MICRO-LIFE OFFERING LAUNCHED IN PHILIPPINES

Philippine American Life and General Insurance co (Philamlife), a subsidiary of New York-based AIG, has launched a micro-insurance product which the Philippines-based operation said was not just the first of its kind in the Philippines, but also the first of its type from any AIG group company. Under the scheme a 10 peso subscription purchases 15 days of cover worth 10,000 pesos against accidental death. The policy, called Aksitext, is packaged like a pre-paid cellular phone card and is activated by a text message. The SMS texting system is a popular means of communication in the Philippines. Philippines Insurance Commissioner Evangeline Escobillo welcomed the introduction of the product, saying that, with micro-insurance, the government could achieve its ambition of seeing 20% of the population being covered by the end of next year.