Malayan Insurance, IFC, Blaze Trail In Women's Insurance Programs in the Philippines
by Faith Dominong | May 16, 2018
Malayan aims to
be the preferred provider of women’s insurance by 2022
A landmark partnership between the Philippines’ leading
non-life insurance company Malayan Insurance Co. Inc. (MICO) and the
International Finance Corp. (IFC), a member of the World Bank Group, aims to
increase women’s access to risk mitigation and financial protection mechanisms.
“A woman is more conscious of the needs of the family. They
are more aware of the risks, and look for ways to mitigate the impact of those
risks,” says Yvonne Yuchengco, president of MICO. “We feel that women are a
huge and underserved market that can be empowered through insurance products
specific to their needs,” she adds.
IFC sees the high growth potential for women’s insurance and
estimates this sector of the industry to grow up to US$ 1.7 trillion by 2030
globally. Over half of this growth will come from emerging markets such as the
Philippines, it adds.
“At IFC, we are focused on creating markets that are
competitive, sustainable, inclusive, and resilient. We provide solutions to
enhance the status of the populations we serve through our intermediaries, and
that includes women,” says Yuan Xu, IFC Country Manager for the Philippines.
“For women, insurance is important as they are more
vulnerable to shocks and more likely to face financial risk over the long-term
then men,” says Esther Dassanou, Women’s insurance lead with the Gender
Secretariat of IFC, adding that “Improved access to insurance would help women
increase their savings, their ability to cope with financial challenges, free
up income for major investments in business, while at the same time protecting
MICO blazes the trail once again in the Philippine insurance
industry by innovating programs to respond to women’s needs. In the country,
nearly half of the estimated 106 million population are women, with an average
life span of 76 years, seven more than men.* “The goal is to position Malayan as
the preferred non-life insurer for women by 2022. We are well-placed to do that
with IFC as our partner,” says Yuchengco.
The Philippines is acknowledged globally for its efforts in
narrowing the gender gap, and this is evident in its consistent standing among
the top 10 of most gender-equal countries in the world.** A snapshot of
Filipinas’ entrepreneurial spirit is gleaned from Trade Department figures
which show that 62 percent of trainees in its programs for micro, small, and
medium enterprises are women.*
“The Philippines does great in promoting women’s rights, but
women are still seen as homebodies,” says Dassanou, citing a need for a
significant shift in the perception of women’s roles in the household and the
economy, as they attain higher education and income levels..
“As we build intelligence on a women’s insurance needs, we
ask ‘What are the things that keep them up at night that insurers can address,”
and “develop targeted value propositions for them at every cycle of their
lives,” says Dassanou..
The two groups realize the exciting challenge ahead in
discovering the needs specific to Filipino women and creating the solutions
that will best serve them. “It’s not a quick fix. We’re embarking on a journey
to address women’s insurance needs, and we’re confident we can do this with
Malayan Insurance,” says Dassanou.
For other inquiries, you may contact:
IFC : Rachel Nalus Quintos, phone: (+632) 465-2708; e-mail: email@example.com
MICO : Martin Dee Yuchioco, phone: (+632) 628-8647; e-mail: firstname.lastname@example.org
About Malayan Insurance Co. Inc. and
the International Finance Corp.
Malayan Insurance Co. Inc. (MICO) is the Philippines’s
leading non-life insurance company, garnering strong credit ratings of B++
(Good) and long-term issuer credit ratings of “bbb+” from A.M. Best, the
world’s oldest and authoritative insurance rating company. MICO’s products are
offered through various channels, including but not limited to, various
agencies and brokers, MICO branches nationwide, and by the Yuchengco Group of
Companies’ financial flagship, RCBC. MICO stands out among its peers in the insurance
industry with awards for Best in Corporate Governance and sustainable Corporate
Social Responsibility programs.
IFC—a sister organization of the World Bank and member of
the World Bank Group—is the largest global development institution focused on
the private sector in emerging markets. We work with more than 2,000 businesses
worldwide, using our capital, expertise, and influence to create markets and
opportunities in the toughest areas of the world. In FY17, we delivered a
record $19.3 billion in long-term financing for developing countries,
leveraging the power of the private sector to help end poverty and boost shared
prosperity. For more information, visit www.ifc.org.
Secretariat Women's Insurance Lead Esther Dassanou, IFC Country Manager to the
Philippines Yuan Xu, Yuchengco Group of Companies Chairperson Helen Y. Dee, and
MICO President Yvonne S. Yuchengco cement the partnership aiming to study and
develop women's insurance programs at Malayan Insurance Co. Inc. (MICO) and the
International Finance Corp. (IFC) MOA signing
Key officers from Malayan Insurance Co. Inc. (MICO) and the International Finance Corp. (IFC) were present for the signing of the Memorandum of Agreement to cement a partnership aiming to study and develop women's insurance programs.
Economic Forum Global Gender Gap report,
** Philippine Statistics Authority, 2018 Fact Sheet on Women and Men, http://www.psa.gov.ph/gender-stat/wmf