An insurance executive has expressed optimism that the increasing people’s interest in getting protection products, especially during the pandemic, can help buoy the sector during these challenging times.
In a virtual briefing on Wednesday, Pru Life UK senior vice president and chief customer marketing officer Allan Tumbaga said insurance take-up is increasing and sentiments support this based on surveys and research.
“If you look at it now, the insurance industry is growing. It may not be very fast like before but what we see is that given the pandemic, given all the restrictions we have now, people are still getting insurance,” he said.
Tumbaga said one interesting result of the surveys is the increased interest especially of young people to purchase insurance products.
“The pandemic has shown that anything can happen to you because nothing is expected. It’s better to be prepared always,” he added.
Tumbaga said this is one of the reasons for the insurance sector’s optimism for growth.
“I foresee that insurance sales will continue, the insurance industry will prosper, and everyone will be more protected and they will be more confident looking forward to the future,” he said.
Tumbaga said insurance claims rose since the pandemic hit last year but he declined to give any figures.
“There was an increase but I wouldn’t call it drastic,” he added.