Singapore-based insurtech Igloo partnered with M Lhuillier, a non-bank financial services firm in the Philippines to sell calamity insurance through more than 3,000 branches nationwide.

The plans cover accidental death or disability and provide cash assistance if the policyholder’s home is damaged by fire, lightning, earthquakes, typhoons, or floods.

Igloo and M Lhuillier said the partnership has already helped more than 200 families affected by flooding.

Igloo said insurance penetration in the Philippines is about 2%. This measures premiums as a share of gross domestic product, not the proportion of households with insurance. The country also has a documented framework for microinsurance.

🔗 Source: Igloo