MICROCAPITAL BRIEF: Philippines-based Cebuana Lhuillier Insurance Solutions (CLIS) Launches “Microinsurance on Wheels”

Cebuana Lhuillier Insurance Solutions (CLIS), a Philippines-based insurance provider, reportedly has launched a “Microinsurance on Wheels” campaign in an effort to increase financial literacy including awareness of the benefits of microinsurance products in low-income rural areas of the Philippines. The program will promote the company’s microinsurance plan, Alagang Cebuana Plus, which costs PHP 25 (USD 0.58) for four months of protection from accidental death, dismemberment and fire. The plan covers up to PHP 20,000 (USD 460) for dismemberment and accidental death, and PPH 5,000 (USD 115) in case of fire. As part of the program, CLIS will use eight vans as mobile microinsurance offices in metropolitan Manila, as well as on the islands of Luzon, Visayas and Mindanao. These mobile offices will be used to educate poor Philippine citizens about the purpose of microinsurance and to sell policies in 700 barangays, which are small municipalities.

CLIS reportedly sold 12 million Alagang Cebuana Plus insurance plans in 2012. There are approximately 1,500 Cebuana Lhuillier branch offices in the Philippines. Financial information for CLIS is unavailable.

By Adrija Vaiciulionis, Research Associate

About Cebuana Lhuillier:
Based in the Philippines, Cebuana Lhuillier is the flagship company of PJ Lhuillier, which provides pawnbrokering, international and domestic money transfer, insurance, bill payment and electronic airtime loading services. Cebuana Lhuillier Insurance Solutions (CLIS) offers car, marine cargo, hull and engineering insurance. CLIS offers a micoinsurance plan, Alagang Cebuana Plus, which can be purchased at a price of PHP 25 (USD 0.58) for four months of coverage. The plan covers up to PHP 20,000 (USD 460) for dismemberment and accidental death, and PPH 5,000 (USD 115) in case of fire. CLIS reportedly sold 12 million Alagang Cebuana Plus insurance plans in 2012. Financial information for CLIS is unavailable.

Sources and Additional Resources:

Busines World Online Article, “Cebuana Lhuillier Launches Microinsurance on Wheels,”http://www.bworldonline.com/content.php?section=Finance&title=Cebuana-Lhuillier-launches-%E2%80%98microinsurance-on-wheels%E2%80%99&id=76198

MicroCapital Article, September 23, 2013, “MICROCAPITAL BRIEF: Rizal Microbank of the Philippines Sets Up Eight Mobile Microbusiness Offices (MBOs),”
https://www.microcapital.org/microcapital-brief-rizal-microbank-of-the-philippines-sets-up-eight-mobile-microbusiness-offices-mbos/

MicroCapital Article, July 20, 2013, “MICROCAPITAL BRIEF: AG Finance of the Philippines Embarks on Initial Public Offering (IPO) of $3.4m,”
https://www.microcapital.org/microcapital-brief-rizal-microbank-of-the-philippines-sets-up-eight-mobile-microbusiness-offices-mbos/

MicroCapital Universe Profile: Cebuana Lhuillier Insurance Solutions (CLIS)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Cebuana+Lhuillier+Insurance+Solutions+%28CLIS%29

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