In a country regularly battered by devastating typhoons, it is almost easy to forget that the Philippines is also in the Pacific Ring of Fire. Just last year, Northern Luzon got a rude reminder of the fact when the region played unwilling host to two devastating earthquakes in a span of just three months. The first one alone caused 1.8 billion in damage, 56 million just in agricultural damage.
In the interest of making the process of getting protection for the things that matter more accessible for Filipinos, AXA Philippines has completed a merger with its former general insurance subsidiary Charter Ping An Insurance Corporation (CPAIC). The latter was acquired by AXA in 2016 but non-life insurance continued to be sold under that CPAIC name. Now, all products under CPAIC will bear the AXA name. Filipinos need only remember AXA Philippines as the one name for their life and non-life insurance needs.
The figures paint a clear picture: In 2017, just a few years prior to the pandemic, the global insurance penetration average was 6.1 percent, with the Asian Average at 5.6 percent, and the ASEAN average at a very low 3.6 percent. Leading up to the pandemic, insurance penetration in the Philippines never went over 2 percent.
With the combination of the pandemic and improved access to insurance, in 2021, the Philippines had the highest insurance penetration in our history, at 2.3 percent according to the Insurance Commission. However, this is still far below the global and even the already too low ASEAN standard.
“Insurance should be treated as a necessity, not a nice-to-have,” said Nandy Villar, Chief Marketing Officer of AXA Philippines. “When buying a home or a car, or starting a business, the cost of insurance should be factored in as a necessary expense. Insurance prevents inevitable crises from leading to financial ruin,” he added. “Generally, if something of value can’t be immediately or even readily replaced, it should be insured.”
The underinsured should be mindful of the fact that nothing is permanent and that sickness, adversity, and crises will happen sooner or later. Insurance is what helps us bounce back from these eventualities.
“Because we offer insurance solutions for life, health, property, cars, and even travel under one roof, our customers can get all the protection they need from a single source,” explained Villar. “Now, AXA customers can enjoy the peace of mind that comes with being completely insured by a trusted global brand of unquestionable stature, for both life and non-life needs.”
Now that insurance is more accessible than ever, with AXA offering coverage for life, health, and your assets in these uncertain times, Filipinos should no longer settle for underinsurance. For more information on getting adequately insured, visit www.axa.com.ph, or some of the branches in Northern Luzon including Baguio, Bulacan, and Pampanga. You can check out other branches near you when you visit: https://www.axa.com.ph/contact-us.
