The urgent need to close the country’s wide risk protection gap has never been clearer—and for millions of Filipino consumers, it is not just a sector challenge, but a daily, pressing reality. Boston Consulting Group data show 64 percent of Filipinos cannot cover a ₱10,000 medical expense without going into debt or relying on an HMO, even as insurance penetration hit a record 2.03 percent in Q1 2026. This gap leaves most families dangerously exposed: a sudden illness, accident, or loss of a breadwinner instantly turns regular payments into crushing debt, forcing many to borrow from predatory lenders and trapping households in cycles of financial hardship. For consumers, this means no real safety net—one misfortune can erase progress and burden loved ones for years.
To directly address this critical protection gap, AXA Philippines has partnered with Home Credit, supported by Bolttech Device Protection as third-party administrator, to launch Borrower Protection under the Home Credit Protect ecosystem. Led by AXA’s inclusive insurance unit AXA EssentiALL, the initiative is designed precisely to close that gap by making affordable credit life insurance accessible to the very consumers who need it most: low- to middle-income Filipinos, including those with little to no credit history.
For consumers, the solution delivers tangible, life-changing protection. Coverage reaches up to 120 percent of the outstanding loan balance: the benefit first clears any remaining debt, and any excess goes directly to beneficiaries—ensuring families are not left with unpaid obligations while receiving extra support to get through hardship. Seamlessly built into Home Credit’s financing process, it removes the usual barriers: no complex paperwork, no high premiums, no long application processes. What was once out of reach is now part of everyday borrowing—turning insurance from a luxury into a standard, accessible safeguard for ordinary Filipinos.
The partnership responds directly to the reality that the Philippines remains deeply underinsured, leaving millions vulnerable to risks they cannot afford to face alone. By embedding protection into routine financial transactions, AXA and Home Credit are closing the gap at its source, helping consumers avoid debt traps and building a more resilient financial future for all.
“Inclusive insurance plays a critical role in fulfilling our purpose of acting for human progress by making financial protection accessible to those who need it most,” said Ayman Kandil, CEO of AXA Philippines. “Beyond protecting families from the burden of unpaid debt, credit life insurance also strengthens the financial ecosystem. By safeguarding lenders like Home Credit against unexpected risks, we enable them to extend responsible credit to more Filipinos, including those who are traditionally underserved. In this way, we are not only closing the protection gap, but advancing financial inclusion and supporting safer, more sustainable lending for communities across the country.”
