Insurance and pre-need are different - Generali Pilipinas

MANILA, Philippines - In view of recent reports regarding the stability of pre-need companies, insurer Generali Pilipinas reassures the public that GP is not a pre-need company nor involved in the pre-need business. Rather, it is a life and non-life insurance company regulated and supervised by the Insurance Commission (IC).

Generali Pilipinas’ strength and stability is based on its reputable shareholders, namely Assicurazioni Generali of Italy, the world’s second largest insurance company based on Fortune Global 500’s Life and Health (stock), Jerneh Asia Berhad of Malaysia, a specialist insurer in the marine, industrial, and engineering fields, and Banco de Oro Unibank Inc. (BDO), the second largest bank in the Philippines based on assets and the financial services flagship of the SM Group of Companies.

In 2004, GP ranked 15th and 47th, respectively, among life and non-life insurance companies in the Philippines based on premium ranking by the IC. In 2007, it rose to the seventh and 15th slot.

“We aim to further improve in our ranking as we move closer to our 10th year,” Derek Chan, Generali Pilipinas president and chief executive officer, said.

Chan further assured that the insurer’s operations would not be affected by the recent news about the pre-need industry.

“This situation will further inspire us to provide you the security and protection you need in line with our ongoing efforts to make Generali Pilipinas your preferred one-stop shop for all your insurance needs,” he added.

Its products and services include individual life insurance, group life and medical, auto and home insurance, small and medium business protection, as well as commercial property insurance. It has offices in Metro Manila, Bacolod, Baguio, Cebu, Davao and other major cities throughout the country.

Chan’s sentiments reflect the same concerns of both the life and non-life insurance industry, which have been affected by the constant corporate failures in the pre-need industry.

In fact, there are proposals to transfer the pre-need industry from the regulatory wings of the Securities and Exchange Commission (SEC) to the IC. Strangely though, a similar legislative proposal has been languishing with Congress for several years now.