Security Bank, PhilBritish offer non-life coverage

Security Bank partnered with PhilBritish Insurance to offer non-life insurance to businesses that are increasingly threatened by property damage and disasters caused by climate change.

“By offering non-life insurance products tailored to the needs of micro, small and medium enterprises and corporate clients, we can help them safeguard their assets and comply with government regulations more efficiently,” Security Bank head of business banking John David Yap said.

PhilBritish offers a range of products, including office/property insurance, company car insurance, and money, salary, payroll and robbery insurance.

Through the partnership with PhilBritish, Security Bank’s business clients can obtain preferential rates and easier processing of applications payments and renewals, and quickly comply with government requirements.

“This partnership enhances our dedication to protecting Filipino enterprises while ensuring they stay compliant with regulatory standards,” PhilBritish Insurance chairperson Rosario Cuyegkeng said.

P2-B in premiums

Established in the 1960s as a fully Filipino-owned company, PhilBritish has gained over P2 billion in premiums as clients aim to minimize financial losses brought by floods, fire and other natural and man-made disasters.

‘This partnership enhances our dedication to protecting Filipino enterprises while ensuring they stay compliant with regulatory standards.’

According to the 2023 Sustainability Report by the Bangko Sentral ng Pilipinas, the country lost P24.4 billion to infrastructure and agriculture damage last year as global temperature reached its hottest with an increase of 1.48 degrees Celsius. This neared the 1.5 limit under the Paris Agreement on Climate Change among multiple countries.

Without speedy efforts to address climate change, the central bank estimates companies to lose a total of P645 billion each year.