High commodity prices to slow insurance sales

THE Pru Life Insurance Corp. of UK (Pru Life UK) sees weakening demand for insurance products as consumers tighten spending amid rising commodity prices driven by the Middle East war.

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In a news briefing last Thursday, Pru Life UK Chief Investment Officer Princess Charm B. Balingit said purchasing power for insurance products may be curbed as commodity prices increase.

Still, Balingit sees the situation as an opportunity for insurers.

“The more that we face these types of risks, the more that we face these types of vulnerabilities, the more you get to understand what protection really means—and that’s where we come in,” Balingit said.

However, Pru Life UK has temporarily suspended the issuance of new policies for residents, overseas Filipino workers, and travelers bound for the Middle East as it reassesses risks linked to the conflict.