Business Mirror
Banking & Finance
30 Jan 2014
Written by David Cagahastian
The microinsurance industry released P500 million worth of claims to the insured victims of Supertyphoon Yolanda in 2013, helping Eastern Visayan residents stay liquid and claw back from their misfortune, the Department of Finance (DOF) said on Thursday.
Finance Undersecretary Gil Beltran traced the insurance payout to the increasing number of Filipinos who are now aware of the benefits of an insurance cover and actually make the decision to go out and buy one.
“As a result, Yolanda-ravaged areas were able to generate a cash infusion of P0.5 billion after private micro-insurance providers paid out damage claims within the required 10-day period. This hastened typhoon recovery from the disaster,” Beltran said at the launching of the Capacity Building for Microinsurance Project of the Asian Development Bank (ADB).
In the Philippines a microinsurance policy mean benefits no higher than P190,000 and calculated on the basis where premium payments do not exceed P30 a month.
The Philippines ranks first in the Association of Southeast Asian Nations (Asean) in terms of the percentage of Filipinos with microinsurance cover, according to Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
In 2013 some 19.95 million Filipinos, or 20.4 percent of the population, already have microinsurance cover. This figure represents a sixfold increase from figures in 2008 during which only 3.3 percent of the population had micro-insurance cover.
Beltran said the increase in the number of Filipinos covered by microinsurance was brought about in part by the government’s focus on microinsurance as one of the means to extend benefits and relief to the poor during times of natural calamities and other misfortunes in their lives.
“The impetus to the growth of the industry came after the country adopted microinsurance reforms since 2010. The DOF and the Insurance Commission will promote further increase in microfinance coverage through more financial literacy campaigns in coordination with local government units. They will continue to support the development of more microinsurance products especially those that reduce agriculture and disaster risks,” he said.
Insurance Commissioner Emmanuel Dooc said the Philippines aims to maintain its rank as the country with the highest percentage of the population who have micro-insurance coverage, and that companies would eventually want to tap the market for microinsurance of neighboring countries, especially when the Asean economies start integrating by 2015.
Banking & Finance
30 Jan 2014
Written by David Cagahastian
The microinsurance industry released P500 million worth of claims to the insured victims of Supertyphoon Yolanda in 2013, helping Eastern Visayan residents stay liquid and claw back from their misfortune, the Department of Finance (DOF) said on Thursday.
Finance Undersecretary Gil Beltran traced the insurance payout to the increasing number of Filipinos who are now aware of the benefits of an insurance cover and actually make the decision to go out and buy one.
“As a result, Yolanda-ravaged areas were able to generate a cash infusion of P0.5 billion after private micro-insurance providers paid out damage claims within the required 10-day period. This hastened typhoon recovery from the disaster,” Beltran said at the launching of the Capacity Building for Microinsurance Project of the Asian Development Bank (ADB).
In the Philippines a microinsurance policy mean benefits no higher than P190,000 and calculated on the basis where premium payments do not exceed P30 a month.
The Philippines ranks first in the Association of Southeast Asian Nations (Asean) in terms of the percentage of Filipinos with microinsurance cover, according to Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).
In 2013 some 19.95 million Filipinos, or 20.4 percent of the population, already have microinsurance cover. This figure represents a sixfold increase from figures in 2008 during which only 3.3 percent of the population had micro-insurance cover.
Beltran said the increase in the number of Filipinos covered by microinsurance was brought about in part by the government’s focus on microinsurance as one of the means to extend benefits and relief to the poor during times of natural calamities and other misfortunes in their lives.
“The impetus to the growth of the industry came after the country adopted microinsurance reforms since 2010. The DOF and the Insurance Commission will promote further increase in microfinance coverage through more financial literacy campaigns in coordination with local government units. They will continue to support the development of more microinsurance products especially those that reduce agriculture and disaster risks,” he said.
Insurance Commissioner Emmanuel Dooc said the Philippines aims to maintain its rank as the country with the highest percentage of the population who have micro-insurance coverage, and that companies would eventually want to tap the market for microinsurance of neighboring countries, especially when the Asean economies start integrating by 2015.
No comments:
Post a Comment