Insurance coverage

Economic recovery to drive demand for insurance coverage

The need for health protection has increased during the pandemic. Those responsible for a rapprochement with bancassurance continue to see robust growth in insurance coverage as the economy recovers. * NAP photo file

The importance of protecting one’s health and having health insurance coverage has been strongly reinforced during the pandemic, hence the prospects for continued robust growth of a local company’s bancassurance business.

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

“And because of that, we’re also seeing that our health and insurance coverage has increased. In fact, even over the past couple of years, we’re increasing our new policies by about 20-30%,” Lim said during the interview. commemorative signature of the extension of the bancassurance partnership between Sun Life Grepa and RCBC, which began in 2011.

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

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

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

During the same event, RCBC President and CEO Eugene Acevedo said the continued recovery of the economy should drive demand for insurance products.

“We believe we continue to see double-digit growth in insurance and investment demand in this country as the economy grows 6-7%,” Acevedo said. *NAP