Insurance in the Philippines

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Philippines Insurance | Non-Life Insurance | Life Insurance

Philippines Buyers Guide Philippines Insurance


Insurance in the Philippines

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

The Insurance Commission is a government agency under the Department of Finance. The Commission supervises and regulates the operations of life and non-life companies, mutual benefit associations, and trusts for charitable uses. It issues licenses to insurance agents, general agents, resident agents, underwriters, brokers, adjusters and actuaries. It has also the authority to suspend or revoke such licenses.

Insurace Code of the Philippines


Insurance and Risk Protection:

“I have often witnessed this at hospital billing counters, where salaried or reasonably well to do people typically have a health insurance to take care of their bills, while a common man loses out. In such a pesky situation, these commoners are compelled to either take loans or sell their personal assets to be able to afford a reasonable medical treatment. Lack of home insurance has always been another concern. People lose out on their entire life’s savings when their homes get whisked away due to calamities.”
― Tapan Singhel

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Philippines Buyers Guide Philippines Insurance


Philippines Insurance | Non-Life Insurance | Life Insurance



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