AXA Philippines said it teamed up with PhilPacific Insurance Brokers & Managers Inc. (Philinsure), Grab and MOVE IT to provide crucial protection to gig workers, a sector often excluded from traditional financial safeguards.
Under the partnership, thousands of Grab and MOVE IT drivers and riders will receive up to P1 million in insurance coverage under the companies’ incentive-based program. This aims to ensure these workers can operate with greater confidence and peace of mind, knowing they have financial protection.
“Ensuring inclusive protection has always been a core part of our mission. At AXA, we believe that every worker, regardless of employment status, deserves financial security and support,” said AXA Philippines president and chief executive Ayman Kandil.
“Gig workers demonstrate the same dedication, hard work, and competence as traditional employees, and it’s time they have access to the protection they deserve,” Kandil said.
Kandil said the partnership with Grab, MOVE IT and Philinsure is a concrete step to close the protection gap for gig workers in the Philippines, especially drivers and riders who face daily risks on the road.
Philinsure, a key partner in the initiative, said it shares the same vision of financial security for all, combining its microinsurance expertise with AXA’s insurance solutions.
The gig economy in the Philippines is rapidly expanding, with freelancers, ride-hailing drivers and delivery riders making significant contributions to the workforce. Unlike traditional employees, many gig workers lack job security, health benefits and insurance coverage, leaving them vulnerable to financial risks during medical emergencies or accidents.
Despite a 208-percent increase in freelance earnings from 2019 to 2020, according to the Philippine Institute for Development Studies, the lack of financial protection remains a major challenge. Recognizing this gap, AXA Philippines, a major life insurer in the country, is aiming to empower gig workers with accessible, relevant and sustainable protection solutions.
AXA said it is committed to making insurance inclusive and accessible, ensuring underserved communities have the financial security they need. Through AXA EssentiALL, its global inclusive insurance unit, AXA delivers affordable, tailored solutions to those traditionally lacking coverage.
Operating in 14 markets with over 14 million customers as of 2023, AXA EssentiALL aims to help communities build financial resilience against life’s uncertainties.
