BPI AIA maintains top insurer award, prepares for rising climate-related losses
Top-ranking insurance firm BPI AIA (formerly BPI-Philam) holds the title as the World Finance Best Life Insurance Company in the Philippines for half a decade now. In its Global Insurance Awards this year, World Finance recognized organizations that demonstrate the capability to address the changing needs of customers in a new decade that welcomed a record-high $42 billion in insured losses from natural disasters in the first six months alone.
“The world has been gradually reopening, and in this transition phase, BPI AIA continuously works to be a constant presence in the lives of our customers to help alleviate their fears in the face of immense and unpredictable risks. At the same time, we also prepare ourselves and our customers for this new decade, as experts predict a significant increase in climate-triggered catastrophes that could lead to insurable losses,” said BPI AIA CEO Surendra Menon.
BPI AIA has been consistently recognized by the Insurance Commission (IC) among the top insurance companies in the Philippines, ranking 5th overall and 1st among bancassurance firms in terms of premium income and New Business Annual Premium Equivalent in 2020. This impeccable performance even amid the difficulties that came with the COVID-19 pandemic earned it the coveted recognition.
Prepared for the rainy days
A strategic alliance between financial icons Bank of the Philippine Islands (BPI) and AIA Philippines (formerly AIA Philam Life), BPI AIA makes life, health, and income protection plans affordable and accessible to Filipinos. It is aligned with its parent companies’ Environmental, Social and Governance (ESG) Strategy, allowing BPI AIA to successfully manage the volatility in the global business environment to deliver value to customers in the long term while simultaneously building a sustainable future for the communities it serves.
Built around the five pillars of Health and Wellness, Sustainable Operations, Sustainable Investment, People and Culture, and Effective Governance, the AIA Group’s ESG Strategy guides decision-making to ensure it contributes to a sustainable and healthier development for Asia, its people and its communities, as well as the planet. It is fundamental to delivering on the entire AIA Group’s purpose of helping people live healthier, longer, better lives.
Amid worldwide calls for disaster preparedness due to climate change, BPI AIA urges Filipinos to secure their lives and health first, in order to protect their savings and investments from being wiped out in case of the unexpected. Among the financial services currently available to use as shield from disasters, insurance offers the most comprehensive protection that covers life, health, and accident security.
There are even life insurance plans with investment component called Variable Universal Life insurance (VUL) that accumulate cash value over time, which may be used not only for physical recovery, but also for rebuilding damages from disasters. In addition, life insurance protects mental health by providing policyholders and their families the peace of mind that expenses will be covered in time of need.
In its race against risk, BPI AIA further strengthens its accessible, affordable, and personalized insurance solutions, and makes them widely available via services and tools that are digital, innovative, and easy to use. In 2021, for instance, it brought back its Build Life Plus insurance and investment solution in easy 5- and 7-year payment terms to cater to customers who prefer shorter pay periods. Previously, it launched the comprehensive health plan MedLife Protect Plus, which provides coverage of up to 90% of medical costs to assist customers in times of emergencies.