According to a survey about the preferred type of insurance among consumers in the Philippines in 2021, both the most impacted and less impacted segments expressed preference towards insurance products that pays for their hospitalization expenses. Meanwhile, a strong contrast between insurance that adjusts its prices in exchange for sharing personal data was seen between these segments, with only 50 percent of the most impacted showing preference for this type of product while it was one of the most preferred insurance for the less impacted.
The Philippines was a country in the category of emerging markets, where the effects of the financial crisis were usually more severe for consumers.
Preferred type of insurance among consumers in the Philippines as of August 2021, by segment
The survey was conducted among consumers in the various countries including the Philippines. No information on the number of survey participants or the type of survey was provided by the source.
The respondents were classified into two segments: most impact and less impacted. According to the source, the most impacted segment in the country is typically younger (or those under 44 years old), with an annual household income of over 249 thousand Philippine pesos and with less than 120 thousand Philippine pesos in investible assets. They are also more likely to hold occupations where it is less feasible to work remotely.
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EY. (December 9, 2021). Preferred type of insurance among consumers in the Philippines as of August 2021, by segment [Graph]. In Statista. Retrieved September 18, 2024, from https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/
EY. "Preferred type of insurance among consumers in the Philippines as of August 2021, by segment." Chart. December 9, 2021. Statista. Accessed September 18, 2024. https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/
EY. (2021). Preferred type of insurance among consumers in the Philippines as of August 2021, by segment. Statista. Statista Inc.. Accessed: September 18, 2024. https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/
EY. "Preferred Type of Insurance among Consumers in The Philippines as of August 2021, by Segment." Statista, Statista Inc., 9 Dec 2021, https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/
EY, Preferred type of insurance among consumers in the Philippines as of August 2021, by segment Statista, https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/ (last visited September 18, 2024)
Preferred type of insurance among consumers in the Philippines as of August 2021, by segment [Graph], EY, December 9, 2021. [Online]. Available: https://www.statista.com/statistics/1299949/philippines-preferred-type-of-insurance-by-segment/
