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Interest in insurance products is increasing, which will help the industry grow.
An insurance executive expressed confidence that rising public demand in purchasing protection goods, particularly during the pandemic, would help the industry weather the storm.
Pru Life UK senior vice president and chief customer marketing officer Allan Tumbaga stated in a video briefing on Wednesday, September 29, 2021, that insurance take-up is rising, and attitudes support this based on surveys and research.
“If you take a look at it right now, the insurance business is expanding. It may not be as quick as it once was, but given the epidemic and the current limitations, individuals are still obtaining insurance,” he said.
One intriguing outcome of the polls, according to Tumbaga, is a rise in interest in purchasing insurance products, particularly among young people.
“The epidemic has shown that anything may happen to you when you least expect it. It’s always best to be prepared,” he said.
This, according to Tumbaga, is one of the grounds for the insurance industry’s confidence in future development.
“I believe that insurance sales will continue to grow, that the insurance sector will thrive, and that everyone will be better protected and more confident in the future,” he added.
Tumbaga said insurance claims have increased since the epidemic struck last year, but he wouldn’t say how much.
“There was an uptick,” he said, “but I wouldn’t call it significant.”