MANILA, Philippines - In spite of massive information campaign and education, the Philippines still has the lowest insurance penetration among ASEAN nations, with barely 1.04 percent of the population covered in 2011, according to the Insurance Commission (IC).
The IC study underscored that most Filipinos see insurance as an added expenditure.
Having no insurance, however, entails more risk where a small accident can become a huge financial catastrophe.
Country Bankers Insurance Group (CBIG) senior vice president and general manager Geraldine Desiderio-Garcia said Filipinos need to learn to draw up risk-reduction measures and protect themselves from what is more than likely to happen.
‘’Individuals need a reality check before turning down agents who offer insurance coverage. Insurance gives you guarantee for your future. Without insurance, you are just like playing Russian roulette. A good insurance advisor can help find an insurance coverage appropriate for an individual’s needs in the event that a problem arises,” Garcia added.
There is one thing that insurance can buy – one’s peace of mind.
‘’Not having saved enough money to support yourself and your family would mean being hard pressed to climb out of financial hole. With insurance, which one can accumulate and save for through the years, you get to keep your assets, preserve your independence, and best of all, achieve peace of mind,’’ Garcia added.
One reason why consumers shun away from insurance is lack of appreciation.
“The so-called acts of nature come with a huge cost and can be burdensome. Insurance companies are not harbingers of bad luck because on the contrary, they offer protection against natural calamities and loss of life,” explains Garcia.
Promoting insurance consciousness to a broader, untapped market thus requires commitment. A full-service insurance company must be able to develop products which the target market needs and understands.
CBIG, for instance, offers a wide range of products for everyone – from the CEOs and executives, to families, to small entrepreneurs, farmers, and fishermen.
CBIG has been providing non-life insurance such as fire, motor vehicle, personal accident, to name a few, for 52 years now. Its sister company, Country Bankers Life Insurance Corp. has been giving consumers - especially in rural areas – an array of life insurance plans that protect lives, businesses, properties and assets, through solid partnerships with rural banks and microfinance institutions all over the country.
“Through rural banks, cooperatives and other financial institutions, we have established a vast network of service outlets through which we can offer more products and provide better accessibility for settlement of claims and policy loans,” explains Garcia.