FWD Life expands in Baguio, Davao

With the Philippine population ratio of insured people expected to grow further, insurance company FWD Life Philippines has started to expand its operations to cover more Filipinos.
FWD Life Philippines recently opened two business hubs in the cities of Baguio and Davao, two heavily populated areas, to penetrate further the uninsured market.

The two recently-opened branches will serve as home to the company’s growing agency salesforce and client base in both cities. Both Baguio and Davao, both are highly urbanized first class cities,  have over 400,000 population.

FWD Life Philippines, whose vision is to change the way people feel about insurance, sees the continued emergence and development of Baguio City as a strong indication that it will continue to significantly contribute to the company’s presence and business performance in the country.  

Peter Grimes, the insurance firm’s president and chief executive officer, led the opening ceremonies of the two latest branches which put to eight FWD’s total number of offices since investing in the country some years ago. FWD now has four offices in national capital region, and one each in Cebu City and Cagayan de Oro.

Insurance penetration in the Philippines is so low with only less than five percent of the country’s 105 million people covered, the Insurance Commission said. Life insurance has the lowest penetration level in the country compared to non-life, it added.

An independent study by one of FWD’s competitor estimated the backlog in insurance coverage of the 95 million uninsured Filipinos at around $320 million to $350 million as of end-2014. 
The severe coverage backlog puts the uninsured risk with expenses for life-threatening diseases estimated to be around P1 million to P2 million for a year of treatment, data from other sources said

By: Ed Velasco

News Source: Tribune