Economic recovery to boost demand for insurance coverage

He said having insurance coverage is an important factor in having contingencies during emergencies. (Pexels Photo)

MANILA – The importance of protecting one’s health and having health insurance coverage got a big boost during the pandemic, hence, the outlook for the continued robust growth of the bancassurance business of a local firm.

Citing results of surveys conducted by the company and its partners, Sunlife Philippines and Rizal Commercial Banking Corp. (RCBC), Sun Life Grepa Financial, Inc. president Richard S. Lim, said Friday the need for health protection has significantly increased in recent years.

“And because of that, we are also seeing that our health and insurance coverage has grown. In fact, even in the last two years, we’re growing our new policies by about 20-30 percent,” Lim said during the commemorative signing event for the extension of the bancassurance tie-up between Sun Life Grepa and RCBC, which began in 2011.

He said people have greatly realized the importance of having insurance coverage, thus, the 100 percent expansion of their group business to date, with the help of new products catering to micro, small and medium enterprises (MSMEs).

These products, Lim added, allow MSME owners to provide appropriate coverage for their employees.

He said having insurance coverage is an important factor in having contingencies during emergencies.

During the same event, RCBC president and chief executive officer Eugene Acevedo said the continued recovery of the economy is expected to boost demand for insurance products.

“We think we continue to see a double-digit growth in insurance and investment demand in this country as the economy grows at 6-7 percent,” Acevedo said.