Aon generated nearly 15% of total premiums in 2019
THE local office of Irish- domiciled insurance broker Aon Plc. generated nearly 15 percent of the total P75.38 billion in premiums produced last year, the Insurance Commission (IC) said on Wednesday.
The IC said in a statement that insurance brokers also earned P8.48 billion in commissions as of end-2019. The IC said Aon Insurance and Reinsurance Brokers Philippines Inc. topped insurance brokers in terms of premiums produced in 2019 amounting to P10.96 billion, or 14.54 percent of the total premiums generated.
Aon was followed by the following firms: BDO Insurance Brokers Inc.; Marsh Philippines Inc.; HSBC Insurance Brokers (Philippines) Inc.; and, Lockton Philippines Insurance and Reinsurance Brokers Inc.
According to the Commission, the rankings were based on the statements of business operations submitted by the brokers.
“In terms of product line, insurance brokers generated the most premiums in health insurance, amounting to P22.38 billion as of year-end 2019. This is followed by the fire insurance and life insurance lines, amounting to P17.60 billion and P11.53 billion, respectively,” Insurance Commissioner Dennis B. Funa said.
Based on commissions earned last year, BDO Insurance Brokers Inc. ranked first as it earned P1.73 billion. Aon followed BDO in the list. Marsh Philippines, Intertrade Insurance Brokers and Lockton Philippines ranked third, fourth and fifth, respectively.
“The top three lines where insurance brokers earned the most commissions are in the health insurance, with P1.86 billion; the motor vehicle insurance, with P1.64 billion; and, fire insurance, with P1.6 billion,” Funa added.
Meanwhile, reinsurance brokers posted a grand total of P2.19 billion in premiums and earned P128.62 million in commissions as of end of 2019.
Philpacific Insurance Brokers & Managers recorded the biggest reinsurance premiums produced amounting to P769.17 million. It also garnered the biggest amount of commissions last year with P50.57 million.
KRM Reinsurance Brokers Philippines Inc. ranked second in terms of premium production for the same period, while Anchor Insurance Brokerage, Alsons Insurance, and Pana Harrison Reinsurance Brokers (Philippines) Inc. ranked third, fourth, and fifth, respectively.
“Reinsurance brokers generated the most reinsurance premiums in 2019 in the fire insurance line, with P1.24 billion; in miscellaneous lines, in the aggregate amount of P323.24 million, and in the engineering line, with P250.06 million,” Funa said.