Digital insurer adds critical illness cover

Oona Insurance, the leading digital general insurer, on Thursday included a Critical Illness insurance package, a significant step as it marks its entry into the local retail health segment, further cementing its commitment to safeguarding the financial well-being of Filipinos.

The Critical Illness Insurance is designed to provide affordable coverage for three major health threats: cancer, heart attack and stroke, which have been significant causes of illness and death in the country.

Oona’s Critical Illness insurance products can be easily purchased online or through Oona’s agents and partner banks.

“Oona’s entry into the retail health segment marks our commitment to closing the protection gap in the Philippines, where only 1.75 percent of the population have insurance, leaving many at risk of financial hardship during critical illnesses. By making insurance affordable, easy to understand, and simple to purchase, we are transforming how Filipinos view insurance — from an optional expense to a necessity,” said Abhishek Bhatia, founder and Group chief executive officer, Oona Insurance.

“Critical Illness insurance is the first of many health insurance products Oona is introducing to the Filipino market. Through digital innovation, our goal is to remove the complexities and high costs typically associated with traditional health insurance,” he added.

Rising cases

The prevalence of non-communicable diseases (NCDs), including cancer, cardiovascular diseases and stroke, is alarmingly high.

According to the Department of Health (DoH), one out of three Filipinos died from NCDs as of 2023. Cancer remains a leading cause of death, with lung, breast and colon cancers being the most common.

Heart disease and stroke are also among the top causes of death, significantly impacting the quality of life and financial stability of many families.

Recent data shows an increase of the said diseases among younger populations.

The DoH has observed a troubling trend where cases of critical illnesses are no longer confined to older adults but are increasingly diagnosed in younger individuals.

On top of this, the financial burden of these illnesses is substantial. For instance, the cost of treating lung cancer can reach up to P2.78 million, while a stroke can cost around P1.8 million.

Studies show that many Filipinos are not financially prepared for sudden medical expenses, often resulting in significant financial hardship and the need to borrow money or sell assets to cover medical costs.