Insular Life Insurance is expecting to increase its insurance rates this year. This is due to an increasingly strong demand for its insurance products, which they have recently discovered is a result of the economic crisis.
After watching industry rates plummet by 34% last year, Insular expects the new increase to raise rates by 8 to ten percent. Officials at Insular believe that people are more inclined to spend their money on basic life protection instead of frivolous expenses, which is why there is such a great demand for life insurance coverage. While many insurance providers are giving their customers reduced rates, which come hand in hand with reduced coverage, Insular’s rate hike will provide customers with more protection, which is what they are essentially looking for in a time of economic crisis.
In the first quarter of 2009, Insular made 36% more in premiums, as more and more customers were opting to buy traditional life insurance. Insular’s life insurance products offer basic and essential protection with short payment periods, a very attractive prospects for insurance consumers.
Insular will celebrate its 100th anniversary in 2010, and its long term success can be attributed to a strong foundation in providing essential insurance services with firm policies. In its Centurion career, Insular has seen quite a few recessions and has always emerged profitable. They are a company dedicated to its customers, and it shows, as they are the largest Filipino-owned insurance provider in the country.