Philippines eyes initiatives to boost insurance sector

March 12 2018 by InsuranceAsia News Staff

The Philippines Insurance Commission (IC) is set to release a slew of measures aimed at giving the insurance sector a boost.

The measures are aimed at encouraging the sale of microinsurance products, and a plan to increase digitalisation of the industry.

Microinsurance has been one of the main growth drivers for the industry over the past few years, according to IC chief Dennis Funa, who said the commission will push for further expansion of microinsurance into more areas and communities.

Funa said the commission will specifically target increasing micro-preneed product sales and to achieve this, the IC aims to roll out awareness campaigns on microinsurance across the country to penetrate the large untapped market of unbanked and underserved Filipinos.

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