Philam Life sees premium growth

MANILA, Philippines - The Philippine American Life and General Insurance Co. (Philam Life) is confident premium income growth this year will equal, if not surpass, the previous year’s performance of P18.3 billion due to the growing popularity of health insurance products.

Since health insurance products were introduced in 2013, Philam Life chief marketing officer Jaime Jose M. Javier Jr. said a third of their first-year premiums (or new business) comprised these products.

“Health insurance will continue to be a major offering for Philam Life,” Javier said during the launching of Philam Vitality, a health wellness program that rewards the policyholders for staying and improving their health.

Of the 30 life insurers, it is estimated that the top 10 players have started offering health insurance either as a complete product or as riders to life insurance policies.

Javier said based on their surveys, health is one of three leading concerns of Filipinos including peace of mind (savings) and comfortable retirement (which includes investments).

Philam Life is already a leader in pure protection insurance products, savings and one of the leaders in investment-linked insurance products.

“Health will continue t0 be a major offering of Philam Life, without prejudice to offering new products looking at the different needs of Filipinos for savings and living retirement,” the chief marketing officer said.

In a survey conducted recently, four of the chronic diseases related to lifestyles is diabetes, cardio-vascular diseases, cancer and lung diseases.

The common concern of Filipinos today is health, although the problem remains in implementing measures to actually improve one’s health condition. Philam Life’s leading health product is Health Invest and Health Invest Plus, both are investment-linked but focus on health issues. Health Invest Plus covers several critical illnesses, which are not covered by health maintenance organizations (HMO).