Recognizing the best in non-life insurance

MANILA, Philippines - When tropical storm “Ondoy” flooded Metro Manila in September 2009, one particular industry was thrust into the limelight – the non-life insurance industry. With billions worth of property such as cars, houses and machineries submerged in water, Filipinos suddenly realized how important it was to be insured.

Indeed, the importance of non-life insurance is only being discussed in times of catastrophes. It is only when tragic events like a road accident or a sea disaster happens that Filipinos tend to think of insurance.

But that should not be the case. For non-life insurance in the Philippines to grow and be as progressive as those in first-world countries, more Filipinos should patronize it. And for this to be realized, Filipinos should be made aware of the best companies and the products that are available in the industry.

With this in mind, the Philippine Insurers and Reinsurers Association (PIRA), the umbrella organization of all non-life insurance companies in the country, is launching the first Philippine Non-Life Insurance Awards Night, or simply PIRA Awards.

Set on Oct. 21 at the ballroom of The Peninsula hotel, the first PIRA Awards is a red-carpet affair that is expected government leaders as well as top-level executives from PIRA’s 84 member-companies as well as other industry associations.

Michael F. Rellosa, chairman of the organizing committee, said they are working make the PIRA Awards an annual industry gathering which will serve as the culmination of the Insurance Consciousness Week that is being held every third week of October.

“We are working to make the PIRA Awards a yearly search for the best of the Philippine non-life insurance industry,” he said.

Rellosa said for its initial year, the PIRA Awards has only four categories.

The first two categories are Best in Corporate Governance and Best Corporate Social Responsibility (CSR) program. These are open to all PIRA member companies.

The third category – Best in Insurance Education – is open to insurance companies as well as public or private colleges and universities that teach risk management or insurance.

The fourth category – Best in Insurance Journalism – is open to members of the media who report about insurance in newspapers, magazines, radio, television or the Internet.

Rellosa said the theme of this year’s PIRA Awards is “Celebrating Malasakit.” PIRA is promoting the value of “malasakit,” a Filipino trait that means genuine concern.

PIRA believes that “malasakit” is the value that enables individuals and companies to do more or give more than what is expected of them, hence must be encouraged and recognized.

“This is the ‘X factor’ that our judges will look for when they choose the winners of the first PIRA Awards. Who among the PIRA member-companies have ‘malasakit’ for their employees, for their clients, for our country? We will know on October 21,” Rellosa said.

Prior to the awards, there will be a Non-Life Industry Stakeholders Conference in the morning and afternoon of October 21, also at The Peninsula.

This conference, which is another first under PIRA, will gather industry players to discuss important issues, among them the required build-up in paid-up capital of insurance companies, the minimum premium rates that must be applied on various insurance lines, the revision of the Insurance Code and other topics.

Experts in engineering, weather forecasting, and law enforcement have been invited to provide insights on other timely issues such as earthquakes, typhoons and carnapping. ?

Other details about the conference and PIRA Awards are available on to www.pirainc.org.