THE Philippine Prudential Insurance Co. Inc. has reported paying more than P22 million worth of claims in 2011, a substantial increase compared to 2010 when payouts totaled only P2.49 million.
Company officials said this indicated a renewed and more vigorous pursuit of a program championed by then Bangko Sentral ng Pilipinas Governor Rafael Carlos Buenaventura, who made it his personal advocacy project very early in his term.
Like Buenaventura, Philippine Prudential engaged in the business of providing protection to ordinary Filipinos at the retail end of the business long before the program gained prominence as a viable source of sustainable revenues for the various insurers.
“We have been pioneering the field of microinsurance in the Philippines as a way to make insurance coverage and protection more accessible to everyone,” Philippine Prudential President and CEO Gregorio D. Mercado said.
“We’ve had success in going beyond the standard insurance plans and creating …