Ondoy's great flood highlights importance of insurance

MANILA, Philippines - The so-called great flood brought by tropical storm Ondoy was a wake-up call for Filipinos to start appreciating the value of insurance. Now, more than ever, Filipinos have become aware of their need to be insured.

The Philippine Insurers Club (PIC), the social group of the country’s insurance industry, was able to capitalize on the devastation of Ondoy as it managed this year’s Insurance Consciousness Week (ICW) last Oct. 19 to 24.

By holding public forums in Manila and Cebu, a symposium at a major school, and guesting in various television shows and radio programs, the PIC was able to highlight the importance of being insured especially against natural calamities.

Ben Oandasan, PIC president for 2009-2010, told reporters at the start of the ICW celebration at the Insurance Commission that the theme “Security In Times Of Uncertainty” was very timely as it underscored the importance of being secured, especially with the country’s unpredictable weather.

“We Filipinos tend to think of insurance as an expense, not as investment. The devastation brought by Ondoy made us realize that we should now start investing on insurance especially with the rapidly changing climate and the reality of global warming,” he said.

Mario Valdez, general manager of the Philippine Insurers and Reinsurers Association (PIRA), the umbrella organization of 87 insurance companies in the country, said Ondoy left billions of damage to businesses, homes and motor vehicles.

But he stressed that the insurance industry is sturdy enough to take these damage and pay off claims from insured Filipinos.

“Times like these are the shining moments of the insurance industry because during these trying moments, people realize the importance of being insured,” he said.

The Insurance Consciousness Week is a celebration initiated 10 years ago by the non-life insurers. Initially observed in May, it was moved to October some years back to coincide with similar events being celebrated throughout the Southeast Asian region by non-life insurance companies.

It seeks to promote the value of insuring one’s car, house, business, well being and other precious assets against natural and man-made perils. It also aims to educate average Filipinos whose “bahala na” mentality unnecessarily exposes them to risks. Through the ICW, Filipinos – from ordinary students, minimum wage earners, and even wealthy business owners – get to know the importance of securing the things they do not want to lose.

This year’s celebration kicked off with a Thanksgiving Mass at the Insurance Commission last Oct. 19, followed by a symposium on risk management at the Mapua Institute of Technology on Oct. 20. The symposium featured an impersonator of Mr. Bean who helped in explaining the technical aspects of insurance in a funny way.

The celebration went as far as Cebu City with a motorcade and public forum organized by the Cebu Insurers Club last Oct. 23 before it returned to Manila for a day of badminton competition among insurance practitioners.

Oandasan added that on top of promoting insurance with the general public, this year’s ICW also wants to harmonize further the industry through various activities.

“The industry will also be more secured if it is united. We can best serve our clients if we think and move as one,” he said.

The PIC is not alone in managing the ICW 2009. It is being funded by the Philippine Insurers and Reinsurers Association (PIRA), the umbrella organization of all non-life insurance companies in the country, and supported by the Insurance Commission, Stronghold Insurance, UNITRANS, Best Reinsurance and the National Reinsurance Corporation of the Philippines.