Fortune Gen Insurance sees 36% sales hike

Fortune General Insurance Corp. (FGIC), a non-life insurance company owned by the family of Amb. Antonio T. Cabangon-Chua, is looking at ending the year with sales of as much as P425 million, up by 36 percent from the previous year.

FGIC president and chief operating officer Michael Rellosa said the growth will come from the expected sales of new innovative products and the intensified promotional activities being undertaken by the company to boost its client base.

Last year, FGIC registered sales of P312.4 million, ranking 22nd among 95 insurance firms.

Next year, Rellosa said the company is projecting sales to grow by between 15 percent to 20 percent to around P480 million.

Joel Tabing, senior assistant vice-president for Branch Operations, said higher sales will come from Viaje Travel Insurance, a short-term prepaid travel insurance for the traveling public, and the soon-to-be launched PA Plus, an innovative accident and health plan that comes with a privilege card.

Tabing said the firm has sold around 10,000 Viaje Travel Insurance cards since its launch last year. The public can avail of the Viaje travel cards for as low as P20. This product provides protection for the traveler against the misfortunes of accidental health and disablement during travel coverage.

Rellosa said the company is likewise confident that PA Plus will be received warmly by the public, particularly those looking for an affordable accident and health plan during these difficult times.

For only P2,800 a year, one can already enjoy the following benefits: hospital admission guarantee, medical consultation, daily hospital allowance and intensive care unit benefits.

Tabing said FGIC is hoping to sell 10,000 PA Plus plans within 12 months from its launch.

As of end-2004, FGIC had a paid-up capital of P119.34 million, well above the required P50-million paid-up capital requirement for insurance firms.

By yearend, Rellosa said the company is looking to raise its paid-up capital to P200 million.