Last Friday, March 28, 2014, I attended the 7th Philippine Life Insurance Congress in MOA, SMX, sponsored by the Life Underwriters Association of the Philippines (LUAP), part of my continuing education. The keynote speaker was the Insurance Commissioner himself, Atty. Emmanuel Dooc. He pointed out several breakthroughs in the Insurance Industry, these are:
- More and more Filipinos are seeking insurance protection. From 2009 to 2013, there is 150% growth from 78 Billion to 200 Billion pesos in Premium.
- The number of insured Filipinos has increased by more than 72%, meaning more than 23 Million Filipinos are now insured.
- At the end of the 3rd Quarter of 2013, the Insurance industry is now being touted as a PHP 854 Billion industry with projections that by the end of 2014, the industry will be worth over TRILLION PESOS when it comes to assets.
He also reported that President Benigno Aquino III witnessed the 65th anniversary of Insurance Commission last January 21, 2014. The President urged the industry to keep doing a good job. The president said that, “Every policy means one more Filipino family can live a life without fear.”
Commissioner Dooc, also stated that the Insurance Industry, aside from staying true to the insurance contract – the insurers (insurance companies) also donated money, relief goods and other resources that were used by victims of typhoon Yolanda, through different charities and foundations, totaling the amount of PHP 91 Million Pesos.
Indeed, by insuring yourself, you are not only doing yourself and your family a favor. You are also being part of the nation building of our dear country.
Do you want to know how much insurance you exactly need? Read here!
You think you can’t afford a Life Insurance? Read here. It will tell you the Cheapest Insurance available for only 16 pesos a day.
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