According to the IC, the non-life sector recorded a 74 percent increase in the number of lives covered during the third quarter period.

Pioneer Insurance and Surety Corp. ranked the highest and topped the charts in terms of the volume of covered lives, latest report from the Insurance Commission (IC) show.

The top five life insurance companies in terms of number of covered lives include: Pioneer Life Inc., CLIMBS Life and General Insurance Cooperative, The Philippine American Life and General Insurance Company, United Coconut Planters Life Assurance Corp. and Country Bankers Life Insurance Corporation, the IC said.

“Pioneer Insurance and Surety Corp.ranked the highest in the non-life insurance sector in terms of number of lives covered, followed by Visayan Surety & Insurance Corp., CARD Pioneer Microinsurance Inc., Bankers Assurance Corp. and Country Bankers Insurance Corp.,” it added.

When it comes to premium production in the life and non-life insurance sector, CLIMBS Life and General Insurance Cooperative Inc. and CARD Pioneer Microinsurance Inc. took the top spots, respectively.

According to the IC, the non-life sector recorded a 74 percent increase in the number of lives covered during the third quarter period, reaching 7 million from only 4 million in the same quarter a year ago. Also, the sector posted an increase of 19.08 percent in terms of premium production from P604 million to P720 million in the same comparable period.

Insurance Commissioner Dennis Funa said while a decrease was recorded in lives insured under the life segment, a pickup in premium production was observed.

“The life insurance sector posted a 27 percent decrease in terms of number of insured lives from 11 million during the third quarter of 2018 to 8 million of the same period this year. Nevertheless, the life insurance sector posted a 4 percent increase in terms of premium production,” Funa said. The acceleration in total premium production in the life insurance sector translates to P1.95 billion as of end-September 2019 versus only P1.88 billion in the same period last year.

Meanwhile, the microinsurance sector posted improved performance as reflected in its covered individuals reaching 40 million as of end-September 2019, with mutual benefit associations taking the lion share at 62 percent.

“Taking up 62 percent of the market share in terms of number of individuals covered, the mutual benefit associations sector covered 25 million members and dependents which translates to a total of P3.91 billion in terms of premium production,” Funa said.