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New insurance group president cites need for public protection

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The Philippine Life Insurance Association, Inc. (PLIA) has elected Sun Life Grepa president Richard S. Lim as its new president for 2024.

Lim and the new set of PLIA officer were sworn to oath by Insurance Commissioner (IC) Reynaldo A. Regalado on February 6, 2024 at Dusit Thani Manila.

PLIA’s former treasurer in 2022, Lim emphasized PLIA’s purpose to enhance financial literacy and raise awareness about life insurance, aligning with the government’s goal of fostering financial inclusion and making financial products affordable and available to all.

He underscored PLIA’s three key pillars on supporting industry growth by increasing awareness and accessibility of life insurance; prioritizing Filipinos’ welfare by fostering trust, transparency, and resilience in delivering insurance promises; and enhancing stakeholder engagement.

“We aim to bring about positive changes that will uplift our regulatory environment, and serve as enablers to the market players in bringing out their utmost potential toward the progressive development of our industry. Most importantly, we aim to place the IC and PLIA in a better position to safeguard and promote the interest of the insuring public,” Lim  said.

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PLIA, founded in 1950, serves as the non-stock, non-profit umbrella organization of all life insurance companies operating in the Philippines. With 31 member companies, PLIA plays a pivotal role in shaping and promoting the life insurance industry in the country.

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