We are currently living through numerous worldwide crises that have made our world extremely unstable. Insurance has become more important than at any point in this century to protect everything that matters. It is therefore great news that AXA Philippines has finally completed the merger with its former general insurance subsidiary (Charter Ping An), allowing the global leader to offer life and non-life insurance products under one well-known global brand, enabling more More Filipinos have easier access than ever to basic life insurance protection.
Fortunately, attitudes towards insurance among Filipinos have improved. Filipinos have become more aware of the value of making insurance investments to protect their future. In addition to the problem of excessive inflation, life in general, and life in the Philippines in particular, is full of uncertainties, so this matter should be done sooner rather than later.
Statistically, we are the most natural disaster-prone country in the world, with an average of 20 typhoons a year, five of which cause significant damage, according to the Asian Disaster Reduction Center. Additionally, traffic in pre-pandemic cities has almost fully recovered, and crashes are on the rise.
Insurance penetration in the Philippines hit a staggering 2.3% of the country’s GDP back in September 2021, while COVID-19 remains a problem in much of the world. On average, Filipinos spend 26 percent on insurance, according to the Philippine Life Insurance Association. However, that hasn’t even brought us up to speed with most of the rest of the world.
“The recent pandemic has necessitated the rapid digitization of many insurance services, which has helped the industry grow, but too many Filipinos are still some way from poverty,” said Nandy Villar, Chief Marketing Officer of AXA Philippines.
According to the BIS.org website, the average global insurance penetration rate in 2017 was 6.1%, the average in Asia was 5.6%, and the average in ASEAN was 3.6%, which is very low. Even with insurance penetration in the Philippines at an all-time high, we are clearly grossly underinsured as a nation. The Insurance Commission (IC) points to a lack of financial literacy as the main culprit.
At a recent forum, Insurance Commission Deputy Commissioner Ferdinand George “Bong” Florendo cited a September 2022 World Bank report that stated that only 25 percent of Filipinos be financially literatecompared with 36% in Malaysia and 59% in Singapore.
“At AXA, we take pride not only in our role as an insurance company, but also as a financial advisor. With so much in life to protect, many people find investing in insurance daunting. That’s why we have a team of trained qualified and qualified financial advisors to help clients make the best choice according to their needs and budget. Most people understand the basic needs of insurance, but our financial advisors will be your partners in achieving financial freedom,” emphasizes Villar .
The key to getting the right insurance to protect what matters is getting sound advice, which AXA Philippines is ready and able to provide, along with various types of insurance to help you protect what matters. Everyone’s insurance needs are unique and change over time, age and circumstances. For a comprehensive professional financial needs assessment, AXA Philippines is the only name you need to remember.go https://www.axa.com.ph/ Learn more about how best to meet your unique insurance needs.
