Igloo and Skyro’s fifth insurance product protects against floods and fires

Source: NPR

Filipino homeowners remain highly exposed to climate-related disasters, yet many still lack adequate insurance to recover from repeated losses.

From August through the "ber" months, the Philippines faces heightened disaster risk as typhoon activity intensifies, bringing heavy rains, strong winds, and increased flooding. During this period, the need for reliable protection becomes even more critical. Yet, many remain uninsured, leaving them financially vulnerable and unprepared for long-term recovery.

To help address this, insurtech firm Igloo and fintech lender Skyro are expanding their collaboration to launch a personal accident insurance product with an additional benefit to protect households from floods and fires. The new offering—which follows from already existing products such as Accidental and Liquid Damage, Credit Loan Protection, Personal Accident and Goods Protection—will be available to Skyro’s network of over 700,000 active loan customers nationwide.

Remaining unprotected against floods

Experiencing floods is an all-too-familiar ordeal for Filipino families. When bodies of water such as the Marikina River overflow, thousands are once again forced to endure its effects. According to the National Disaster Risk Reduction and Management Council (NDRRMC), the combined impact of Habagat and recent tropical cyclones Crising, Dante, and Emong has affected an estimated 9.7 million Filipinos.

Yet reports say that insurance penetration in ASEAN countries, including the Philippines, remains below 10%, highlighting the urgent need to expand coverage and strengthen financial protection for vulnerable communities.

The growing protection gap highlights the urgent need for more accessible and responsive insurance solutions that meet people where they are and provide timely support when it matters most. For many, a single disaster can mean not just physical loss, but long-term financial hardship, making recovery slow and uneven without adequate coverage in place.

Protection within reach

“Having these insurance options is about making sure people don’t have to start from zero each time they are recovering from the next typhoon,” said John Chen, Igloo’s Country Manager for the Philippines and Thailand. “Through these partnerships, we are bringing insurance closer to everyday Filipinos, those who are most at risk but least protected.”

The Skyro Personal Accident VAS offers protection against most common emergencies, combining personal accident coverage with benefits for natural disasters. For a minimum premium, the plan can be purchased via the Skyro app. Customers can access the Skyro PA Plus plan whenever they apply for a loan via the app, at a dynamic cost depending on their credit score. It covers property loss due to fire or typhoon-related flood, accidental death or disablement, daily hospital income, unprovoked murder and assault, and accidental burial assistance.

“Disasters don’t give families warnings to prepare financially,” said Dmitriy Vavulidi, Head of Product at Skyro. “That’s why together with Igloo, we’re offering coverage that protects against fire and flood damage so Filipinos can feel secure when life throws the unexpected. It’s protection that’s simple, reliable and easy to access.”

By embedding protection against accidents, flood, and fire into everyday financial products, Igloo aims to empower Filipinos to face disasters not just with hope, but with real, practical support.

Learn more about Igloo’s products and services by visitingiglooinsure.com.

Skyro officially launches its credit line product Skyro Pocket

 Skyro, a fast-growing fintech brand in the Philippines, has officially launched its new credit line product, Skyro Pocket. This latest offering from the brand provides customers with a swift and convenient payment solution, enabling them to shop at any QR Ph-enabled merchants nationwide.

Skyro Pocket serves as a flexible line of virtual credit provided exclusively to existing Skyro customers, offering personalized limits and accessible through the Skyro app. These credit limits can be further increased based on the customer’s timely repayment patterns and track record.

This new feature is compatible with a wide range of QR Ph codes, enabling customers to conveniently make payments at any store. Whether it's a printed or virtual QR code, Skyro Pocket accommodates both modalities. This compatibility extends to popular e-payment platforms such as GCash, Maya, or BDO QR codes, ensuring integration with various merchants and payment systems.

Arsen Liametov, co-founder and co-CEO of Skyro, shared his excitement: “Skyro Pocket empowers our customers to shop with ease, flexibility, and peace of mind while rewarding responsible financial behavior. We at Skyro are committed to pushing the boundaries of financial technology, empowering users and the Filipino community to thrive in today's digital economy.”

Eligible customers may enjoy an interest-free period of up to 45 days, allowing convenient repayments without incurring charges. For those with remaining balances, the customers may opt to have a minimum payment equal to 10 percent of their credit limit. Additionally, customers can make a free deposit once every month to settle their credit line balance, with subsequent deposits each incurring a nominal transaction fee of ₱25.

Access Skyro Pocket in just a few easy steps:

• Navigate to the Skyro app and locate the Skyro Pocket feature.

• Review the loan agreement and confirm by checking the box.

• Click the "Sign the Agreement" button and enter the SMS code received on your registered mobile number.

Sergey Donskikh, Skyro's head of customer experience, underscored the company's dedication to delivering financial solutions that elevate both financial management and the shopping journey. He expressed, “At Skyro, ensuring seamless and innovative financial solutions is central to our mission. We're committed to providing a satisfying customer experience that transcends mere financial transactions, extending to enhancing their overall shopping experience as well.”

Skyro Pocket users may also enjoy the first six months free of charge, followed by a nominal fee of ₱ 59 per month thereafter.

Skyro is a fintech company duly licensed and supervised by the Securities and Exchange Commission (SEC).  To learn more about digital financial products from Skyro, visit its official website www.skyro.ph. Follow its official Facebook and Instagram accounts to know more about its latest promos and offerings.