The Philippines faces higher disaster risk during the typhoon season, especially in the “ber” months when heavy rains, strong winds, and floods are frequent. Yet many households remain uninsured, leaving them financially exposed and unable to recover quickly after disasters.
To address this gap, insurtech firm Igloo and fintech lender Skyro have expanded their partnership to introduce a personal accident insurance product with added protection against floods and fires. The new plan builds on Skyro’s existing lineup, including Accidental and Liquid Damage, Credit Loan Protection, and Goods Protection. It will be offered to Skyro’s 700,000 active loan customers nationwide.
Flooding continues to be a major challenge. When rivers like Marikina overflow, thousands of families are displaced. The NDRRMC reported that nearly 9.7 million Filipinos were affected by the combined impact of Habagat and storms Crising, Dante, and Emong. Despite these risks, insurance penetration in the Philippines and other ASEAN countries remains below 10%.
John Chen, Igloo’s Country Manager for the Philippines and Thailand, explained, “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. We are bringing insurance closer to everyday Filipinos, those who are most at risk but least protected.”
The Skyro Personal Accident VAS offers flexible coverage through the Skyro app. The plan includes benefits for fire or flood-related property loss, accidental death or disablement, hospital income, unprovoked assault, and burial assistance. Costs vary based on the customer’s credit score and can be added when applying for a loan.
“Disasters don’t give families warnings to prepare financially,” said Dmitriy Vavulidi, Head of Product at Skyro. “That’s why we’re offering protection that’s simple, reliable, and easy to access.”
By embedding disaster protection into financial products, Igloo and Skyro aim to make insurance more accessible, helping families recover faster and avoid long-term hardship.
