The recorded history of non-life insurance in the Philippines goes back as far as 1896 when the Fire Insurance Association of Manila was set up.
This organization eventually became the Manila Fire Insurance Association and existed until World War II together with the Manila Marine Insurance Association and the Manila Accident Insurance Association.
The three groups merged in 1962 as the Insurance and Surety Association of the Philippines (ISAP). All of ISAP’s members became members of PIRA.
As a rating agency, the immediate forerunner of PIRA is the Philippine Rating Bureau established in 1954. Years later, it would change its name to Philippine Insurance Rating Association (PIRA).
In 1987, ISAP and the Philippine Insurance Rating Association merged to form PIRA, Inc. Five years later, however, several members of ISAP bolted from the union to form their own group, the Philippine General Insurance Association (PGIA).
In 2004, leaders of PGIA, ISAP and PIRA finally came to terms. Once and for all, non-life insurance companies in the Philippines have banded as one under the banner of Philippine Insurers and Reinsurers Association.