PRUDENTIAL Assure and Assurance, Inc. (PGAI) has once more ranked primary amongst non-life insurance coverage corporations by way of web premiums written (NPW), in keeping with Insurance coverage Commissioner Dennis B. Funa. The newest statistics from the Insurance coverage Fee (IC) present PGAI has topped the non-life insurance coverage sector in 2019, the third-straight 12 months the corporate has led in NPW.
“Net premiums written are obtained by subtracting a non-life insurance company’s reinsurance cessation from gross premiums written. It represents how much of the premiums non-life insurers get for assuming risks,” Funa defined in a press release launched to journalists on June 11, 2020.
In contrast to gross premiums written, NPW already takes into consideration the impact of ceded reinsurance. It signifies an insurance coverage firm’s underwriting course of and high quality of danger choice, thereby retaining extra dangers and larger premium retention.
PGAI’s web premiums written as of the fourth quarter of 2019 amounted to P5.03 billion. Following PGAI as second-best in NPW is Pacific Cross Insurance coverage, Inc. (Blue Cross Insurance coverage, Inc.) with P4.88 billion, whereas Malayan Insurance coverage Firm, Inc. landed on the third spot with P3.98 billion.
Rounding out the Philippines’ prime 10 record of non-insurance companies’ NPW efficiency are Constitution Ping An Insurance coverage Company with P3.61 billion; Pioneer Insurance coverage & Surety Company with P3.58 billion; BPI/MS Insurance coverage Company with P3.07 billion; FPG Insurance coverage Firm, Inc. with P2.94 billion; Commonwealth Insurance coverage Firm with P2.60 billion; UCPB Basic Insurance coverage Firm with P1.84 billion; and Commonplace Insurance coverage Firm, Inc. with P1.82 billion.
The figures are based mostly on the unaudited Quarterly Studies on Chosen Monetary Statistics submitted by corporations to IC.
PGAI holds the file for settling the one greatest declare ever—at P7.5 billion—within the home insurance coverage trade, in addition to the most important basic aviation insurance coverage declare worth $37 million.
PGAI has persistently led the sphere in NPW having already held this prime place for 5 consecutive years from 2011 to 2015, then once more from 2017 to 2019. This implies PGAI has led in NPW a complete of eight out of the final 9 years.
Information posted on IC’s web site reveal PGAI’s web premiums written, based mostly on submitted annual statements, reached P4.81 billion in 2017 and P5.22 billion in 2018—the best amongst non-life insurance coverage companies for these years.
In the meantime, the nation’s total non-life insurance coverage sector in 2019 booked NPW amounting to P58.82 billion, a 15.71 p.c improve over the P50.83 billion it registered in 2018. (PR)