THE Pioneer Group of Insurance Companies looks to sell P100 million worth of microinsurance policies this year to more or less one million Filipinos who can afford P19 a month as premium payment.
The Pioneer Group, which is both into life and non-life insurance, also reported having sold microinsurance policies to half a million Filipinos at end-2011 or 300 percent more than in 2010 when those who took microinsurance policies numbered only 160,000.
This was learned on Thursday from Pioneer Life President and Chief Executive Officer Lorenzo Chan who told a press conference the group’s target premium sales this year was basically in keeping with expectations.
“We’re on track,” Chan said of Pioneer’s premium sales performance without disclosing the actual number although he cited last year’s premium income of P1.43 billion.
“The microinsurance market is simple yet it comes with its own set of requirements. The situation is such that we must simplify forms and processes and ensure ease of claims filing.” We took up that challenge,” Chan said.
According to him, claims are typically settled within five days from notice of loss.
Chan expressed optimism for still greater demand for microinsurance cover as more Filipinos become more aware of its existence.
“In the next three to five years we expect to at least mimic the growth trajectory we’ve had,” he said.
Pioneer first began selling affordable insurance products with easy-to-understand forms in 2008 when few believed that microinsurance was worth engaging in for profit.
“Today, as we see our coverages enabling more and more claimants to get back on their feet after a tragedy, we’re encouraged to continue making insurance available and affordable to the market that needs it most,” Chan said.
Pioneer’s life insurance products generated gross written premiums of around P1.2 billion last year on the back of assets worth P5 billion and equity of over P800 million.
Its non-life business generated gross premiums written of some P3.8 billion, backed by equity of some P7 billion and assets of another P12 billion.
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