Prudential Guarantee and Assurance Inc. (PGAI) again ranked first among non-life insurance companies in terms of net premiums written (NPW) in 2019, Insurance Commissioner Dennis Funa said recently.
This is the third-straight year the company has led in NPW, and Funa said.
“Net premiums written are obtained by subtracting a non-life insurance company’s reinsurance cessation from gross premiums written, and represents how much of the premiums non-life insurers get for assuming risks,” a press release from PGAI said.
PGAI’s net premiums written, as of the fourth quarter of 2019, amounted to P5.03 billion. It holds the record for settling the single biggest claim ever—at P7.5 billion—in the domestic insurance industry, and the biggest general aviation insurance claim worth $37 million, the press release said.
It consistently led the field in NPW, having already held the top position for five consecutive years from 2011 to 2015, and from 2017 to 2019.
Records posted on IC’s website reveal that PGAI’s net premiums written, based on submitted annual statements, reached P4.81 billion in 2017, and P5.22 billion in 2018, the highest among non-life insurance firms for those years.
The country’s entire non-life insurance sector in 2019 booked NPW amounting to P58.82 billion, or a 15.71 percent increase over the P50.83 billion it registered in 2018, the press release added.*
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