The Insurance Commission on Wednesday urged the public to secure insurance against terrorist attacks following the carnage in Barcelona, Spain.
Insurance Commissioner Dennis Funa in a statement stressed the need to have insurance cover against terrorism.
“In the light of the continuing risk of terrorist attacks, it is important that the public is protected against losses and damages resulting from terrorist attacks,” Funa said.
There has been an upsurge in Filipinos traveling locally and abroad amid lower air fare from budget airlines.
“Since the 9/11 attack, terrorism insurance industry has grown exponentially. In the Philippine setting, however, it was only recently that a product has been approved which covers losses as a direct result of a terrorist act,” he said.
The only company offering a terrorism insurance cover is FWD Life Insurance Company.
“While existing insurance products specifically exclude death and disability claims arising from terrorist attacks, FWD developed a product which specifically covers this risk,” the official said.
“As the first insurance product of its kind in the country, the product provides financial protection in the vent of death or serious disability such as total and irreversible loss of sight on both eyes or hearing on both ears, total and permanent inability to use one or both hand or one foot or both feet,” Funa said.
Funa said terrorism was one of the major social issues in our country.
“Considering that terrorism is an indiscriminate attack, any person is exposed to the risk of incurring loss to life, limbs and property. This leaves a significant gap between the likelihood of terrorist attack and the risk we are exposed to upon the happening of such attack,” he said.
Funa urged insurance companies to develop products that will afford protection against losses and damages as a result of acts of terrorism.