensure they meet regulatory standards and do not compromise the rights and benefits of policyholders. Additionally, the IC investigates complaints and takes appropriate actions against insurers engaged in unfair practices.

Market Conduct and Fair Competition

Ensuring fair competition among insurance companies is crucial for a healthy industry. The IC monitors market conduct to prevent anti-competitive practices, unethical behavior, or any actions that may harm consumers or other market participants.

Technological Advancements and Innovation

In the context of a rapidly evolving digital landscape, the IC has been proactive in addressing technological advancements. The commission encourages the use of technology for efficiency and improved customer service while ensuring that innovations adhere to regulatory standards.

International Cooperation

Given the global nature of the insurance industry, the IC actively engages in international cooperation. Collaborations with regulatory bodies from other countries and adherence to international best practices contribute to the overall robustness of the regulatory framework.

Ongoing Supervision and Adaptation

The IC engages in continuous supervision and monitoring of the insurance industry. This includes staying vigilant to emerging risks, technological trends, and global developments. The regulatory framework remains dynamic, with periodic reviews and adjustments to adapt to the evolving landscape of the insurance sector.

Insurance Institute for Asia and the Pacific

The Insurance Institute for Asia and the Pacific (IIAP) is dedicated to serving as the primary and preferred insurance institute for developing countries in Asia and the Pacific. Their vision is centered on becoming a key institution for the growth of the insurance industry in the region. The institute’s mission revolves around promoting industry growth through education and training.


Originating from a Presidential Decree issued by Philippine President Ferdinand E. Marcos in 1974, the IIAP, formerly known as the Asian Institute of Insurance, has been instrumental in elevating the standards of insurance and reinsurance. It was appointed as one of four centers in 1979 at a Roundtable Meeting in Bangkok, Thailand, with the specific aim of raising industry standards, particularly in developing countries.

Today, the IIAP plays a crucial role in shaping the future of the insurance industry in the Asia-Pacific region. The institute is dedicated to developing and providing sustainable and well-planned educational programs and related services. These programs are designed to enhance professionalism, expertise, and performance among practitioners in the insurance field.

The IIAP has received notable recognition for its commitment to insurance and reinsurance training. It was honored with the Asia Insurance Industry Awards as the Educational Service Provider of the Year. This accolade underscores the institute’s continuous pursuit of excellence and its significant contribution to the industry. Today, IIAP is not just a insurance institute for Philippines but for whole Asia-Pacific region.