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MANILA - The Pioneer Group of Insurance Companies plans to grow its microinsurance business this year, eyeing the sale of P100 million worth of new policies.
In a briefing, Lorenzo Chan, Pioneer Life president, said the company has sold microinsurance policies to 500,000 Filipinos last year, or four times the number in 2010.
“The microinsurance market is simple yet it comes with its own set of requirements. The situation is such that we must simplify forms and processes and ensure ease of claims filing. We took up that challenge,” Chan said.
“In the next three to five years we expect to at least mimic the growth trajectory we’ve had,” he said.
Pioneer’s life insurance business generated gross premiums of P1.2 billion last year on the back of P5 billion in assets. Its non-life business generated gross premiums worth P3.8 billion on the back of P12 billion in assets.
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