I started my career on insurance straight out of college. To put it bluntly, I breathe, eat and live on insurance. It wasn't what I really wanted to do but at that time, it's the only option available to me. I grabbed it and never looked back.
Insurance, in the eyes of many, is not a glamorous job. People have this notion that insurance professionals knock on doors to hard sell their product. They don't. We don't.
In the Philippine market, insurance has unfortunately, remained in its infancy stage for so long unlike its Asian neigbors where business is thriving.
Insurance is a heavily taxed industry. Imagine paying 24.5% tax (non-life products) on top of your premium. Rip-off, isn't it? Whereas, in Hong Kong for example, the client pays a flat rate of 2%-5% of the premium. That's it.
The U.S. government just rescued one of the insurance giants recently. The fallout of the financial institutions stem from one cause: mortgage crisis.
It was the talk of the town yesterday.
It's quite sad. Working for that company is one of dreams.
Wednesday, September 17, 2008
Financial institutions in strife... who's next?
Labels: AIG fallout, Career
Posted by Mari at 9/17/2008
8 comments:
A lot of industries in the Philippines will remain in the infancy or basic stages for as long as our economy remains closed to foreign investments and competition.
Regarding what you said about the insurance industry being heavily taxed, isn't it ironic that for a country that is in dire need of sources of tax revenue, its leaders insist on keeping the economy closed to foreign investors whose investments would have helped generate more jobs, improved the people's skills, and develop our industries further?
Our continued refusal to open our economy to more foreign investors is the reason why more and more of our countrymen are leaving for foreign shores.
simple. they're are protecting the oligarchs. and who comprise our government? the oligarchs themselves and people who have affiliations with the oligarchs. :(
whew...that a huge tax !
Yep, the news of Lehman brothers kicking the bucket was quite unpleasant to both Wall St and Main St. We're on the watch. I work for a US multinational financial institution and everyone's on the edge of their seats right now ! Hopefully we will weather this storm but it remains to be seen.
bw - it is. that's why some clients would rather place their insurances offshore i.e. Hong Kong or Singapore to save on taxes.
according to the news, the crisis is not yet finished.
This was the talk of the household since the other day. Let's just hope we won't be drastically be affected by this.
I hope we do not feel the brunt of the downfall of the Lehman Brothers.
hay nako... syempre philam plan holders and investors were all a-buzz with concern din, so pati ako nadamay :D
but in any case... am sure this can be weathered pa din :)
monaco - hope so, too.
tito rolly - lehman and the rest who were enaged in the housing meltdown.
mec - sana nga di maapektuhan. i think local AIG is stable.
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