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Philippines: 50% of ridesharing operators take up required insurance

Source: Asia Insurance Review | Sep 2017

Philippines Motor

The Insurance Commission is urging Grab and Uber operators to secure insurance coverage required of public utility vehicles (PUVs), saying that only about half of them had so far complied with the passenger personal accident insurance programme (PPAIP).
 
   “Based on earlier reports, that there are a total of 50,000 Uber and Grab active drivers, and assuming that each driver corresponds to one vehicle, only 56.18% of the total Uber and Grab vehicles plying the roads are covered by the mandatory passenger insurance,” Insurance Commissioner Dennis B Funa said.
 
   The Passenger Accident Management and Insurance Agency had issued 21,353 certificates of insurance coverage for vehicles operating under Uber, and 6,719 certificates for vehicles used under Grab, reported the Philippine Daily Inquirer.
 
Increase in PPAIP insurance from sedan segment
In all, 392,299 vehicles were insured under the PPAIP last year, Insurance Commission data showed. In terms of vehicle type, the jeepney segment had the highest share with 176,213 units insured in 2016, a decline of 2%. The sedan segment increased by 64.94 % from 55,129 insured units in 2015 to 90,930 in 2016 due to the entry of Grab and Uber, Mr Funa said.
 
   Under the PPAIP, PUVs are required to procure insurance coverage for their passengers, including the driver. The maximum death benefit is pegged at PHP200,000 (US$3,922) per passenger, while the amount covering injuries is based on the type of injury sustained. A 
 
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