CBIG pays claims of Yolanda victims

Manila Bulletin
Mon, Mar 24, 2014

Country Bankers Insurance Group (CBIG) has paid, as of February 21, 2014, P5.67 million to benefit 956 policy holders who have been displaced or disadvantaged due to typhoon Yolanda, according to Eileen Infante-Enobal, assistant vice president for Claims & Microinsurance of Country Bankers.

CBIG clients have benefitted from their purchase of CB Kalinga, a microinsurance product which protects the insured in risks associated with losses such as death, illness, or injury of a family member. Its benefits include Financial Assistance for irreparably damaged houses and Instant Abuloy for families who lost lives.

A substantial amount of claims covered fisherfolk, farmers, vendors and members of the marginalized sector in the areas of Leyte, Cebu, Iloilo, Biliran, Sorsogon, Catanduanes and in other affected areas in the Visayas.
CBIG is composed of Country Bankers Life Insurance Corporation (CBLIC), a life insurance company that has been around for 48 years now, and Country Bankers Insurance Corporation (CBIC), a non-life insurance company serving its clients for the past 53 years.

Meantime, CBIG, thru its Senior Vice President and General Manager Geraldine Desiderio-Garcia said the company is committed not only to make insurance affordable but accessible through solid partnerships with rural banks and microfinance institutions all over the country.”

CBIG, through its microinsurance products aims to help educate Filipinos on the value of insurance by promoting insurance consciousness to a broader market.

It is committed to promote measures that would protect the disadvantaged, which carries the heavier burden in times of catastrophe, in times of financial distress.

CBLIC offers a wide range of products from life insurance for CEOs and executives to individuals and families, including credit group life and microinsurance for small entrepreneurs, farmers, and fishermen. On the other hand, CBIC provides insurance products such as fire, motor vehicle and personal accident, to name a few.

Microinsurance industry girds for Asean 2015

Posted by Positive News Media
Mar 29, 2014 in Business News | 0 comments

ILOILO CITY, March 29 (PNA) — With the 2015 integration of South East Asian nations nearing, the microinsurance industry is looking at the possible implications that may arise from the establishment of a single-marketcommunity.

“We are currently working with the Department of Finance (DOF) on (that issue),” said Ferdinand George Florendo, Deputy Commissioner for Financial Affairs of the Insurance Commission (IC).

He added that the IC is developing dialogues with mutual benefit associations and microinsurance providers in confronting the challenges linked with the looming integration. They are weighing the possible opportunities and threats that go along with the lessenedtrade restrictions and the elimination of tariffs that highlight the Asean 2015 integration plan.

Florendo noted two scenarios. The first is that microinsurance providers may expand to other markets in the South East Asian region. On the other hand, microinsurance providers abroad may come to the Philippines and take a large market share.

There are at least 19 million Filipinos, most of whom belong to the “poorest of the poor,” who are covered by microinsurance.

Florendo said that there is a need to study these challenges and analyze their potential effects to the Philippine microinsurance industry.

“The IC has come up with talks on what to get from our Asean neighbors, and what they can get from us,” Florendo said, adding that there is a need to strengthen the local microinsurance industry through the national government, local government units and the private sector.

In the meantime, the IC is putting much focus on protecting insurance clients as well as helping marginalized sectors access microinsurance products.

The IC is also targetting that insurance shares have a three percent penetration rate in the country’s gross domestic product for it to be at par with other nations in the South East Asian region. (PNA)
CTB/AJP/RCA/VLO

Alternative dispute resolution seminar set

Sunstar
Monday, March 24, 2014


THE Department of Finance-National Credit Council (DOF-NCC) and the Insurance Commission (IC) will hold Alternative Dispute Resolution Microinsurance (ADReM) seminar for stakeholders in the Visayas on Thursday, March 27.

The one-day seminar is the final leg in the series of seven nationwide information dissemination campaigns. ADReM series steered to discuss options and microinsurance mechanisms to address complaints on benefit claims outside the courtroom.

Participants and partners from the microinsurance industry will be educated with videos and interesting presentations about microinsurance initiatives, circulars, financial literacy, ADReM process and accreditation procedures for mediators-conciliators.

In addition, participants will be engaged in discussions with Insurance Commission Deputy Commissioner Ferdinand George Florendo and DOF-NCC director Joselito Almario.

Microinsurance is insurance for low income earners to protect them against specific perils. It comes with affordable premiums, guaranteed benefits correspond to the risks, and claims settlement is fast. Today, 19 million Filipinos out of the 97 million populations are covered by microinsurance.

The ADReM method is now formalized to support the Philippine Government’s effort for inclusive growth by reaching out to the poorest of the poor. It aims to minimize expenses, time and delays of litigation, and provides options for out-of-court resolution of disputes arising from denied microinsurance claims.

The ADReM structural process, according to IC Deputy Commissioner George Florendo, will further promote microinsurance through the principles of Lapet, or Least-cost, Accessible, Practical, Effectively and Timely resolution of disputes.

The DOF-NCC and IC worked in collaboration with key representatives from the microinsurance industry with technical support from the German Development Cooperation through its regional program, Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia to help implement the provisions of the ADReM Framework.

The ADReM Framework was launched last October 2012 with the intention of ensuring consumer protection by microinsurance clients. (PR)

Micro insurance is within reach of everyone

BY: LEONARD T. PINEDA I
Thursday 27th of March 2014

ILOILO CITY, March 27 (PIA) --- Farmers and other minimum-wage earners are urged to avail of microinsurance to protect their fragile livelihoods and lives against inevitable risks and unexpected catastrophes.

In a seminar organized by the Department of Finance- National Credit Council and the Insurance Commission (IC) held Thursday, IC Deputy Commissioner Ferdinand George Florendo said said there are still a number of Filipinos who have not insured themselves although the microinsurance was introduced in the country way back in 2006.

Florendo said that financial literacy is important to raise awareness on how insurance for the low-income households works and how it can benefit them.

According to the National Strategy for Microinsurance and the Regulatory Framework, microinsurance caters to the low-income sector and a means to meet their needs for risk protections and relief against distress or misfortune.

Microinsurance offers protection against various risks including death, accident and illness, fire and other extended perils, calamities, disasters, casualty and other contingent events.
The amount of premium or contribution per microinsurance policy can range from less than P1.00 up to P19.00 per day. This means that the premium on microinsurance product can be as low as P30.00 per month.

Under the framework, the guaranteed benefit of one microinsurance policy shall not exceed P190,000. It is estimated that for a poor family, this amount can already provide 16.5 months of lost income resulting from a contingent event happening to it.

Florendo said that with the increasing number of institutions like insurance companies, mutual benefit associations and cooperatives around the country offering micro-insurance, it is expected that more Filipinos will insure themselves.

He added that microinsurance is considered an important contributor to the national poverty alleviation strategy. (JCM/LTP/PIA-Iloilo

- See more at: http://r06.pia.gov.ph/index.php?article=2421395909020#sthash.WvhnuT9V.dpuf

Micro insurers to seminar on alternative dispute resolution

BY: LEONARD T. PINEDA I
Monday 24th of March 2014

ILOILO CITY, March 24 (PIA) --- Stakeholders from the microinsurance industry in the Visayas can take part in an Alternative Dispute Resolution Microinsurance (ADReM) Seminar on Thursday, March 27, 2014 at Smallville 21 Hotel here.

In a media release, the one-day ADReM seminar is the final leg in the series of seven nationwide information dissemination campaigns conducted by the Department of Finance-National Credit Council (DOF-NCC) and the Insurance Commission (IC).

The ADReM series steered to discuss options and microinsurance mechanisms to address complaints on benefit claims outside the courtroom.

The seminar will educate participants and partners from the microinsurance industry about microinsurance initiatives, circulars, financial literacy, ADReM process and accreditation procedures for mediators-conciliators through videos and interesting presentations.

IC Deputy Commissioner Ferdinand George Florendo and DOF-NCC Director Joselito Almario will also engage participants in discussions on microinsurance.

Microinsurance is insurance for low income earners to protect them against specific perils. It comes with affordable premiums, guaranteed benefits correspond to the risks, and claims settlement is fast. Today, 19 million Filipinos out of the 97 million populations are covered by microinsurance.

The ADReM method is now formalized to support the Philippine Government’s effort for inclusive growth by reaching out to the poorest of the poor. It aims to minimize expenses, time and delays of litigation, and provides options for out-of-court resolution of disputes arising from denied microinsurance claims.

According to Florendo, the ADReM structural processwill further promote microinsurance through the principles of Least-cost, Accessible, Practical, Effectively and Timely resolution of disputes.

The DOF-NCC and IC worked in collaboration with key representatives from the microinsurance industry with technical support from the German International Cooperation thru its regional program, Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (GIZ-RFPI Asia) to help implement the provisions of the ADReM Framework.

The ADReM Framework was launched last October 2012 with the intention of ensuring consumer protection by microinsurance clients. (JCM/LTP/PIA-Iloilo)

- See more at: http://news.pia.gov.ph/index.php?article=2421395646149#sthash.2906JgvT.dpuf