PHILAM ENTERS MICRO-INSURANCE SECTOR
Philippines-based insurer Philam, a subsidiary of US insurer AIG , is entering the micro-insurance business by providing cover for stonemasons, reports Philippines business publication Business World
. Philam has linked with locally based cement company Lafarge Semento to provide free insurance cover to masons who have completed a training course on safe practices in the workplace. The Philippines has an active microfinance programme, and last year the Insurance Commissioner compelled the local insurance industry to provide minimum wage earners with access to insurance products. LaFarge will conduct seminars throughout the Philippines, promoting greater safety awareness. Those masons who complete the course will receive a year’s free cover from Philam, covering accidental death, disability, medical fees and other accident-related expenses. Lafarge will pay the premiums because, according to Joel Lacsamana the company’s vice-president for corporate communications, “we want to make it part of our corporate social responsibility programme”.
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