Shopee enters Philippine insurance market

SeaInsure is a non-life insurer owned by business tycoon Forrest Li.

Singaporean billionaire Forrest Li, who owns e-commerce giant Shopee has entered the Philippines insurance market with his new venture SeaInsure General Insurance Co. Inc.

The Insurance Commission recently gave SeaInsurer its license to operate as a non-life insurer in the country.

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Calling itself a digital insurance company, SeaInsure will have its headquarters in Bonifacio Global City in Taguig City. It currently offers one product called Credit Protection which is described as a cover to “protect yourself and your loved ones from debt burdens brought by unforeseen events.”