In one of his columns, syndicated writer Mike Royko routinely used the line, “What do you expect me to do, give it to strangers?” whenever Chicago Mayor Richard J. Daley was challenged about awarding a lucrative municipal insurance contract to a close political friend instead of opening it to competitive bidding.

That story opened up my perspective on cronyism and insurance as I transitioned back then from the political to the economic beat, which included covering the insurance industry.

Yes, Virginia, the Insurance Commission (IC) is an attached agency of the Department of Finance mandated to regulate and supervise the insurance, pre-need, and health maintenance organization (HMO) industries.

Back then, insurance was not as widely accepted as it is today. It was seen as an investment where you didn’t want a quick return—an investment you hoped you’d never actually have to use.

Today, an insurance policy is synonymous with lifetime financial security. The industry has evolved, offering an array of products far beyond traditional life insurance, where monetary benefits are paid out only upon the death of the insured.

Because of this, I couldn’t pass up the invitation from Adi Sebastian—a fellow Rotarian and a successful financial advisor at Insular Life—to attend LifeConPH, a three-day gathering of financial advisors, industry leaders, and professionals passionate about helping Filipinos achieve long-term financial well-being.

It was interesting to note one central rule respected and observed by all participants: a strictly enforced “no-poaching” agreement. That’s right, Virginia. Everyone held to this rule, which speaks volumes about the high regard they have for their profession.

Developments in the financial sector, particularly insurance, almost always whet my news appetite. Although LifeConPH was a gathering of life insurance players, the high cost of fuel at the pump sparked my curiosity about the other side of the insurance equation: non-life insurance.

Here is something worth sharing: One contributing factor to the prevailing high cost of petroleum products is the increase in premiums charged by Lloyd’s of London to cover oil tankers navigating the Strait of Hormuz amid attacks from Iran’s Revolutionary Guard.

At the risk of carbon-dating myself, I recall that back in 1995, an insurance policy was considered a somewhat undesirable investment. Now, the life insurance industry is experiencing steady growth, with total premium income on the rise. Based on recent figures, insurance penetration has inched up to roughly 2.04 percent of gross domestic product, from 1.89 percent.

“These are more than just statistics—they demonstrate that more Filipinos are placing their trust in insurance, especially life insurance, and choosing to allocate a portion of their income to it,” explained Insurance Commissioner Reynaldo Regalado during the event, which took place prior to his suspension by the Ombudsman.

Still, much remains to be done. Despite steady gains, our overall market penetration remains far behind that of our regional peers. The commissioner underscored the need for the industry to “continually anticipate and respond to an evolving risk landscape.”

It is the shared hope—a steadfast hope grounded in purpose and commitment by both the Insurance Commission and industry players—that Filipinos attain a measure of peace of mind, which is ultimately the real return one wants from insurance.

As Kim Wakabayashi, financial advisor at Manulife and country chair of MDRT (Million Dollar Round Table), aptly put it: the industry is here to lend a helping hand to help Filipino families “build a legacy of protection, security, and peace of mind for generations to come.”

Well said.