Amid the uncertainties brought by the coronavirus disease 2019 (COVID-19) pandemic, around nine out of 10 Filipinos are eyeing to buy new insurance products in the next six months, according to a new research from Manulife.
The Manulife Asia Care Survey showed that 87 percent of respondents in the country intend to purchase insurance over the short-term, higher than anywhere else in the region except for Vietnam which is at 91 percent.
The regional average is 71 percent.
The Philippine residents surveyed are most interested in health, hospitalization and life cover, while also interested in investing in retirement and their children’s education.
“We see that the pandemic has turned the spotlight on health and retirement for many Filipinos,” Richard Bates, president and chief executive officer of Manulife Philippines, said.
“Amid all the uncertainty, they are finding ways to take more control of these aspects of their lives,” he added.
More than anywhere else in the region, Filipinos, at 90 percent, say that retirement planning has become more important since COVID-19 started, well above the regionwide average of 73 percent.
The research said this high level of interest in retirement is evident, despite the fact that Filipinos surveyed were the least concerned in the region about a decline in personal wealth (20 percent) as a result of COVID-19. The regional average is 42 percent.
“However, the interest in retirement does reflect their increased focus on achieving financial security amid uncertainty,” Manulife said.