Insurance penetration in the Philippines at 1.2%

June 1 2015 by InsuranceAsia News Staff

A survey commissioned by Sun Life of Canada (Philippines) Inc showed that 90% of Filipinos are ready to buy a new car or property, but only 60% of those surveyed were ready to finance a medical emergency.

Riza Mantaring, president of Sun Life, was reported as saying that there is a need for so few Filipinos to learn and do more for their future as so few of them are holding life insurance and even fewer are holding investments.

Insurance penetration in the Philippines stood at just 1.2% of the country’s total population, Mantaring added.

The survey, which involved 1,200 respondents across the country, showed the disconnect between priorities and concerns and the way Filipinos prepare for these, she added.

Based on the survey, seven out of 10 respondents said they were concerned about the health of a family member but 90% of respondents are incapable of financing the health expense amounting to Php500,000 (US$11,225).