The country’s leading foreign bank recently launched a customer education campaign aimed at raising awareness for the need for insurance.
The campaign comes at the heels of Citi disclosing a recent study by Swiss Re which estimates that Asia’s risk protection gap, or the difference between the amount that one is currently protected for and the amount one needs to earn to ensure his family is adequately covered, is seen widening to $528 billion over the next five years.
According to Citi’s insurance partner AIA of Hong Kong, the current gap equals about 6.6 times the current amount of life insured in the markets.
“In the Philippines, the estimate stands at $528 billion by 2020,” the bank explained. The gap is also expected to skyrocket in many markets such as Singapore at $570 billion, China at $46 trillion, Hong Kong at $763 billion, and Indonesia and Thailand at $11 billion and $10 billion, respectively.
“The widening protection gap underlines the growing need for innovative, compelling and meaningful savings and protection offerings by consumers in markets all around the region,” the report added.
Addressing the concerns of all the Filipino providers, Citi has rolled out a new campaign called “Have You Done Enough?” This platform, according to the bank, targets to explain the risk of underinsurance and the importance of having long-term plans. It also aims to inspire clients to assess their insurance needs.
“Our clients are beginning to understand the importance of having protection products in their portfolio. The challenge here is not just having protection, but the right amount of protection to ensure a secure financial future. We will continue to leverage on our long relationships with our clients so they can close the protection gap in their financial planning,” said Bea Tan, Citi’s consumer banking head in the Philippines.
The campaign will also roll out in Hong Kong, India, Singapore, China and Indonesia. It is planned to be conducted in over 500 branches in the region and through the bank’s digital banking network in Asia.
With “Have You Done Enough?”, Citi reminds everyone that while accidents can happen, diseases can strike, and businesses may experience decline due to several factors, one can still work to ensure a bright future for his or her loved ones by closing protection gaps. The campaign will focus on interesting themes such as how to protect your health, lifestyle and retirement with relevant insurance products.
To find out how much insurance you need, you may conveniently try Citi’s Protection Gap calculator available at the Insurance section of www.citibank.com.ph. In minutes, you can find out the insurance gap you may have and start looking at solutions to address this.
For more details, visit the Citibank branch nearest you, or call the 24-hour CitiPhone Hotline at 995 9999.