CEBU, Philippines — Insurance giant AXA Philippines announced the completion of its merger with its former general insurance subsidiary Charter Ping An Insurance Corporation (CPAIC).
CPAIC was acquired by AXA in 2016 but non-life insurance continued to be sold under that CPAIC name. With the official merger deal, all products under CPAIC will bear the AXA name.
In a statement, AXA Philippines explained that Filipinos need only remember AXA Philippines as the one name for their life and non-life insurance needs, and with this development, “getting insured has become far more convenient than ever before, and if we add to that the digitalization that the pandemic has somehow expedited, Filipinos have responded.”
In 2021, the Philippines had the highest insurance penetration in our history according to the Insurance Commission. The growth continued in 2022, with Filipinos spending 48.16 percent more on insurance than in 2021.
However, even these figures are far below the global standard, and even the already low regional standard.
A proponent of the digital transformation that has allowed many more Filipinos to protect what matters, AXA Philippines—born out of the joint venture partnership between the AXA Group from France and the local financial conglomerates Metrobank and GT Capital—has also made it more convenient for customers to take out insurance since there is only one name to trust for all their insurance needs, be it for loved ones, their lifestyle, or their future.
Aside from life and health, far too many (even among the insured) overlook the importance of insuring their assets, such as home insurance, home insurance does not apply only to physical property damage caused by accidents or calamities, but also covers injuries to people from accidents within the home.
With leisure travel back in full swing, most still don’t know that travel insurance covers not only medical needs while abroad, but also inconveniences such as flight delays or cancellations, and lost luggage, among others.
In the interest of making the process of getting protection for the things that matter more accessible AXA Philippines formalized its merger with CPAIC.
AXA Philippines offers insurance solutions for life, health, property, cars, and travel, customers can get all the protection they need from a single global insurance leader.