Igloo partners with M Lhuillier to bring calamity protection insurance to Filipinos

InsurTech Igloo and non-bank financial institution M Lhuillier have announced a partnership to bring calamity protection insurance to Filipino families through M Lhuillier's branches.

The plans, called Calamity Protect Basic and Calamity Protect Plus, cover death or disability from an accident. They also give cash assistance if the policyholder’s home is damaged by fire, lightning, an earthquake, a typhoon or a flood. Cover runs for a full year and is open to adults aged 18 to 65.

Igloo and M Lhuillier have already helped over 200 families affected by flooding.

Making calamity protection accessible for Filipino communities

The Philippines remains one of the world’s most disaster-prone countries, regularly exposed to typhoons, floods, earthquakes and fires. Yet insurance penetration in the country hovers at around 2%, leaving families financially exposed when crises hit.

Through the partnership, families can get protection at the same branches they already use to send money, pawn assets and pay bills.

Igloo Country Head of the Philippines Ramjit Lahiri said that low-income households are among the least insured in the Philippines, and they are often the hardest hit when a disaster strikes. “Our experience partnering with e-wallets and financial services platforms across Southeast Asia has given us a deep understanding of what it takes to embed protection into user journeys. Many of these families already rely on M Lhuillier for their everyday needs. Now they can protect themselves and their homes for a full year, through a name they trust,” he said.

Accessible protection via platforms Filipinos trust

The partnership extends Igloo’s work embedding insurance in the financial services Filipinos already use. With M Lhuillier’s network of more than 3,000 branches, it puts protection within reach of households historically underserved by traditional insurance.

M Lhuillier President and CEO Michael Lhuillier said that they are always looking for new products to offer their clients, and insurance is an important part of meeting their financial service needs. “Igloo is a trusted partner, and they are offering beneficial insurance products that we believe will be valuable to our customers,” he said.

Source: www.asiainsurancereview.com