Singapore-based insurtech company Igloo partnered with Philippine financial services provider M Lhuillier. The partnership brings calamity insurance to more than 3,000 M Lhuillier branches nationwide. Customers can buy Calamity Protect Basic and Calamity Protect Plus at these locations.
What the plans cover
The plans cover accidental death or disability. They also provide cash assistance when a home is damaged by fire, lightning, earthquake, typhoon, or flood. This protection aims to help families in areas frequently affected by natural disasters.
Partnership reach
Igloo builds digital insurance products for businesses and consumers across Southeast Asia. M Lhuillier is a Philippine non-bank financial services company. The companies said their partnership has already supported more than 200 families affected by flooding.
How to buy coverage
Customers can purchase the plans at M Lhuillier branches nationwide. The coverage is open to adults aged 18 to 65. It runs for a full year.
Igloo said insurance penetration in the Philippines is around 2%. That figure represents insurance premiums as a share of gross domestic product. The country has a microinsurance framework designed to improve access to affordable products.