Insurtech firm Igloo and fintech lender Skyro are expanding their partnership to launch a new insurance product that protects households from floods and fires.
The new offering, available to Skyro’s network of more than 700,000 active loan customers nationwide, is the fifth insurance product from the two companies.
Other existing products include accidental and liquid damage, credit loan protection, personal accident and goods protection.
Data from the National Disaster Risk Reduction and Management Council (NDRRMC) showed that the combined impact of the Habagat monsoon and recent tropical cyclones Crising, Dante and Emong affected an estimated 9.7 million Filipinos. Yet, insurance penetration in the country remains below 10 percent, highlighting the need to strengthen financial protection for vulnerable communities.
“Having these insurance options is about making sure people don’t have to start from zero each time they are recovering from the next typhoon,” said John Chen, Igloo country manager for the Philippines and Thailand.
“Through these partnerships, we are bringing insurance closer to everyday Filipinos, those who are most at risk but least protected,” he said.
The Skyro Personal Accident VAS offers protection against common emergencies, combining personal accident coverage with benefits for natural disasters.
The plan can be purchased via the Skyro app for a minimum premium. Customers can access the product whenever they apply for a loan via the app, at a dynamic cost depending on their credit score. The coverage includes property loss due to fire or typhoon-related flood, accidental death or disablement, daily hospital income, unprovoked murder and assault, and accidental burial assistance.
“Disasters don’t give families warnings to prepare financially,” said Dmitriy Vavulidi, head of product at Skyro.
“That’s why together with Igloo, we’re offering coverage that protects against fire and flood damage so Filipinos can feel secure when life throws the unexpected. It’s protection that’s simple, reliable and easy to access,” said Vavulidi.
