Budget carrier Cebu Pacific has expanded its partnership with insurance provider AXA Philippines to introduce Piso Protect, an affordable personal accident micro insurance.
Piso Protect policyholders are entitled to the following benefits: disablement coverage of up to P250,000, daily hospitalization coverage of P1,000 per day for a maximum of P5,000, and a surgical cash benefit of P5,000.
Flight purchase is not required to avail of Piso Protect. Interested individuals may purchase the micro insurance product for as low as P1 per day via Cebu Pacific’s website.
“It has been our commitment to keep passengers’ safety and peace of mind our priority, and we are delighted to offer something relevant, valuable, and affordable, addressing needs that cover beyond travel,” said Candice Iyog, Cebu Pacific VP for Marketing and Customer Experience.
For his part, AXA Philippines Chief Customer Officer Nandy Villar said the new offering comes at a critical time when the world is gradually transitioning to normalcy.
“We are happy to continue our partnership with Cebu Pacific to offer affordable, high-value personal accident insurance that can help provide extra financial protection for all,” he said.
Cebu Pacific and AXA have been developing non-travel micro insurance products since 2020.
Cebu Air Inc., the operator of budget carrier Cebu Pacific, reported a P24.9-billion net loss in 2021 still due to the adverse effect of the pandemic in the global and local travel market.
In a statement, the carrier said it booked P15.7 billion in revenues, which is 30 percent lower than the year prior, as its passenger operations continued to suffer due to the low demand for air travel in 2021.
Last year, the Gokongwei-led airline flew a total of 3.41 million passengers last year, a 32-percent decline partly due to the higher volumes recorded during the first quarter in 2020.
The company cushioned the effects of the decline in revenues by lowering its total operating expenses by 10 percent to P38.9 billion, while also beefing up its cargo operations, which posted a 20-percent increase to P6.5 billion.
For 2022, the company “anticipates recovery to its pre-Covid domestic capacity levels by second quarter” given the strong domestic demand thanks to lower restrictions to travel.