News09 Oct 2017

Philippines:Call for e-microinsurance for transport companies

09 Oct 2017

A legislative committee on Transportation has urged local insurers to develop affordable e-microinsurance products for transportation network companies (TNCs) and transportation network vehicle service (TNVS) units.

Assistant Minority Leader Neil Abayon said that the insurance industry, including the microinsurance sector, should create affordable e-microinsurance products so that TNCs and TNVS operators can provide insurance cover for their customers and hired drivers.

According to a report in Business Mirror, he said that e-microinsurance will address the concerns raised by the TNVS regarding limited shared liability.

“E-microinsurance acquired by TNCs and TNVS to insure passengers can be designed to be specific to each booking, factor in road risks during bad weather and calibrated for risks during late-night trips and travel through high-risk areas or localities,” he added.

The lawmaker also said car theft and robbery are among the insurable situations the e-microinsurance should cover.

Earlier, transportation booking service companies Uber and Grab Philippines told the House of Representatives a total 118,398 cars ply the roads of Metro Manila.


 

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