MALAYAN INSURANCE, IFC BLAZE TRAIL IN WOMEN’S INSURANCE PROGRAMS

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.

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 Esther Dassanou, Women’s insurance lead with the Gender Secretariat of IFC.