Colleagues in the Industry, our Friends from the Motoring PRESS, Fellow stakeholders' dear friends, a pleasant morning to all. Thank you for joining us this morning for PIRA's Road Safety Campaign kickoff, a very important endeavor as we experience 72,000 road accidents in the NCR region alone per year as gleaned from the MMDA's 2022 Stats published in their website. Too little is known about the road incidents that occur throughout the country annually. With a bit of imagination, you can guess the total monetary value of the lives lost, salaries and wages that would have been earned by these accident victims and their contribution to society and the economy. Incalculable. But the fact if these accidents could have and should have been avoided.
Unbeknownst to many, the Insurance Industry plays a key role in promoting Road Safety as it should! The industry insures almost 14 million vehicles on an annual basis locally. This helps to reduce the cost of road accidents to society and the economy. Without insurance, these costs are solely shouldered by the driving public, vehicle owners, pedestrians, or the general public at large. If insured, then the industry shoulders the effects in exchange for a small premium. So, Road Safety results in lives saved, victims compensated, economic effects cushioned and thus benefits everyone. Going forward, part of the campaign will also allow the insuring public to understand the coverages that they have, get a better understanding how insurance works and therefore be able to maximize their coverages. This is just a first step in our shared journey to safer roads and we invite you to be an active part of it and not just a spectator. An all society approach is w hat we need to meet our goal.
We are very fortunate to have with us a slew experts on the subject who are willing to share their time, knowledge and expertise. Given their unique perspective, we hope that the insights and knowledge shared would serve as a catalyst for a shift in our behavior on the road, be it as a driver, a passenger, pedestrian, or law enforcer. We all share the roads and are all in this together.
Maraming Salamat po and may we all have a fruitful morning ahead of us. -ED Mitch
