BSP makes big payout

Update: 5:50PM A TOTAL of $58.6 million in insurance was paid out by BSP Life last year through various benefits to its customers, the highest payout recorded in its 142 year history.

This was highlighted by BSP Life managing director Malakai Naiyaga at a press conference earlier today. 

Mr Naiyaga said with its $58.6m payout in 2017, this brought the total benefit payouts for the last three years to $155.5m 

Throughout 2017, the leading life and health insurance provider paid its customers $48.1m for life insurance benefits and $10.5m for medical insurance benefits.

�On average we paid out $1.1m a week in 2017, enabling thousands of customers or policyholders to benefit from their policies with us,� Mr Naiyaga said. 

However, BSP Life general manager distribution and marketing Michael Nacola said while there was an increase in insurance premiums purchased by corporate customers, lesser individuals were considering having some form of insurance.

Mr Nacola said it was critical for individuals to consider insurance with affordable premiums at a younger age which would mitigate their future life and health risks.

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