MANILA, Philippines — Insurance giant Insular Life released nearly P4 billion worth of claims last year as policyholders sought funds to tide them over during the pandemic
Insular Life president and CEO Raoul Littaua said the firm issued P3.9 billion in living and death claims in 2020.
The bulk of the releases at P3.2 billion in peso policies and $1.9 million in dollar policies were taken as living benefits in the form of anticipated endowment, cash allowances, annuities and maturity incentives by the policyholders themselves.
The Filipino-owned insurer also released P591.72 million in death and disability claims last year.
“People might think that life insurance proceeds are for last expenses only, or for death claims. The reality is that an overwhelming majority of benefit payouts are for the insured themselves so that they can use the funds at a time like this,” Littaua said.
“This only shows how powerful life insurance can be in terms of its ability to save money and to grow it over time,” he said.
Littaua said Insular Life also offers global funds in which clients can invest on and harvest double-digit returns in anticipation of economic recovery,
He said the firm can assist policyholders return to their business activities to regain the losses they sustained last year.
“As the economy recovers, people would look to resuming their saving and investment activities. We can help them navigate through the various funds depending on their risk appetite; included in our portfolio are global funds which are currently bringing in double-digit returns,” Littaua said.
Littaua said the insurance provider introduced in the first semester new products and services that centers on health and protection.
Insular Life, one of the largest players in the industry, has an asset base of P148 billion and net worth of P37 billion.