MAPFRE Advocates Financial Preparedness and Literacy for Low Income Sector with Microinsurance Program


MAPFRE Insular Insurance Corporation, in support of the government’s inclusive development initiatives, will launch the Kabuhayan at Kinabukasan Alay ng MAPFRE sa Pinoy (KaKAMPi) Microinsurance, a program to help policyholders protect their family from the financial burden of coping with costs associated with the unexpected death of family members. The KaKAMPi Microinsurance program is also an advocacy to promote financial literacy to the low income sector by providing community-based advocacy orientations on the purpose and value of insurance protection. The program aims to ensure that Filipino low income households are financially prepared or “Laging Handa” to face life’s unexpected and financially draining adversities.

The addition of KaKAMPi Microinsurance to MAPFRE Insular’s product lines addresses one of the major concerns of the low-income sector, which is death in the family. Due to lack of financial resources to cope with the expenses related to a loved one’s death, many times, the family of the deceased are forced to resort to desperate coping mechanisms such as depleting their savings, use cash meant for sustaining their livelihood, sell or pawn property, borrow under usurious conditions, and seek financial assistance (“abuloy”) from relatives, friends, and local government officials. Through the KaKAMPi Microinsurance, policyholders can have peace of mind that their family will receive financial assistance in case of death.

The KaKAMPi Microinsurance Community Offices Inauguration will be held on March 29, 2015, Sunday, at Villa Erlinda Town Homes Sarmiento St., Brgy. Novaliches Proper, Q.C. and 367 Litex Road, Brgy. Commonwealth, Q.C. At these Community Offices, Filipinos may avail of Mapfre Insular’s Microinsurance products and learn more information about the basics of protecting their family from financial stress.

The KaKAMPi Microinsurance program is an integrated approach aimed at addressing the low income sector’s perennial problems of livelihood stability and risk protection. It does not only provide greater access to financial services but also provides a financial literacy campaign to develop a strong insurance culture among the marginalized sector. The program also empowers underprivileged Filipinos to create livelihood through microenterprise by providing livelihood capacity building services through Sikap Buhay, a unit under the office of Mayor Herbert M. Bautista. Through KaKAMPi, the sector is also protected from risks of financial loss as a result of unexpected events such as death, accident, illness, and property losses by giving them access to microinsurance.

The program is a collaboration of various stakeholders, which include the Quezon City local government through its Sikap Buhay Entrepreneur and Cooperative Office under Mayor Herbert M. Bautista, which aims to strengthen and ensure sustainable growth of Micro and Small Enterprises; and Cooperatives in Q.C., provide access to microfinancing through partner Microfinancial Institutions (MFI’s), market linkages, and by developing business and entrepreneurial capabilities among the city’s microentrepreneurs.

Other stakeholders are The German Development Cooperation (GIZ),and The Insular Life Assurance Company Ltd., Inc. For more than 30 years, GIZ, a federally owned enterprise that supports the German government in international development cooperation, has been cooperating with Philippine partners in strengthening the capacity of people and institutions to improve the lives of Filipinos. Insular Life, on the other hand, is the first and largest Filipino life insurer which has provided Filipino families with financial protection and wealth management products and services uninterruptedly for the past 105 years. Today, Insular Life has the highest net worth in the entire Philippine insurance industry. 

For more information about KaKampi Microinsurance and MAPFRE Insular’s services, visit www.mapfre.com.ph. 

MAPFRE Insular is a non-life insurance company offering general insurance for optimum financial protection and risk management. It provides insurance services on fire and allied lines, motor vehicle, personal accident, casualty, liability, engineering, marine cargo, surety, and micro insurance.Founded in 1934, MAPFRE Insular today ranks among the top five in the non-life insurance industry in terms of earned premiums, investment income, and net income. MAPFRE Insular is a part of the MAPFRE Sociedad Anonima, the largest insurance conglomerate in Spain. It is also the leading non-life insurance company in Latin America and the 6th largest non-life insurer in Europe. MAPFRE S.A. operates mainly in Spain and in over 47 countries worldwide. It has more than 23 million customers, insured vehicles, and millions of insured homes.

www.mapfre.com.ph

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