Insurtech company Igloo and fintech lender Skyro have introduced their fifth insurance product, a personal accident plan that also provides coverage against floods and fires.
The launch comes as typhoon activity increases in the Philippines, bringing higher disaster risks for households. The product will be offered to Skyro’s network of more than 700,000 active loan customers nationwide.
“Having these insurance options is about making sure people don’t have to start from zero each time they are recovering from the next typhoon,” said John Chen, country manager of Igloo for the Philippines and Thailand. “Through these partnerships, we are bringing insurance closer to everyday Filipinos, those who are most at risk but least protected.”
Insurance penetration in ASEAN countries, including the Philippines, remains below 10%, according to reports. This low coverage rate underscores the need for accessible and timely protection, especially for vulnerable communities that face financial strain after disasters.
The Skyro Personal Accident VAS combines accident coverage with benefits for natural disasters. It covers property loss caused by fire or typhoon-related flooding, accidental death or disablement, daily hospital income, unprovoked murder and assault, and accidental burial assistance. Customers can purchase the plan through the Skyro app when applying for a loan, with premiums adjusted based on credit score.
“Disasters don’t give families warnings to prepare financially,” said Dmitriy Vavulidi, head of product at Skyro. “That’s why together with Igloo, we’re offering coverage that protects against fire and flood damage so Filipinos can feel secure when life throws the unexpected. It’s protection that’s simple, reliable and easy to access.”