The Cebu provincial government in the Philippines has approved Sugbo Segurado, an accident and life insurance plan designed to cover a wide range of government officials and workers.
This initiative is aimed at providing financial security to qualified provincial officials, regular employees, job-order and contractual workers, and co-terminus workers of the provincial government.
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Sugbo Segurado’s coverage extends to the governor, vice governor, and provincial board members.
Additionally, mayors, vice mayors, and councillors of the municipalities and component cities within the province, as well as all qualified barangay officials, appointed and volunteer barangay workers, are included.
The plan also encompasses all teaching and non-teaching personnel of the Department of Education, sarent-Teacher Association Federation presidents of public schools in Cebu, and canyoneering guides in Badian and Alegria municipalities.
To oversee the implementation of this ordinance, the provincial government will establish the Sugbo Segurado Committee.
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By GlobalDataThis body will be responsible for prescribing and promulgating the necessary regulations.
Initially, 10m pesos (~$178,000) has been allocated from the provincial budget for the insurance scheme, with provisions for additional funding when required.
Insurance Commission Cebu District Office officer-in-charge Terence Vanessa Tomol has communicated to Cebu Governor Gwendolyn Garcia that the insurance scheme is eligible for registration with the Insurance Commission, the national insurance regulator.
Tomol added: “The Insurance Commission has pledged its full support to Cebu Province in this endeavour.”
In other recent developments within the insurance sector in the Philippines, Malayan Insurance partnered with Atradius to offer trade credit insurance (TCI) to businesses.
This insurance product, also known as accounts receivable insurance, is intended to cover sales contracts and assist policyholders in recovering losses within the limits of their TCI plan.
The introduction of TCI is expected to bolster the insurance industry in the Philippines by providing a broad spectrum of businesses with protection against non-payment risks.
