Ondoy and insuranceBy Randell Tiongson on September 29th, 2009
Insurance has been something people felt they do not need. The Philippines is one country that is severely under-insured in both Life and Non-Life (Property & Casualty).
Insurance is still the best tool for risk management by virtue of a risk transfer mechanism. For those who are wondering if their cars and properties are covered by insurances… yes, if they have the proper coverage such as Flood and AOG (Acts of God).
Loss of life and property is crippling, financially and insurance can really help — despite not being popular among us Pinoys. Maybe it’s time we look at insurance in a new view.
Insurance companies that do not ‘re-insure’ will be in trouble, that’s for sure!
Check out my old blogs about Motor Car Insurance
We must always be prepared… financially, and more importantly, spiritually. My 2 cents.
“For in the days before the flood, people were eating and drinking, marrying and giving in marriage, up to the day Noah entered the ark; and they knew nothing about what would happen until the flood came and took them all away.”
(Matthew 24:38-39, NIV)