A study by Hong Kong-based insurer AIA Group, parent company of AIA Philippines, showed majority of the respondents in its eight markets including the Philippines are more likely to save and invest on their financial security and protection moving forward, despite reports some of the pandemic-induced economic challenges are likely to stay until late next year.
Consumer spending allocations for insurance premiums in the Philippines jumped 27 percent in 2021, or 18 percent higher than pre-pandemic levels. This indicates heightened interest in using insurance as a way to cushion the impact of future economic setbacks, according to the study.
Study results also showed a stronger interest in insurance with 75 percent of Filipinos agreeing insurance has become more important than ever to provide better protection in case of unexpected incidents, and 27 percent saying they plan to increase their allocation of funds for insurance.
“The pandemic made everyone realize the need for protection, even among those who are non-believers of insurance,” said Tennyson Paras, AIA Philippines associate director for products. “And this is why we developed AIA All-in-One Plus, a new product that provides leveled up protection that Filipinos are looking for during this time of uncertainty.”
AIA All-In-One Plus is a comprehensive variable unit link whole life insurance plan with added benefits. It protects the policyholder against four major risks: death, accident, disability and critical illness.
