Local Firm Offers Anti-Terror Insurance
Insurance against terrorist acts in the Philippines was offered by a local insurance firm, which will seize extremist groups allied with Islamic State.
P1 million was offered by FWD Philippines for the victims of terror attacks. The insurance can be purchased for an amount of P1, 000 for individuals and P3, 000 for families. This “peace plan” can have a 1-year expiration and needs annual renewal.
“We can’t stop acts of terrorism from happening but we can and should be financially prepared in case the unthinkable happens,” said by FWD Philippine CEO Peter Grimes quoted by ABS-CBN.
This insurance is now available in the Philippines, this document can be purchased by property owners to cover their potential losses and liabilities that might happen during terrorist activities. It can be considered to be a difficult product for insurance companies.
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