On this day in Filipino history, November 25, 1910, marked the establishment of the Insular Life Assurance Company, a pivotal moment in the nation’s financial landscape.
Situated along Echague St. in Quiapo, Manila, the company was founded by Leon Mooser and Antonio Ma. Barreto, making it the first Filipino insurance firm.
Over the years, Insular Life has evolved into one of the largest life insurance companies in the Philippines, boasting the longest unbroken service record among its peers. Even in the tumultuous period of World War II, the company upheld its commitment to policyholders by honoring pre-war and Japanese occupation obligations.
In 1953, Insular Life further solidified its impact on the industry by introducing the first school of insurance in the Philippines. A pivotal moment came in 1958 when the company pioneered industrial life insurance, a highly successful business line tailored for lower-income Filipinos.
A transformative chapter in Insular Life’s history unfolded in 1987 with its mutualization, a strategic move that effectively transformed policyholders into co-owners of the company. This marked a significant step towards a more inclusive and participatory approach to the company’s operations.
As we reflect on this historical milestone, Insular Life stands not only as a testament to resilience in the face of challenges but also as a beacon of innovation and commitment to the Filipino people.
(Reference: Philippine News Agency, Insular Life website)
(AI/MNM)