Igloo and M Lhuillier offer calamity insurance at over 3,000 branches nationwide

Insurance technology firm Igloo and non-bank financial institution M Lhuillier have partnered to sell calamity protection insurance through M Lhuillier's network of more than 3,000 branches across the Philippines, according to Mindanao Times.

Two plans are on offer, Calamity Protect Basic and Calamity Protect Plus. Both cover death or disability resulting from an accident, and both provide cash assistance if the policyholder's home is damaged by fire, lightning, an earthquake, a typhoon or a flood. Coverage lasts one year and is open to adults aged 18 to 65. The companies said the plans are available at M Lhuillier branches nationwide. The report did not give premium rates or payout amounts.

The companies noted that the Philippines is among the world's most disaster-prone countries, while insurance penetration stays at about 2 percent. They said the arrangement is meant to reach households that have historically been underserved by traditional insurers, by selling cover at branches people already visit to send money, pay bills, pawn items or take out loans. The two firms said they have already assisted more than 200 families affected by flooding.

Ramjit Lahiri, Igloo's country head for the Philippines, said low-income households are among the least insured and "are often the hardest hit when a disaster strikes." M Lhuillier president and chief executive officer Michael Lhuillier said insurance is an important part of meeting clients' financial service needs and that the company hopes to grow the business with Igloo.