PIRA awards NEU

By: Aaron Dy

Because of promoting the value of insurance, New Era University was one of the receivers of the Best in Insurance Education Award during the 1stPhilippines Non-Life Insurance Awards or simply PIRA Awards held at the Peninsula Manila Hotel in Makati City last October 21, 2011.

Aside from the NEU, 4 prime Universities in the Philippines were also recognized: Ateneo de Manila University, De La Salle University, Polytechnic University of the Philippines and University of Santo Tomas for their regular programs on insurance and risk management which students usually take as part of the requirements for a degree in finance.

PIRA Awards is the first and only badge of excellence for the Philippine non-life insurance market. Its first edition seeks to promote a virtue that is unique to Filipino culture – “malasakit”.

Translated in English, “malasakit” means genuine concern, a truly noble trait that Filipinos possess.


Bagging a PIRA Award is meant to show that firms have “malasakit” to their clients, their employees and the country. The award will set them apart from competitors and serve as a tangible demonstration to their customers of their being special.

The said event was presented by Sun Business and the National Reinsurance Corporation of the Philippines (PhilNaRe) and organized by PIRA or Philippine Insurers and Reinsurers Association. It discussed issues in non-life insurance in the country by insurance companies, agents, brokers and other players of the industry and was attended by over 151 insurance executives.

According to Marion C. Valdes, general manager of PIRA, the event was participated by representatives from PIRA’s 84 member companies as well as those reinsurance firms, insurance brokers and adjusters.

Meanwhile, here are the other categories which were also awarded:

Best in Corporate Governance
This award gives recognition to the company that displays processes and structures that enhance corporate accountability and promote honesty among its people, while taking into account the interests of stakeholders.

Best in Corporate Social Responsibility 

This award recognizes and honors the companies for their outstanding, innovative and world-class Corporate Social Responsibility projects. The projects should demonstrate the company’s leadership, sincerity and ongoing commitment in incorporating ethical values, compliance with legal requirements, and respect for individuals, and communities in the way they do business.

Best in Insurance Education
The award recognizes the company which exerted the best effort to educate its immediate stakeholders and the public in general about non life insurance in the country and the importance it plays in the country’s economy and its society as a whole.

This category is divided into two sub-categories – insurance companies and schools.

Best in Insurance Journalism
This award will be given to journalists for their in-depth analyses of and relevant comments and exclusive reporting on non life insurance in the broadest sense, including news and analyses needed to examine the development and growth of the industry in the Philippines. It recognizes the indispensable role of the non life insurance journalist in modern business life and the high standards required by this profession – in particular integrity, diverse knowledge and insight, responsibility and judgment.

THE AWARDEES

Best in Corporate Governance

Malayan Group of Companies

Mapfre Insular Insurance Corporation

PNB General Insurers Company

National Reinsurance Corporation of the Philippines

Oriental Assurance Corporation, Blue Cross Insurance Inc.

QBE Insurance Philippines

Petrogen Insurance Corporation.

Best in Corporate Social Responsibility

Pioneer Insurance

Malayan Insurance

Mapfre Insular Insurance

Corporate Guarantee and Insurance Corporation

BPI/MS Insurance Corporation

Best in Insurance Education 
New Era University
Polytechnic University of the Philippines
University of Santo Tomas
Ateneo de Manila University
De La Salle University

Best in Insurance Journalism 

Ted Torres (Banking and Finance editor of Philippine Star)

Tessa Salazar (Motoring and Property reporter of the Philippine Daily Inquirer)

 Diane Claire Jiao (Finance reporter of BusinessWorld)

Business Mirror newspaper

DWIZ radio station

GMA Network

Lifetime Achievers

Herminia “Ming” Jacinto (Former president of Universal Reinsurance Company and former chairperson of the Insurance Institute for Asia and the Pacific)

Reynaldo “Ronnie” de Dios (A long-time risk management expert and editor-publisher of Insurance Philippines magazine)

Attorney Augusto Hidalgo (Surety business)

Santiago Gascon (Former president of the Association of Insurance Accountants and former general manager of PIRA and the Insurance and Surety Association of the Philippines (ISAP)