Friday 16 January 2015

Insurance industry to grow by 40% in 2015


Sun Star
Pru Life UK Philippines is planning an expansion program as it sees brighter prospects in the country's insurance industry for 2015.
Xenas Kintanar, Pru Life UK Philippines Visayas-Mindanao sector head, said in a press conference on Thursday there are more Filipinos who are now "comfortable" in investing in insurance.
She said they are projecting the insurance industry in the Philippines to grow by 40 percent this year.
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Kintanar said with the stable political and economical climate, they are looking into expanding outside of key cities like Manila, Cebu, and Davao City.
She said the firm’s branches in Mindanao are in the cities of Davao, Cagayan de Oro, Butuan, and Iligan, with a satellite office in General Santos City.
Kintanar said they plan to upgrading the General Santos office into a full branch.
She said they are hoping to partner with more general agencies as part of the expansion.
Borromeo Insurance Agency Inc. (BIAI), a general agency that is an exclusive distributor of Pru Life UK products in Davao City,plan to expand in Tagum City, Digos City, and Mati City.
Kintanar said they will be recruiting some 8,000 new agents as their operations grow.
Pru Life Uk Philippines has over 80 branches in more than 40 locations nationwide offering life insurance portfolios, which includes unit-linked or investment linked, traditional, accident and health, group life, and term products.

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