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Wednesday, January 19, 2005
Insurers not raking it in
AN executive from the insurance industry has denied that insurance companies gain huge profits from the policies of their clients.
Ramon Yap Dimacali, president of non-life insurance company Federal Phoenix Assurance Co. Inc. (FPACI), said insurance companies hire independent adjusters to evaluate the value of the damaged things that are insured and determine how much the insurance company should pay its clients.
“We do not evaluate on our own. The law requires that an independent adjuster will determine how much the insurance company should pay,” he said in an interview at the Cebu City Marriott Hotel.
Dimacali also said most insurance companies, including FPACI, are now veering away from the traditional way of managing insurance companies. They are now continuously providing educational enhancement programs to their agents to restore the integrity of the industry.
He admitted that fly-by-night insurance companies have been giving legitimate companies a bad name.
FPACI is a Filipino-Swiss company. It is partially owned by the Zuellig Pharmaceuticals group of companies. (JBN)
(January 19, 2005 issue)
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