Malayan cites importance of insurance during COVID-19

Published April 26, 2020, 12:00 AM

by manilabulletin_admin

The Luzon-wide enhanced community quarantine is not only creating a lot of anxiety over public health but loss of income and economic uncertainty for many. The lockdown measure was brought about by the new coronavirus (COVID 19) pandemic sweeping the world.

In a statement, Malayan Insurance, the country’s number one non-life insurer, noted that the slowdown of economic activity unfortunately, may breed criminal activities such as theft, looting and robbery.

Malayan quoted a report entitled “Addressing the Social and Economic Impact of the COVID-19 Pandemic” by the National Economic and Development Authority (NEDA) that estimated employment reduction of over a million on prolonged quarantine.

NEDA estimates that a month-long “lockdown” of Luzon could result in a loss of gross value added of ₱298-billion to ₱1.1 trillion, equivalent to 1.5 percent to 5.3 percent of GDP. This is expected to reduce employment by 61,000 to one million.

The government’s economic planning authority fears that the longer the situation lasts, the higher the risk of a recession or a financial crisis, as companies turn insolvent resulting in higher unemployment.

It also noted that the Philippine National Police (PNP) recently debunked reports circulating on social media that looting and housebreaking have been prominent in some areas after the order for a Luzon-wide enhanced community quarantine.

“Nevertheless, uncertainties still loom,” said the company as it stressed the importance of insuring one’s residence and family, urging Filipinos to always be prepared amid this trying time.

Malayan’s Home Protect Plus is a comprehensive property insurance cover offered by the country’s leading insurance company. The all-in-one home insurance package provides financial protection to families or individuals should their houses or its contents incur damages from weather-related perils.

Protection against burglary, robbery and house-breaking are also extended under the Home Protect Plus policy.

Getting a Home Protect Plus insurance cover means you, your home, and its contents are protected from fire and lightning, typhoons, earthquakes, volcanic eruptions, and from riots, strikes and mali-cious damage, to name a few.

The policy can also be extended further to include personal accident protection of you, members of your family and household help, as well as alterations and repairs for damages created by fire, typhoons and earthquakes. During recovery and repair, Malayan will also assist in alternative accommodation expenses, as your home is being made habitable again.

Malayan Insurance is the Philippines’ number one non-life insurer, as ranked by the Insurance Com-mission in 2018, based on gross premiums written and total assets. Malayan is currently celebrating its 90th year of providing world-class insurance protection and good customer experiences to the Filipino insuring public.