MICROCAPITAL BRIEF: Philippine Prudential Life Insurance Company Records Increase in Paid Microinsurance Claims, Premiums

The Philippine Prudential Life Insurance Company, a Philippines-based financial services provider, reportedly announced that its payments for microinsurance claims have increased by 784 percent from PHP 2.49 million (USD 58,400) in 2010 to PHP 22 million (USD 516,000) in 2011. Philippine Prudential also recorded a 186-percent increase in microinsurance premiums collected from PHP 9.34 million (USD 219,000) in 2010 to PHP 26.7 million (USD 626,000) in 2011. Philippine Prudential attributed part of this growth to the efforts of Bangko Sentral ng Pilipinas (BSP), the central bank authority of the Philippines, to expand microinsurance programs in the country [1].

For the year 2010, Philippine Prudential reported total assets of PHP 682 million (USD 16 million). Philippine Prudential’s microinsurance claims paid during 2011 represent 16.8 percent of the PHP 136 million (USD 3.19 million) total amount of claims paid by the company.

By Brendan Millan, Research Associate

About Philippine Prudential Life Insurance Company: Founded in 1963, Philippine Prudential is a Philippines-based financial services provider. Its products include endowment, whole life, group and permanent, credit life Insurance, healthcare coverage, education and pension. For the year 2010, Philippine Prudential reported total assets of PHP 682 million (USD 16 million).

About Bangko Sentral ng Pilipinas (BSP): Bangko Sentral ng Pilipinas (BSP) is the central bank of the Republic of the Philippines. Established under the provisions of the New Central Bank Act of 1993, BSP is headquartered in Manila and has three regional offices performing cash operations and eighteen branch offices. BSP participates in various advocacy programs concerning microfinance, financial education and consumer protection.

Sources and Resources:

[1] Business Mirror: “Prudential Notes Increase in 2011 Microinsurance Claims” by Jun Vallecera. http://businessmirror.com.ph/home/banking-a-finance/26056-prudential-notes-increase-in-2011-microinsurance-claims

MicroCapital.org Article, April 4, 2012, “MICROCAPITAL BRIEF: Microinsurance Reaches 3m in the Philippines, More Expansion Predicted in Microcredit as Commercial Banks Enter Microfinance”, https://www.microcapital.org/microcapital-brief-microinsurance-reaches-3m-in-the-philippines-more-expansion-predicted-in-microcredit-as-commercial-banks-enter-microfinance/

MicroCapital.org Article, March 1, 2012, “MICROCAPITAL BRIEF: Philippine Government Promote Microinsurance With Support from Asian Development Bank (ADB)”, https://www.microcapital.org/microcapital-brief-philippine-government-promote-microinsurance-with-support-from-asian-development-bank-adb/

MicroCapital.org Article, February 13, 2012, “MICROCAPITAL BRIEF: Microcredit, Microinsurance Client Numbers Rising in The Philippines”, https://www.microcapital.org/microcapital-brief-microcredit-microinsuranc

MicroCapital.org Article, October 18, 2011, “MICROCAPITAL BRIEF: In Philippines, Rural Bankers Research and Development Foundation, Government Agencies Support Banks’ Expansion Into Microinsurance”, https://www.microcapital.org/microcapital-brief-in-philippines-rural-bankers-research-and-development-foundation-government-agencies-support-banks%E2%80%99-expansion-into-microinsurance/

MicroCapital.org Article, March 30, 2011, “MICROCAPITAL BRIEF: Bangko Sentral ng Pilipinas (BSP) to Allow Only “Trained and Documented” Financial Institutions to Offer Microinsurance in the Philippines”, https://www.microcapital.org/microcapital-brief-bangko-sentral-ng-pilipinas-bsp-to-allow-only-%E2%80%9Ctrained-and-documented%E2%80%9D-financial-institutions-to-offer-microinsurance-in-the-philippines/

MicroCapital Universe Profile: Philippine Prudential Life Insurance Company, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Philippine+Prudential+Life+Insurance+Company

MicroCapital Universe Profile: Bangko Sentral ng Pilipinas (BSP), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bangko+Sentral+ng+Pilipinas+%28BSP%29

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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