Mindanao Leads in Insurance Growth

Apr. 06, 2006

DAVAO CITY — Mindanao is leading the growth in the countrys insurance industry, with better potentials compared to Luzon and the Visayas, insurance officials said on Wednesday.

Mindanao, in fact, is the highest growing market for all the products of Philam Life, one of the countrys top insurance companies.

Melvin Esteban, vice president for segment marketing of Philam Life, attributed the growth to the types of market on the island, noting the high presence also of overseas Filipino workers in the region.

People nowadays are more conscious about where to put their money, Esteban said at the Club 888 Forum of The Marco Polo Hotel on Wednesday.

Philam Life unveiled here two new products on Wednesday, the Milestone and the Money Tree, which are both investment and savings products.

Annagel Ledesma, vice president for Mindanao of Philam Life, said that in 2003, Mindanao had a 21-percent growth rate in insurance, the highest ever. She said the growth continued up to this year, making the island the leader in terms of growth all over the country.

Ledesma said insurance companies used to have individuals for clients. Today, the market now varies, with organizations, business companies and corporations. OFWs, meanwhile, account for about 20 percent of Philam Lifes policyholders. (PIA)

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