Expect The Unexpected

For lockton philippines insurance & reinsurance brokers ceo vic valledor, providing affordable premiums for the poorest families is vital, especially considering the recent challenges of the covid-19 pandemic.

- Paul Merrill

NAME : Vic Valledor

COMPANY : Lockton Philippines Insurance & Reinsurance Brokers

POSITION : CEO

LOCATION : Manila, Philippines

Less than 10 per cent of the population in the Philippines have any form of insurance. Many eye it with suspicion and prefer to take their chances while others can barely afford to feed their families, so monthly premiums are out of the question. The insurance penetration rate is only three per cent, half the global average, while nearly one in five live below the national poverty line. If the main breadwinner becomes incapacitated or a natural disaster strikes – as they do too often – the implications of being uninsured can be catastrophic.

Fortunately, the situation is gradually improving thanks to a voluntary scheme, initiated by Lockton Philippines Insurance & Reinsurance Brokers, called micro insurance that allows the poorest citizen to pay a very low premium – from around US$2.50 a year – to cover their basic needs, provided they are members of the Home Development Fund more commonly known as Pag-IBIG Fund, a government agency whose membership basically constitutes the entire workforce of the country.

According to Lockton Philippines CEO Vic Valledor, the scheme has been a lifesaver for those most in need. “It’s been a very effective strategy to help those on low incomes guard against disaster,” he tells The CEO Magazine. “Premiums are affordable and only essentials are covered such as hospital treatment, fire damage or ambulance costs.”