GCash to launch Shari'ah and crop insurance this year

GCash, through its insurance arm GInsure, is set to launch new sector-specific insurance products within the year, including Shari'ah-compliant insurance and crop insurance.

The Shari'ah-compliant insurance, also known as takaful, is nearing its launch with approval from the Insurance Commission secured and a target release in the third quarter.

GCash aims to launch the takaful product through two partner insurers, Pru Life Insurance Corp. of UK Philippines and Etiqa Life & General Assurance Philippines, Inc., which are the only companies in the country with takaful windows.

Crop insurance is expected to be available on GInsure by the middle to late fourth quarter.

GInsure is also repositioning existing products to cater specifically to women and the underserved population.

These strategic expansions aim to broaden GCash's insurance portfolio and reach a wider customer base.