Bounce back from life’s bitter pills with AXA.
We are currently undergoing a succession of global crises, which has made our current condition highly volatile. Insurance is now more important than ever for protecting what is important. The fact that AXA Philippines has finally completed its merger with Charter Ping An, its former general insurance subsidiary, is fantastic news because it will allow the world leader to offer both life and non-life insurance products under a single, well-known global brand, making essential insurance protection more accessible to more Filipinos than ever before.
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| In uncertain times, insurance offers protection for the things that matter most. |
Fortunately, Filipinos' opinions regarding insurance have slightly changed. Filipinos are becoming increasingly aware of the importance of insurance investments to protect their future. Aside from the issue of rapid inflation, life in general, and especially life in the Philippines, is fraught with uncertainty; therefore, this had to happen sooner rather than later.
We are statistically the most natural disaster-prone country in the world, with an average of 20 typhoons per year, five of which cause significant damage, according to the Asian Disaster Reduction Center. Furthermore, pre-pandemic city traffic is practically wholly restored, and car accidents are rising.
As early as September 2021, insurance penetration in the Philippines had achieved an incredible 2.3% of the country's GDP, while COVID-19 remained a concern for much of the rest of the world. According to the Philippine Life Insurance Association, the average Filipino spent an additional 26% on insurance. However, this has not brought us up to speed with the majority of the rest of the world.
“The rapid digitalization of many insurance services that the recent pandemic made necessary has helped the industry grow, but too many Filipinos are still one crisis away from poverty,” said Nandy Villar, Chief Marketing Officer of AXA Philippines.
According to the website BIS.org, the global average insurance penetration rate in 2017 was 6.1%, while the Asian average was 5.6%, and the ASEAN average was a relatively low 3.6%. Even with the Philippines' penetration at an all-time high, it is clear that our country is severely underinsured. According to the Insurance Commission (IC), the root problem is a lack of financial awareness.
According to Deputy Commissioner Ferdinand George "Bong" Florendo of the Insurance Commission, only 25% of Filipinos are financially literate, compared to 36% in Malaysia and 59% in Singapore, according to a September 2022 Worldbank analysis.
“At AXA we take pride in our role not just as insurers, but also as financial advisors. Because there are so many things in life that need to be protected, many find investing in insurance daunting. That is why we have a pool of trained and qualified financial advisors to help customers make the best choices for their needs and budgets. Most people understand the fundamental need for insurance, but our financial advisors are here to be your partner towards financial freedom,” Villar emphasizes.
Good counsel, such as that provided by AXA Philippines, along with all types of insurance to help you safeguard what matters, is the key to having the right insurance to protect what matters. Everyone has various insurance needs, which change as people age and encounter different life events. AXA Philippines is the only business you should consider for a comprehensive expert financial needs assessment. Visit https://www.axa.com.ph for more information on how to fulfill your specific insurance needs.