9 Oktober 2011

Top Life Insurance Companies in the Philippines by Assets Dec 2010

Here's a ranking of life insurance companies in the Philippines based on assets as of December 2010:

RANK   COMPANY    in BILLIONS
1 Philam Life & Gen 130.606
2 Sun Life 87.050
3 Insular Life 71.237
4 Phil. AXA 34.277
5 Manulife (Phils.)28.973
6 Pru Life 22.520
7 Unicoco Life 16.607
8 Great Pacific Life 14.658
9 Ayala Life- BPI Philam 19.986
10 Generali Pilipinas Life      9.200
11 Manulife (Branch) 6.029
12 Pioneer Life 4.222
13 PNB Life 3.922
14 Philam Equitable 3.888
15 Beneficial 3.865
16 First Life Financial 2.791
17 Manulife Chinabank Life 2.267
18 Fortune Life 2.077
19 Paramount Life & Gen. 1.787
20 Sony Life 1.507
21 Great Life Financial 1.440
22 AsianLife Financial 1.205
23 AsianLife & Gen. 1.202
in MILLIONS
24 Caritas Life 913.324
25 United Life 70.856
26 Country Bankers Life      711.254
27 Phil. Prudential 601.593
28 Phil. Inter. 558.015
29 Coop Life (CLIMBS) 442.527
30 BF Life 429.947
31 Manila Bankers 225.414
32 CAP Life 216.708
33 CISP 140.784
34 Banc Life 132.365

Note: National Life Insurance Co. is no longer in the list of licensed life insurance companies in the Philippines.
National Life had 2.509 billion pesos in assets as of December 31, 2009, as published on the Insurance Commission website in August 2010.

16 Mei 2011

How to File Your Complaint with the Insurance Commission via Mail or Email

You can file your insurance complaint or pre-need complaint thru mail or email, according to the Insurance Commission of the Philippines.

Some people commenting on our other blogs say they're not receiving a reply from the IC, but we presume their documents are not complete. We suggest you complete your documents.

To ensure that your complaint is processed, send the following:
  1.   Letter of complaint, including your specific request for help
  2.   Copy of insurance policy or pre-need contract
  3.   Police report, if this is related to the complaint, such in motor vehicle insurance claims
In your letter of complaint, include the following information:
(The IC didn't say something about the Letter of Complaint. I compiled this list from complaint letters with the SEC, etc.)

1. Your complete name and address
2. Your insurance policy or pre-need plan:
- insurance policy name or pre-need plan name
- insurance or pre-need company name
- amount of insurance or pre-need plan
- insurance policy number or pre-need plan number
3.  What the company failed to do for you, according to the provisions of the policy or contract
4. What specific action do you like the IC to help you with.

Note: Be calm in your letter. Don't use cuss words. Be as factual as possible.

Mail your documents to:

HON. EMMANUEL F. DOOC
Insurance Commissioner
INSURANCE COMMISSION
1071 United Nations Ave.,
Ermita, Manila 


Attention:  


ATTY. JOSEPH P. OSIAS
Head of Division
Public Assistance and Information Division


You can fax your documents to:

404-17-58

You can email your documents to:

pubassist@insurance.gov.ph

It's recommended you email or fax your documents during these hours:

Monday to Friday, except holidays
from 8 am to 5 pm

According to IC, the following steps are their standard operating procedures for handling emailed, mailed or faxed complaints:

1. Receing clerk receives complaint documents.
2. Complaint is registered on the Claims Register.
3. Action Officer reviews the complaint and contacts the complainant if needed.
4. Action Officer prepares notice of conference or referral letter.
5. Division Chief reviews notice of conference or referral letter and signs approval.
6. Releasing Clerk forwards notice or referral to the Releasing Section.
7. Notice of conference is sent to the complainant.
8. Action Officer or Division Chief conducts mediation conference.
9. Complainant and insurance firm representative arrives at a settlement.
9. Hearing Officer ensures compliance with settlement.
10.If there's no settlement, or if complainant doesn't accept the settlement, Division Chief or Action Officer advises complainant about filing a case in court or in any other forum
11. If settlement is accepted and complied with, the case is recorded in the IC List of Closed Cases.

Related Article:
Life Insurance Companies in the Philippines With Licenses Renewed for 2011
Pre-Need Companies Under Insurance Commission Conservatorship as of Feb 2012