In an unpredictable world, one of the best ways to secure you and what’s important to you is through insurance. Yet according to Insurance Commissioner Reynaldo Reglado, the Philippines only has 1.75% insurance penetration despite the numerous benefits it can provide.
We at Pacific Union would then like to extend the various reasons why non-insurance is important and its advantages.
Protects You
Insurance coverage can help protect you and your family from the various hazards in life. Whether it’s a motor vehicle accident or a fire on your property, coverage can guard you from potential losses and help you navigate life with confidence.
One practical example is Motor Car Insurance. Said insurance aids policyholders avoid financial burdens by covering the costs associated with repairs, replacement, or liabilities.
Manages Risk
Risk is defined as ‘uncertainty concerning loss.’
Non-life insurance manages said risk by transferring the financial burden and risk from the insured to the insurance company. Doing so will help you and your client against uncertainties and help mitigate potential losses.
This also enables individuals and businesses to focus on their day-to-day activities without the repercussions of unforeseen events that could disrupt their financial stability.
Peace of Mind
Another advantage of non-life insurance is the peace of mind it can give to its clients. Just knowing that you have insurance coverage in and of itself can be a comfort for individuals and their respective businesses.
It reduces uncertainty whether it’s the fear of paying for a damaged vehicle or compensating for personal accidents. Insurance helps reduce that worry by indemnifying the assured of any covered loss.
Talk to Us
Finally, Pacific Union offers a wide selection of insurance products to protect you and what matters most.
From Motor Car Insurance, Fire Insurance, Engineering Insurance, Personal Accident, Cargo Marine, Surety Bonds, and more, our clients will rest assured that they will be protected from any covered loss.
Discuss with one of the insurance advisors to learn more.
