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New Year's resolutions

By Herminia S. Jacinto


Happy New Year! Welcome 2025, the Year of the Snake! As I write this column, I can smell the nice aroma coming from the kitchen. Everyone is busy preparing for the coming of the new year but it seems we will welcome 2025 with umbrellas and raincoats. It has been drizzling since early afternoon and may turn into an honest to goodness rain. Not to worry. My grandmother used to say that rain symbolizes blessings. Rain is most welcome by the farmers and their crops. Kids like the rain, too.


Much later in life, I still like rain, but I also now worry about it — rain may develop into a strong typhoon which causes floods, destroys property and plants. Insurance people like me are like weathermen. We monitor weather events and worry about the insurance protection that our clients may or may not have when these events occur.


This is the time of the year to make our New Year's resolutions. I was watching a favorite game show the other night and one of the questions was, "What is the most popular New Year's resolution especially among ladies?" Both contestants got it — "to go on a diet!" Going on a diet and losing unwanted weight is not only for looking good but most of all, feeling good.


As we write down other New Year's resolutions, let us not forget the "promises" to protect ourselves and our properties. Have we reviewed the insurance covers on our homes, be it a single-detached house or a condominium unit? These properties increase in value over time, and the insurance cover should be updated. Insurance companies normally do a "Insure to Value" campaign, but this may not be done every year and by all the companies. It therefore behooves on property owners to consult their insurance companies' agents or representatives on how to update their insurance protection. When the property is mortgaged, the bank or lending institution will, most likely insure the property up to the amount of their exposure, the loan balance. Experience has shown that many fires have occurred in December, especially in the last week. I recall many years back, an upscale shopping area in Makati burned down as the year was ending and fireworks drowned the noise caused by the explosion. No matter how property owners take the much-needed safety measures, accidents do happen. So, update your property covers!


The question that has become very relevant today is whether the property has adequate typhoon and flood protection. One cannot now say that their area is not prone to flooding. The recent typhoons and floods have not spared even some of the classy subdivisions. Typhoon Katrina, which affected the Bicol Region, especially Naga City, caused floods which reached the roof of single story houses and the second floors of some. Vehicles were floating around the road bumping one another!


I asked a favorite nonlife insurance agent — what if my car is one of those which bumped another one during the floods. Both cars were damaged and one does not have the flood cover? That's a bit complicated, and you need me, according to the agent, to explain this to both of you. Thank God for insurance agents! They are professionals who are well-trained by their principal insurance companies or at our Insurance Institute for Asia and the Pacific. They can answer all your questions about insurance. There are many other lines of insurance that are designed to protect lives, events and property in both our personal and business activities but that will be for other columns. This time I just discussed those that are very relevant to the New Year.


I will end this article by informing everyone that the insurance industry, which is composed of eight composite (life and nonlife), 26 life insurance companies, 46 nonlife insurance companies, 66 insurance brokers and 17,540 nonlife insurance agents, is here to serve the requirements of the insuring public. Of course, we also recognize the close supervision by our Insurance Commission headed by Insurance Commissioner Reynaldo Regalado and his team.


Cheers to the Philippine insurance industry! May 2025 be a prosperous year for all!



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