Malayan Insurance is Philippines’ top non-life insurer in 2020

Malayan Insurance Co. Inc. said Wednesday it placed as the top non-life insurer in the Philippines in 2020 based on the Insurance Commission’s (IC) latest industry figures.

In a statement, Malayan Insurance said that it was in first place for the Philippine non-life insurance industry  in the area of gross premiums written for last year.

Based on a compilation of unaudited reports submitted for year 2020 to the IC, Malayan Insurance’s gross premiums written amounted to P14.21 billion, the highest in the industry, despite the effects of the COVID-19 pandemic on the economy.

The insurer said its number one ranking was based on the compilation of quarterly reports on selected financial statistics of the insurance industry, submitted by companies to the IC. 

“Gross premiums written (GPW) are computed by taking the sum of an insurance company’s premiums from direct business and assumed premiums before the effect of ceded reinsurance,” according to IC Commissioner Dennis Funa.

GPW reflects the total business written by the insurance company, “while net premiums written (NPW) are obtained by subtracting a non-life insurance company’s reinsurance cessation from GPW,” he said.

With many of the largest Philippine companies placing their non-life insurance with Malayan Insurance during the pandemic, the company said it has secured reinsurance support to be able to meet the requirements of Philippine business.

Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for over 50 years.

Malayan Insurance, founded in 1930, is a member of the Yuchengco Group of Companies (YGC), which has core businesses in financial services, banking, investments, construction, education, energy, and information technology.—LDF, GMA News