Cebuana Lhuillier, GIZ, and AXA Philippines launch first microinsurance for MSMEs

The Philippines ranks ninth in the world among  countries with extreme weather events in the 2020 World Risk Index, according to the Congressional Policy and Budget Research Department by the House of Philippine Congress. When natural disasters and calamities strike, micro, small, and medium enterprises (MSMEs) are one of the most vulnerable segments. 

 
Since MSMEs make up the majority of businesses in the Philippines today, Cebuana Lhuillier, one of the country’s leading microfinancial services company, has teamed up with AXA Philippines, one of the country’s leading insurance providers, and the German Development Cooperation / Deutsche Gesellschaft fürInternationaleZussamenarbeit (GIZ) GmbH (GIZ), to unveil its newest microinsurance product, the MicroBiz Protek Jr., which will help insure microenterprises against typhoons, floods, earthquake, lightning, and fire for an annual premium as low as P172.

"AXA Philippines is dedicated to sustainability, and we have launched this product in response to the climate and disaster risk that Filipino MSMEs are constantly exposed to.We hope that through this product, Filipino entreprenurs can now enjoy the protection that they need to sustain their businesses during natural calamities and disasters," said Rahul Hora, AXA Philippines President and CEO.

“With the Philippines being one of the top five in the world most at risk for natural disasters, I think it’s only right to offer such a product to our MSMEs. Hopefully, this is something that we can be able to scale and promote for the protection of the MSME sector,” said PJ Lhuillier Group of Companies Vice President and Group Head Jonathan Batangan.

The new product,which was introduced during a recent virtual launch, offers lump sum cash assistance in case of property damage caused by natural calamities and disasters. Moreover, it offers 10 percent personal accident insurance for two employees, 10 percent cover for robbery and burglary, and free emergency assistance through the Emma by AXA PH app.

Likewise, GIZ also shows its support to the MSMEs through this product: “Our private-public partnerships with companies like AXA Philippines is filling parts of the vacuum of climate and risk insurance products in the Philippines, and we are very happy with the development of the MicroBiz Protek Jr.” shared Dr. Volker Steigerwald, GIZ Programme Director.

Also present during the virtual unveiling of MicroBiz Protek Jr. were Department of Trade Industry Undersecretary BlesilaLantayona and AXA Philippines Chief of Retail Propositions Alok Rungta.

Protect your business now by availing of MicroBiz Protek Jr. via https://bit.ly/3gPDMPq. 10/26/2021 (The Lifestyle Portal)

 

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