Insurance - just in case

Article - November 17, 2011

In 2010, the Philippine economy grew by over 7%, blessing the country’s burgeoning middle class with increased disposable income.

This happy state of affairs is predicted to stimulate a rise in life insurance take-ups in 2011/12 – possibly upwards of 23%. However, there is still vast potential for growth: life insurance premiums accounted for only 0.75% of the country’s GDP in 2010.

The Philippine Prudential Life Insurance Company, Inc. (PPLIC) is a Philippine life insurer with over 1.5 million policyholders. Founded in 1963, it provides a range of products including endowments, healthcare, education and pension plans, and is among the top 15 Philippine life insurance companies.

Mr. Gregorio D. Mercado, President and CEO of PPLIC says: “The Philippines’ insurance penetration rate is 15%. Therefore there is ample room for expansion in the sector. We’re doing much to educate people about the benefits of insurance, and as the economy improves the opportunities for growth in the sector will just get better.”