Changing of the Guards at FGen Insurance

Changing of the Guards at FGen Insurance

A changing of the guards just happened at one of the country's most trusted insurance firms, Fortune General  Insurance Corporation (FGen Insurance).

FGen President and Chief Operating Officer Michael F. Rellosa has announced recently his retirement effective June 16, 2018.

"After almost 18 years of leading this company, I have decided that it's about time I change my course. I am happy that I am leaving FGen after a banner year. And I am happy that I will be turning over the reins of this company to an equally competent leader," he said.

Rellosa has been replaced by a contemporary, Manuel Maloles, who was Senior Vice President for Marketing and Sales of FGen.

Rellosa and Maloles entered the non-life insurance industry at the same time as management trainees of the Ayala-owned FGU Insurance.

Rellosa gave Maloles the credit for the innovative marketing approaches that FGen has initiated, among them the insurance for dengue and the adoption of new, technologically aided channels of distribution.  

"With Manny at the helm of FGen, I'm sure we can look forward to more creative marketing ideas and to more new products that respond to the needs of the market," he said.

After his departure from FGen, Rellosa joined the Philippine Insurers and Reinsurers Association (PIRA) as its Executive Director, where he plans to carry out the various advocacies for the greater good of the entire non life insurance industry.

In his new capacity, he is expected to be the "Chief Evangelist" of the non-life insurance industry, in line with the renewed vision and mission of the Association.

Meanwhile, Maloles expressed his gratitude for his promotion.  

"I never expected this," he said. "I hope to lead FGen as it continues to strive to be the insurance of choice of the Millennials."

Maloles is a consummate insurance professional.  In his 35 years in the industry, he has worked in all important departments of the insurance companies who had hired him -- from underwriting to marketing and claims, all the way to reinsurance.

Prior to his entry into FGen in 2009, he worked for Spanish insurer Mapfre as VP for Marketing and later VP for Surety and Legal Services.  

A passionate car enthusiast, Maloles wants to make FGen the preferred insurer of car club members.



FGen goes to ICA Fair

FGen goes to ICA Fair

Fortune General Insurance Corporation (FGen Insurance) graced the annual ICA Fair of the Immaculate Conception Academy in Greenhills, San Juan, last January 20 to 21, 2018.

FGen marketing staff members were on hand to explain to parents and students of ICA the latest insurance products available, including Mosquitronella, FGen's answer to dengue, zika and chikungunya viral infections.

Mosquitronella is a three-in-one health insurance product that offers a P10,000 cash assistance benefit for a very affordable price of P350 a year. The cash assistance benefit can be availed once the insured is infected by any of the three aforementioned viruses.

Parents of ICA students visited the FGen booth inquiring about the product. 


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FGen offers free training to Asset Protection Advisers

FGen offers free training to Asset Protection Advisers

Looking for a stable and well-paying job? Join FGen Insurance!

Are you looking for a stable and well-paying job with a sense of mission and flexible schedule?

Look no further as Fortune General Insurance (FGen Insurance) offers you the chance to have this "dream job" without any experience required.

FGen Insurance is looking for self-motivated individuals to become its Asset Protection Advisers. FGen Insurance is one of the oldest, most stable and trusted non-life insurance companies in the country, with more than 60 years of track record in the business.

As an Asset Protection Adviser, your job would be to counsel your clients on how to best protect their assets and manage their risks. You would also be there to assist them in case what they have insured against for happens. It's a rewarding career, both financially and psychologically as you earn while at the same time helping people manage their risks.

FGen Insurance is giving a free Basic Non-Life Insurance Training Course for people like you on February 8 at its headquarters on the 4th floor of Citystate Centre building, Shaw Boulevard, Pasig City.

Through this one-day course, you may already know the basics of non-life insurance and be able to take the non-life insurance agent licensure exam at the Insurance Commission. Once you pass the exam, you will already become an FGen Asset Protection Adviser.

In case you are not available on February 8, there are other training dates available (April 12, June 14, August 9, and October 11) at the same venue.

For details, please contact (02) 706-3959 and look for Vilma or Rjay or send a text message to (0918) 907-0307.


FGen Insurance is compliant to IC's capital requirements

FGen Insurance is compliant to IC's capital requirements

The Insurance Commission (IC) recently issued a certification for  Fortune General Insurance Corporation (FGen Insurance) that it is compliant to the P550 million net worth requirement as set forth in the new Insurance Code.

The certification was issued on December 11, 2017 and was signed by Insurance Commissioner Dennis B. Funa. It noted that FGen Insurance already has a net worth of over P555 million, a paid-up capital of more than P310 million, and a Risk Based Capitalization (RBC) ratio of 290.42 percent.

According to the IC,  FGen Insurance has complied with all its requirements for paid-up capital, net worth and RBC ratio, the metrics it uses to show the company's capacity to pay insurance claims.

The Commission also made it clear that the certification is for accreditation purposes of other financial institutions.

FGen Insurance is one of the oldest and most stable non-life insurance companies in the Philippines. It has been providing insurance protection for international and local corporations and even to small and medium enterprises. Its portfolio is heavy on business insurance, fire insurance, and motor car insurance.

FGen Insurance President Michael Rellosa said the company is committed to provide the best products and services to the insuring public.

"FGen is known as the company you can fully trust. We are easy to deal with and we make sure to be there for our clients every step of the way. Madali kami kausap," he said.


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FGen partners with Ibero Asistencia for Roadside Assistance

FGen partners with Ibero Asistencia for Roadside Assistance

Motor vehicles insured with Fortune General Insurance (FGen Insurance) can now enjoy emergency roadside assistance as FGen partners with Ibero Asistencia. 

Vehicle owners with valid comprehensive motor car insurance from FGen can call Ibero Asistencia's hotline should their vehicle break down and require towing services.

FGen President Michael F. Rellosa said this service is FGen's way of making sure its clients would have complete peace of mind whenever they are on the road. 

"We recognize Ibero's expertise in emergency roadside assistance, and we know our clients are in good hands with them on our side," he said.

To avail of the 24/7 emergency roadside assistance, just call (02) 459-4793 and provide the following details:

  • Name of owner of vehicle
  • Vehicle's plate number
  • Contact number of owner of vehicle
  • Location of vehicle
  • Nature of the assistance required

If the vehicle would not start and would require towing, Ibero Asistencia would tow it to the nearest accredited repair facility.

In the event of an accident and the vehicle was totally wrecked, Ibero Asistencia will arrange to have the vehicle removed with the use of a crane and brought to the nearest accredited facility. 

FGen clients may also call the Ibero Asistencia hotline in cases where the vehicle runs out of fuel, its battery needs boosting, the key gets locked inside, or a tire needs replacing. 

In out-of-town emergencies, Ibero Asistencia would even arrange for the transfer of the vehicle's occupants to the place of destination or stay at a hotel, whichever is more feasible.

Ibero Asistencia General Manager Antonio S. Toledano said they are proud to partner with FGen Insurance. "We are ready to serve FGen's client base and it is an honor for us to partner with an acknowledged authority in motor car insurance," he said.


Have a worry-free Pinoy-style Christmas!

Have a worry-free Pinoy-style Christmas!

It’s 10 days before Christmas! We Filipinos are known to celebrate this special day as soon as the "ber" months set in. And now that we're approaching the final stretch, we listed here six ways we traditionally welcome the birth of Jesus:

1)    Simbang Gabi

This would officially start on Friday, December 15, as an evening celebration of the Holy Mass and would go on for nine days. Some would prefer the pre-dawn version which usually begins at 4 A.M. We Filipinos have a strong belief that if we complete the nine Masses, our prayers will be granted.  

2)    Lights Show

Lights are already a major part of the holiday decorations in our country. Different malls and shopping centers in the country are yearly flocked because of their dancing lights show, where the adornments go a little extra because of catchy music. Be sure to visit the Magic Field of Lights in Nuvali, Sta. Rosa, Laguna, or if you are are short of time (and budget), you could content yourself with the Ayala Triangle Festival of Lights.

3)    Shopping Sales

Inevitable in the yuletide experience is the long lines of traffic because of mall sales. Boutiques and bazaars are frequented by shoppers, hoping to find great holiday finds.

4)    Christmas Carols

What's Christmas without Christmas carols? The Filipino celebration comes with the traditional "carolling" of young children serenading houses and in exchange for some coins. It's like a trick-or-treat thing for us, minus of course the scary costumes. It's a practice that's truly unique to the Philippines.

5)    Noche Buena

Literally meaning "the good night," this is the Filipinos' way of welcoming Jesus by having a feast in their homes. Many can’t wait for twelve midnight as the ham on the table looks irresistibly delicious!  

6)    Going out of town

Not enthusiasts of the aforementioned, many Filipinos families opt to travel and take out-of-town trips for the holidays. Leaving their homes, they decide to get through the celebrations by checking in to fancy hotel rooms.

However, this season of giving and merry-making arouses greed in some of our unscrupulous countrymen.So if you're planning to leave home this Christmas, be sure all your belongings are intact and your doors and windows securely locked.

Call FGen at (02) 706 3959 and know about homecare insurance. We'll make sure you will all have an enjoyable and worry-free, Pinoy-style holiday!

Fiesta-themed Christmas at FGen

Fiesta-themed Christmas at FGen

The vibrant colors and designs depicting the various festivals of the country now adorn the FGen Insurance headquarters in Pasig City as the company celebrates Christmas with a fiesta spirit.

Employees went overtime and even spent their own money to decorate their departments for Christmas.

FGen President and COO Michael Rellosa said everybody in the company got excited with the fiesta theme.

"They decorated their cubicles based on the festival they picked. You could see Bulihan Festival, or the Pahiyas, or the Maskara festival, or the Panagbenga. Going to our office now feels like going out of town. It gives a different feel," he said.

FGen's headquarters are located at the fourth floor of Citystate Center building along Shaw Boulevard in Kapitolyo, Pasig City. Visit them so you could check out their fiesta-themed decor for the holidays.


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FGen heeds James Deakin’s call; increases dashcam discount

FGen heeds James Deakin’s call; increases dashcam discount

Following motoring journalist and CNN Philippines host James Deakin’s appeal to the insurance industry to incentivize dashcam use, Fortune General (FGen) Insurance has recently increased to 10% the discount on motor car insurance for car owners with dashcams.

“FGen was among the firsts to offer a discount for motorists with dashcams, but we need to do more for the benefit of our customers,” said FGen President Michael Rellosa.

Deakin raised his appeal last Oct. 11 during the 2017 PIRA Non-Life Industry Forum at Blue Leaf Filipinas in Parañaque City.

He said that dashcams will be better aids in claims processing compared to police sketches and reports.

“There’s so much room for extortion with police sketches and police reports, there’s so much room for inefficiency,” he said.

Over 200 officials from the non-life insurance industry heeded his call and resolved to simplify claims documentation by allowing the use of dashcam videos and onsite pictures sent to the insurers digitally.

FGen has gotten a headstart in the promoting technology, as it has been offering a dashcam discount since early this year.

“We are continuing to lead the insurance industry in the promotion of technology which benefits customers and insurers,” Rellosa said.

To avail of the discount, please contact FGen through (02) 706 3959.

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Incentivize dashcam use, insurance industry told

Incentivize dashcam use, insurance industry told

Leaders of the non-life insurance industry in the Philippines were encouraged recently to incentivize the use of dashcams to aid in claims processing.

Automotive journalist and CNN Philippines host James Deakin, speaking in behalf of the insuring public, said that dashcam footage would be a better alternative to traditional police sketches and police reports.

“There’s so much room for extortion [with police sketches and police reports,] there’s so much room for inefficiency,” Deakin told a crowd of over 200 officials from the nonlife insurance industry during the October 11, 2017 PIRA Non-Life Industry Forum at Blue Leaf Filipinas in Parañaque City.

Deakin, who is the official endorser of FGen Insurance, said that dashcam footage would render police sketches unnecessary and would be a better safeguard against insurance fraud.

Insurance officials heeded his call, with them resolving to simplify claims documentation by allowing the use of dashcam videos and onsite pictures sent to the insurers digitally.

While most of the insurance industry is only beginning to tread the path of more efficient claims processing through technology, Fortune General has gotten a headstart. FGen has been offering a 5% discount on motorcar insurance for car owners with a dashcam installed since early this year.

“We saw the need to use technology to streamline processes. Dashcams on cars is a win-win situation for car owners and insurers, so we thought it best to incentivize its use,” said FGen President Michael Rellosa.

Rellosa added that he is glad that the insurance industry is following the footsteps of FGen and said that it is high time that the use of dashcam footage and mobile photos in claims processing becomes the standard.

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FGen launches surety bond for real estate brokers

FGen launches surety bond for real estate brokers

The Insurance Commission (IC) has approved the application of FGen Insurance to launch a surety bond for real estate brokers and appraisers. 

In a letter to FGen Insurance President and COO Michael Rellosa, Deputy Insurance Commissioner Dorothy Calimag announced the IC’s approval of the new product which provides a P20,000 guaranty to the Professional Regulatory Commission (PRC) in the event that the real estate broker or appraiser failed to perform his duty.

The surety bond is a requirement of the PRC for the issuance of license to real estate brokers and appraisers.  It is also required for those renewing their license.

FGen President Rellosa said the new product is priced at Ps 2,006.24 and can be availed of in a matter of minutes. For inquiries, call Surety department at 706-3959.

Is the Philippines financially prepared for disasters

Is the Philippines financially prepared for disasters

A Special Report from the Philippine Graphic

The Philippines is located in a prime spot for trade and tourism, being blessed with a tropical climate, beautiful beaches and sceneries.

But the country’s location also leaves it vulnerable to natural calamities.

With the country sitting in the Pacific Ring of Fire, earthquakes and volcanic eruptions—the same phenomena responsible for glorious mountains, rock formations and islands—are much more frequent compared to other regions in the world.

Typhoons also frequently visit the country. In a year, an average of 20 tropical cyclones enter the Philippine Area of Responsibility. Approximately 10 of those become typhoons, around eight of which make landfall, and around five will cause significant damage.

Nature can deal the country double whammies too. In October 2013, a magnitude-7.2 earthquake hit the Visayas region, leaving 222 dead, 976 injured, eight missing, and P2.25 billion in damages. Bohol took the worst hit, as the quake toppled several historical structures, including the oldest church in the region, the Church of Our Lady of Light.

Just three weeks after the quake struck, Super Typhoon Yolanda pummeled through the Visayas region. With raging winds up to 315 km/h, the typhoon, known internationally as Haiyan, was one of the strongest on record and left 6,343 dead, 1,058 missing, and P145 billion in damages. Leyte, the hardest hit by Haiyan, is still recovering to this date. But just recently, a magnitude-6.5 earthquake shook the province and wrecked P271 million in properties.

One would expect that with the frequency of natural disasters the Philippines faces yearly, Filipinos would be better prepared. “Unfortunately, despite the regular occurrence of natural calamities in our country, it seems that we are often caught unprepared,” said Michael Rellosa, the deputy chairman of the Philippine Insurers and Reinsurers Association (PIRA), in a lecture delivered at the Asian Institute of Management.

But why? Rellosa, who is also the president of Fortune General Insurance, says it all boils down to how funds are spent and accessed by local government units, and how government property is insured. He explains that typically, a government, in times of disasters, will first use government reserves and contingency funds. If it needs more money, it can use contingent credit lines and post-disaster credit. In the event of disasters of historic proportions, insurance proceeds, catastrophe bonds proceeds, and international donations will be the source of funding for relief, recovery, and reconstruction operations.

However, the Philippines has a different approach. The first line of funding is the contingency fund, called the National Disaster Risk Reduction and Management (NDRRM) fund. The NDRRM fund for this year has been slashed in half from P38.9 billion to only P15.8 billion, and as of March 2017, only P5.77 billion remain as P10 billion was spent for relief and recovery operations in response to “Nona”, “Ferdie”, “Lawin”, and “Nina”.

“One major problem with NDRRM funds is not just the shortage of funds but actually the use, or more specifically the non-usage of such funds,” Rellosa explained. He discussed a 2015 Commission on Audit report which stated that more than P1 billion in disaster relief funds given to local governments were underutilized or misused.

“Some P595 million in disaster funds were disbursed only in November 2015 to the Local Government Units, thus preventing timely implementation of post-disaster projects,” he said. Many LGUs in Metro Manila did not allocate millions of pesos from the NDRRM fund to their local risk reduction and management funds. At least P128 million of the Quick Response Funds given to the Department of National Defense (DND) were not used for quick response, but for repairs of DND facilities.

In addition to the lack of funding and the use of whatever funds left for purposes not related to disaster prevention and response, accessing the NDRRM funds is also difficult. “It seems our government has made it too hard to access these funds that our government units [...] find it impossible to put the funds to use in the most effective and efficient way you know,” Rellosa said.

He said that problems in accessing the NDRRM fund are due to the lengthy approval process for the fund releases, which delays recovery and reconstruction projects, and the lack of clear criteria or rules to get funding approved.

“I was told that in many areas, the approval and release of NDRRM Funds can take from months to years,” Rellosa lamented.

After the measly and difficult-to-access NDRRM fund is depleted, the Philippine government can turn to the World Bank for a $500 million loan, especially in the aftermath of an extremely destructive disaster. But usually, the government would jump straight to the top of the risk layering model and use international donations to fund calamity response. Issues with insurance also plays a big part in post-calamity recovery and reconstruction.

Rellosa explained that government property insured with the Government Service Insurance System (GSIS) are not automatically insured for typhoons and may be grossly underinsured. “In Leyte and Samar, most of the government buildings destroyed by Super Typhoon Yolanda were found to be not insured,” he said.

The GSIS insures government properties for fire, but not other calamities. Rellosa also said that most, if not all of government properties, are insured based on depreciated values and not on the cost of rebuilding them.

According to Rellosa, insurance with GSIS, as the case of Yolanda shows, only covers fire and does not cover natural calamities, since it requires additional premium and government agencies find this an added expense. Aside from these problems, the sluggishness of traditional insurance claims handling also causes trouble for victims of natural disasters.

Rellosa showed that these systems in the country are far cries from the systems in place in Turkey, Mexico, and the Caribbean. Turkey created the Turkish Catastrophe Insurance Pool which insured all urban residential buildings on registered land for earthquakes. Mexico established the Fund for Natural Disasters which gets 0.4 percent from the annual federal budget and accrues interest in a trust fund. The Caribbean Community government’s Caribbean Catastrophe Risk Insurance Facility, which is similar to business interruption insurance, ensures that they will have short-term liquidity if hit by a hurricane or earthquake.

But the future in the Philippines is not too bleak. There have been initiatives to improve financing and insurance mechanisms in the aftermath of calamities.

“There are moves to introduce a joint catastrophe insurance for local government units, set aside a P1 billion budget intended to buy insurance and to pay for other mitigation initiatives, and set up a catastrophe insurance pool for homeowners and small businesses,” Rellosa said.

Laws have also been enacted to increase DRRM funds and streamline the approval of its release. R.A. 10121 sets a minimum of 5 percent of regular income sources to be  allocated as local DRRM fund. Rellosa said that this law also enables local government units to use 70 percent of the fund for disaster prevention, while 30 percent of the fund goes to a special trust fund for five years.


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FGen offers affordable protection vs. dengue, chikungunya

FGen offers affordable protection vs. dengue, chikungunya

Fortune General Insurance Corporation (FGen) recently introduced a product that provides financial protection for expenses brought by dengue, chikungunya and zika.

Known as Mosquitronella Insurance, this new product by FGen insures clients from mosquito-borne diseases and provides up to P10,000 in cash assistance and another P10,000 in death benefits.

The product is now available at all FGen branches nationwide at only P350.

FGen President and COO Michael Rellosa said Mosquitronella is FGen's response to the rising cases of dengue and chikungunya infections in the country, usually affecting working class people and their children.

"The cost of being hospitalized because of dengue or chikungunya can be a major burden for common families with no health insurance to rely on. This product is an affordable way of addressing the threat of mosquito-borne diseases," he said.

Metro Manila remains a hotbed of deadly dengue infections, with dengue cases rising by 19.1 percent to 4,706 in the first half of 2017 from 3,951 in 2016, data from the Department of Health (DOH) shows.

Dengue cases in Metro Manila accounted for 12.3 percent of all cases in the country, while Cebu saw 11.7 percent. Chikungunya cases in the National Capital Region, meanwhile, also skyrocketed by 300 percent from 2016.

While dengue and chikungunya cases are on the rise in some areas, the numbers of recorded cases of both diseases are decreasing nationwide.


This early, a mother of a one-year-old boy diagnosed with dengue last July 10 in General Santos City was the first claimant of FGen's Mosquitronella insurance. Mrs. Elsa Toroba received her check just recently. Photo shows the claimant Mrs. Toroba (middle) receiving the check from Ms. Maritess Ayo, FGen General Santos Branch Assistant Manager, and Kathy Pitogo, Branch Assistant.

FGen is praying for the full recovery of the dengue-stricken boy and all victims of dengue, chikungunya and zika.

Interested in getting Mosquitronella? You may call FGen Insurance through landline (02) 706-3959 or visit any FGen branch nearest you.