Despite its frightening numbers, COVID-19 was not the leading cause of death in the Philippines last year.
According to the Philippine Statistics Authority, from January to October 2021, the number one cause of mortality in the Philippines remained heart diseases, accounting for 18.3 percent of the total cases.
But if there has been a silver lining to the COVID-19 pandemic, it is that Filipinos are now looking to learn more about insurance, and getting protected.
“Filipinos have always been highly underinsured,” said AXA Philippines President and CEO Rahul Hora in a recent interview.
“Even prior to and beyond COVID-19, there have been and always will be prevalent and real threats to life and health. These can, and all too often do, have catastrophic consequences for the underinsured,” Hora added.
Data from a study by NielsenIQ done during the pandemic, called “Winning in the Insurance Category during COVID-19,” has shown that Filipinos are now more willing to invest in insurance.
In the new normal, 98 percent of Filipinos now consider insurance important, and 65 percent regard it as a need, not just a want.
Pre-pandemic, at least six out 10 patients in the Philippines die without ever seeing a doctor.
And when Filipinos get sick, they shoulder 56 percent of total health expenses, out-of-pocket.
Disease is only one problem, though, as the Philippines is likewise prone to disasters, including destructive typhoons.
Natural disasters, accidents, and the general unpredictability of life pose real risks to homes, vehicles, businesses, income, and even travel.
For most working Filipinos, such assets are irreplaceable. However, with insurance, the sudden loss of any of these does not have to be drastically life-altering.
“As a general rule, if you can’t afford to replace something immediately, it should be insured. To not have adequate coverage for any such asset is to be underinsured,” Hora said.
In response to the COVID-19 pandemic, AXA has greatly improved online access to insurance and related services.
Since smartphone penetration in the Philippines is very high at 74.1 percent of the total population, AXA decided to engage Filipinos in the digital space.
Emma by AXA PH is an award-winning insurance app, where customers can get advice on what plans might be suitable for them. Through Emma, they can make purchases, pay premiums, review their benefits, access health services such as telemedicine, contact emergency services, and even file claims.
“Emma is the start of the solution to the problem of underinsurance. To end underinsurance, and ultimately to end the catastrophic consequences that adequate insurance can help avert, is something Filipinos need to resolve to do,” Hora said.