Top 10 Auto Insurance Provider Companies In the Philippines
The Philippine National Police publish report a decade back about road accidents in the country. According to the National Police report, an average of 41 traffic accidents occurs every day because of the cell phone usage while driving, driver errors, alcohol influence, vehicle defects (mechanical), over-speeding, and third-party driver mistakes. There were 10,620 incidents of property damage, 670 fatalities, and 3,770 injuries occur in that year.
After a decade of the released report, numerous of these statistics have affectedly enlarged. Now, there are more than 18000 injuries, 700 fatalities, and 81050 property damage incidents recorded in the Philippines. And we’re just speaking around the first eight months of 2019.
Ensure that you only agreement with trustworthy car insurance companies in the Philippines. Below are our top preferences for insurance companies of the Philippines and what they offer:
Top 10 Auto Insurance Provider Companies In the Philippines
1. FPG Insurance Co. Inc.
FPG Insurance is previously known as Federal Phoenix Assurance Co. which was founded in 1958. This company was started by the Zuellig Group of Companies. It has become a reliable name in offering general insurance solutions over the years.
FPG Insurance keeps a stronghold of the insurance market in the Philippine and supported by its worldwide alliances. It also has develops in-depth customer perceptions for individual and commercial insurance solutions and products.
The company professional talented team works hard in the risk-management products and implementation of bespoke insurance for customers.
2. QBE Seaboard Insurance Philippines
In 2013, this company was established as a grouping between the portfolio of Seaboard Eastern Insurance Company and QBE Insurance Philippines. QBE Seaboard which is one of the main arms of QBE Insurance has offered insurance solutions to both professionals and businesses in the Asia Pacific region. In the Philippines, QBE Seaboard has two main divisions and five subdivisions. The corporate division of QBE Seaboard caters to General Liability, Professional Liability products, Marine & Aviation, and Property & Engineering for companies in Philippine and out of the country. The Retail Division of the company is recognized for its Personal and Motor Accident that come across for individual needs.
3. MAPFRE Insular
This company was established in 1934. MAPRE is an alliance among the MAPFRE of Spain and Insular Life Assurance Co. Ltd which is the local insurance company. In the Philippines, It is considered as one of the top 5 insurance companies and a leading brand across many types. The company provides the types of coverage such as Compulsory Third Party Insurance, CTPL with Road Assistance, Comprehensive Car Insurance with Acts of Nature, Comprehensive Car Insurance, and Auto Liability Insurance.
4. Western Guaranty Corporation
Western Guaranty Corporation started with eight employees and ten agents on August 21, 1964. On October 14, 1964, the Company was rapidly licensed by the Insurance Commission.
Its 50 years of service offering wide insurance products cover fire and related hazards, casualty, marine cargo, personal accident, and motor vehicles.
Western Guaranty is known as one of the most trusted and stable non-life insurance firms in the country. Particularly when the customers want they advocate to offer care and service of the highest sincerity.
Pioneer was created in 1966 which is a division of Pioneer Insurance & Surety Corporation. They offer different insurance products that cater to the wants of the Filipino. Their Motor Insurance policies include Compulsory Third Party Liability and Comprehensive Motor Insurance.
6. PNB Gen
This company is known as PNB Gen which is one of the younger local insurance companies in the country. The PNB General Insurers Co. Inc. provides different non-life insurance products such as Casualty, Marine, Surety, and Motor Insurance. The company car insurance policy includes Auto Personal Accident, Theft & Own Damage, Compulsory & Voluntary Third Party Liability, and Acts of Nature.
7. Paramount Life & General Insurance Corporation
Paramount Life & General Insurance Corporation was formed in the 1950s. The company vision was to deliver all Filipinos insurance solutions in the division of non-life. It has heightened its existence in the Philippine through mergers and acquisitions over the years. Some of its non-life options include Fire, Marine, Engineering and Motor insurance. The company car insurance policies include Personal Accident Cover, Property Damage, Excess Liability Insurance, Other Extensions Loss and/or Damage Cover, and CTPL (Compulsory Third Party Liability).
The Oriental Assurance Corporation was established by Gonzalo Cotoco in 1962, who formerly functioned as an agent for other companies. He comes to be the first president and chairman of Oriental after establishing his insurance company. After that, the company raised from its humble starts to one of the leading insurers in the Philippines.
Oriental has a variety of non-life insurance products for both commercial and private entities. They offer insurances of the items such as a car, marine, cargo, fire, aviation, merchandise floater, and bond.
9. The Mercantile Insurance Company
The Mercantile Insurance Company was founded in 1961 that has focused on all types of non-life insurance products in the Philippines.
Mercantile initially housed in the old business district of Escolta. The company was started with just nine employees and has expanded its reach nationwide with 11 regional workplaces in different parts of the country.
Mercantile is the best leading insurer in the non-life category which provides a wide range of products based on the client’s needs.
The list of non-life insurance policies consists of car insurance, engineering lines, fire, marine, casualty, and surety. This company is the top choice among government agencies i.e. the Department of Public Works & Highways, the Bureau of Customs, Central Bank of the Philippines, and others.
10. Etiqa Life and General Assurance Philippines, Inc.
Under Malaysian multinational financial firm Maybank, Etiqa Life and General Assurance Philippines, Inc. is an insurance company which provide insurance of both life and non-life. This company has made a trustworthy name and is currently one of the important insurers for different companies in the Philippines. PLDT, Meralco
, Microsoft, and Pfizer are among the list of companies.
Etiqa Life has accumulated a strong asset base of P3.4 billion for the whole group with more than 170 man-years of insurance experience from its experienced managers and the knowledge of its auxiliary Maybank ATR Kim Eng Capital Partners.
In 2001, by the Life Office Management Association in the United States, this company was given the Excellence in Education award.