Insurance in the Philippines

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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:

“Another roadblock to opting for an insurance cover amongst the customers is that in case they do not claim, they get nothing back in return to the premium they invested. Hence they consider insurance to be a dead investment. They need to be educated that insurance is more like a social cause. Insurance by its very principles is collection of money by many to pay to a few, in their times of distress. Rather than considering it to be a passive investment, it should be treated as an active social participation where you are securing yourself as well as helping others in their direst times of need. Then it has a higher meaning and everyone feels good to be a part of it.”
― Tapan Singhel

Money & Investments:

What we really want to do is what we are really meant to do. When we do what we are meant to do, money comes to us, doors open for us, we feel useful, and the work we do feels like play to us. --Julia Cameron

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for ten years. --Warren Buffett

Wealth and Riches:

Develop success from failures. Discouragement and failure are two of the surest stepping stones to success. --Dale Carnegie

The question isn’t who is going to let me; it’s who is going to stop me. --Ayn Rand


Philippines Buyers Guide Philippines Insurance


Philippines Insurance | Non-Life Insurance | Life Insurance



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