SURIGAO CITY, March 29 (PNA) -- There is a need to establish a micro-insurance system in the country that would make insurance accessible and affordable to all particularly in rural and poor communities.
Surigao del Norte Second District Representative Guillermo Romarate Jr. on Tuesday said that the establishment of micro-insurance in local government units is now very timely to protect lives and properties especially the poor which suffer the biggest brunt during the onslaught of unpredictable disasters.
Romarate, chairman of the House Committee on Insurance and member of the House Committee on Banks and Financial Intermediaries, recently conducted a committee hearing with private insurance company officials including former Central Bank Governor Jose Cuisia, who is now Philippine American (PhilAm) Life Insurance president, and the officials of the Insurance Commission here.
Insurance Commission Commissioner Atty. Emmanuel F. Dooc, Deputy Commissioner Atty. Vida Chiong and lawyers from the Insurance Commission were also present at the committee hearing.
The Insurance Commission met with bigwigs of the insurance industry to discuss possible amendments on the Insurance Code that will be relevant with the needs of the times.
Romarate said that despite of the great need to insure farms, life and properties at times affected by disasters, only 12 percent are now insured according to statistics.
Romarate said many think that insurance on farms, properties and even lives is an additional expense, attributing the apprehensions especially the marginal poor to the high cost of premiums.
“That is why there is a need to establish a micro-insurance system in this country to make provision of insurance accessible and affordable that will allow cheaper insurance premiums available to all," Romarate said.
On his part, Dooc said the clamor for establishment of micro-insurance in the country have been increasing over the years.
“The Quezon City Government is a great example who gave greater importance on micro-insurance for their constituents under the leadership of former Mayor Sonny Belmonte now Speaker and now Mayor Herbert Bautista. The Q.C. government has taken the lead for local government units to provide insurance through micro systems for their constituents” Dooc told the PNA in an interview.
Romarate said he will study the Quezon City Government experience on micro-insurance on how they partnered themselves with private insurance providers in providing very cheap premiums.
“We will duplicate this Quezon City experience to our LGUs in Surigao del Norte under my district,” Romarate said. (PNA)
DCT/LAM/BS/mec
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