Malayan Insurance Co. Inc. has led the country’s non-life insurance industry anew in terms of gross premiums written (GPW), based on the recent report from the Insurance Commission (IC).
For 53 consecutive years, Malayan Insurance has been leading the non-life insurance industry.
Last year, the insurer registered a GPW of P15.9 billion, or the highest in the industry based on unaudited quarterly reports on selected financial statistics submitted by insurance companies.
Paolo Y. Abaya, president and chief executive officer of Malayan Insurance, attributed this to the continued strengthening of retail business through non-traditional products, improvement of customer services, and partnerships to offer relevant products and services to clients.
“Malayan Insurance pays close attention to the needs of customers, keeping in mind that ease of purchase and prompt claims payments are the key considerations in the market. We will consistently drive innovation in our products and services, to meet our clients’ expectations and facilitate better customer experience,” Abaya said.
As the market leader, the non-life insurer invests in non-traditional products, to cater to the evolving needs of customers from various demographics.
Some of these new non-traditional products include pet care insurance and travel insurance with emergency medical treatment expenses coverage due to COVID-19.
Efforts by the insurer to strengthen its digital touch points have allowed more Filipinos to access a variety of products via the Malayan website, partner e-wallets such as GCash, and online marketplaces like Lazada.
“For decades, we continue to be the Filipinos’ most trusted non-life insurance provider as reflected by these rankings,” Abaya said.
Malayan Insurance is part of the Yuchengco Group of Companies (YGC), one of the largest conglomerates in the country. The insurer received a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating outlook at “bbb+” (Stable) from insurance rating organization A.M. Best. It also bagged the “Domestic General Insurer of the Year” and “New Insurance Product of the Year” for its Pet Care protection product from the Insurance Asia Awards.
