<\/p>\n
SINGAPORE \u2014 Pioneer Group of Firms sees rising demand for \u201csachet-style\u201d insurance products as climate-related risks heighten vulnerabilities amongst low-income communities within the Philippines.<\/p>\n
\u201cYou really need to empower people. You would like them to take responsibility for his or her lives. But they’ll\u2019t if there\u2019s no tools,\u201d Pioneer, Inc. President and Chief Executive Officer Lorenzo O. Chan, Jr. told reporters on the sidelines of the Philanthropy Asia Summit (PAS) on Tuesday.<\/p>\n
He said inexpensive microinsurance products have gotten increasingly vital for low-income households exposed to typhoons, flooding, crop losses, and other climate-related disruptions.<\/span><\/p>\n \u201cPeople think if I help the poor, if I insure the poor, there is no such thing as a business case. [But,] there may be business case,\u201d he said.<\/p>\n The Philippines was ranked the world\u2019s most disaster-prone nation for the 21st<\/sup> straight 12 months within the 2025 WorldRiskIndex by Germany\u2019s B\u00fcndnis Entwicklung Hilft and Ruhr University Bochum.<\/p>\n \u201cThere are enough insurers, there are enough needs. What we’ve is a scarcity of those willing to look beyond the business case to present it a go,\u201d Mr. Chan said.<\/p>\n Pioneer\u2019s microinsurance products are primarily distributed through CARD Pioneer Microinsurance, Inc., its three way partnership with CARD Mutually Reinforcing Institutions (CARD MRI).<\/p>\n Within the Philippines, the Pioneer group includes Pioneer Life, Inc., Pioneer Insurance and Surety Corp., M Pioneer Insurance, Inc. \u2014 its three way partnership with Manila Electric Co. (Meralco) \u2014 and CARD MRI.<\/p>\n Under Republic Act No. 10607, or the Insurance Code of the Philippines, microinsurance every day premiums cannot exceed 7.5% of the every day minimum wage for a non-agricultural employee in Metro Manila.<\/span><\/p>\n Mr. Chan said the corporate plans to expand its microinsurance offerings for farmers and fisherfolk.<\/p>\n Last 12 months, Pioneer partnered with Nestl\u00e9 Philippines to supply crop insurance for coffee farmers in Sultan Kudarat to assist protect production against climate-related risks.<\/p>\n In 2025, the group recorded 36.7 million enrollments in its microinsurance products and generated greater than P4 billion in premiums.<\/p>\n In line with Insurance Commission data, Pioneer Insurance was the highest nonlife insurer last 12 months when it comes to premium income, with P6.903 billion in net premiums written. \u2014 Beatriz Marie D. Cruz<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" PHILIPPINE STAR\/MIGUEL DE GUZMAN SINGAPORE \u2014 Pioneer Group of Firms sees rising demand for \u201csachet-style\u201d insurance products as climate-related risks heighten vulnerabilities amongst low-income communities within the Philippines. \u201cYou really need to empower people. You would like them to take responsibility for his or her lives. But they’ll\u2019t if there\u2019s no tools,\u201d Pioneer, Inc. President […]<\/p>\n","protected":false},"author":1,"featured_media":339606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[4532,646,6594,14264,52073,3731],"class_list":["post-339605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-demand","tag-growing","tag-insurance","tag-pioneer","tag-sachetstyle","tag-sees"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/339605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=339605"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/339605\/revisions"}],"predecessor-version":[{"id":339608,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/339605\/revisions\/339608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/339606"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=339605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=339605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=339605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}