Allianz PNB Life Insurance, Inc. will venture into the microinsurance business to help narrow the country’s protection gap.
In an interview, Allianz PNB Chief Finance Officer Efren C. Caringal said the joint venture between German insurer Allianz SE and Lucio C. Tan-owned Philippine National Bank (PNB) is aspiring to launch microinsurance products in the country to address the issue of protection gap or the amount of insurance needed by Filipinos.
“Allianz is very big in microinsurance. I think we’re one of the biggest [globally], particularly in markets like Indonesia and India. Our aspiration is to be able to do that also in the Philippines,” Mr. Caringal told BusinessWorld in an event in Makati City last week.
He added that there is a large potential to insure more Filipinos though microinsurance.
“One of our corporate advocacies is really on the financial incursion. There is a large potential to insure more Filipinos.” — Karl Angelo N. Vidal