Insular Life (InLife), the largest Filipino life insurance firm, reported lower death claims in the first three months of the year, stirring hope that the country is finally coming out of the pandemic.
In a briefing, Raoul Antonio E. Littaua, InLife president and CEO said on Thursday, June 16, that individual claims amounted to P682 million in January to March, mostly coming from maturity benefits and anticipated endowments.
Of the amount, individual death claims accounted for P206.5 million for 543 policies. Out of all first quarter paid claims, 261 were Covid-related, with 229 death claims amounting to P94.4 million, a seven-percent lower compared with the same period last year.
“Even as Covid-19 peaked in January due to infections brought about by the Omicron strain, InLife recorded fewer Covid-related death claims. However, we remain vigilant and observe all safety protocols but at the same time, we remain hopeful that things will get better,” Littaua said.
Based on 2020 and 2021 data, InLife paid about nine percent of the industry's Covid-19 related claims.
Littaua, meanwhile, noted that the 8.3 percent gross domestic product growth in the first quarter was an encouraging sign of recovery.
“The economy picking up despite the lockdown in January, the lowering of unemployment rate, the solid remittances of our overseas Filipino workers will be supportive of consumer spending moving forward,” Littaua said.
Meanwhile, InLife launched its new agency model to better respond to the growing and changing consumer needs for life and health protection and investments.
Littaua said InLife recognized that due to the Covid-19 pandemic, more Filipinos have become aware of the importance of financial planning and life insurance.
He noted that InLife has seen heightened awareness translating into a higher demand for both life and health protection products.
“And as we gradually ease out of the pandemic, we see that the demand for lifetime guaranteed income will become more urgent,” Littaua said.
“The need for protection from the risks of dying too soon, living too long, and catastrophic illnesses – which are all within the province of the life insurance business – will be a pressing need in the future as they have ever been,” he added.
The new InLife Agency Model (I AM) features Wealth Assure Plus, a customizable life insurance product with investment component to provide higher protection benefit equivalent to a minimum of 10x the annual regular premium or the policy’s fund value, whichever is higher.
Wealth Assure Plus also provides faster fund growth because of its low insurance cost, at the same time is anchored on different investment outlets locally and globally.
This product may be personalized through attachment of various needed benefits, set-up of preferred payment and payout options, and access to fund selection to suit different risk appetites and investment horizons.