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Insurer says only 13% Filipinos insured

Insurer Manulife Philippines has warned that most Filipino families are vulnerable to financial catastrophe because only 13 percent of the country’s population has insurance. Manulife president and CEO Indren Naidoo said the number of Filipinos without life or accident protection is “staggering." He stressed the need for insuring the mainstream population with low-cost coverage. “For families who are just making ends meet, even a small accident can be financially catastrophic," Naidoo said. He explained that their idea of affordable insurance is premium payment of P15 a day for 10-year life and accident protection with various benefits, put together in a package Manulife calls FirstProtect. Citing latest data, the Insurance Commission reported that Manulife was the 8th largest life insurer based on premium income in 2009. That same year, the company was 5th largest in terms of assets at P23.7 billion. — ELR/VS, GMA News