Capitalizing on the progressive economic landscape, leading non-life insurance provider Malayan Insurance seeks to further strengthen its market presence as it encourages its agents to explore more opportunities and push the business forward.
In a training congress recently organized by Malayan Insurance as a way to develop the capabilities of its agency force, RampVer Financials President Rex Mendoza noted that one advantage of the Philippines is its five-year economic growth of 6%, the highest in over 50 years.
Citing the government’s plan to provide a more robust annual infrastructure budget, enhance private-public partnerships, and increase trade and investments, Mendoza is optimistic that continued domestic reforms will lead to growth in the country’s various business sectors.
According to Malayan Insurance Sales Division Head Jun Cotoco, the country’s developing economy will spur expansion in different insurance lines such as engineering, casualty, and information technology.
The Philippines’ industry and services sectors have recently been showing a steady upward trend as manufacturing and public and private constructions progress, thereby boosting engineering and casualty insurance lines.
“Given the burgeoning engineering industry, insurers can now provide protection for necessary equipment,” Engr. Edward Salunson of the Philippine Machinery Management Services Corporation said. “This is in addition to policies that cover structures such as buildings, railways, and power plants, among others.”
Another addition to Malayan Insurance’s wide range of product lines is its cyber insurance, a product that protects corporations against risks posed by increased digital connectivity.
“Cyber insurance is one of our responses to the continuing technology advancements and the rise of the consumer market,” said Malayan Insurance Vice President for Underwriting Arlene Calimag. “The insurance market has been maturing with carriers offering robust cover for first-party and third-party liability losses, and Malayan Insurance sees the opportunities in that.”
