Insurance deals with this problem by spreading the risk and converting potential large unknown costs into a steady stream of known insurance premiums that facilitates the forward planning so essential to an effective business operation. Obviously, sharp increases in insurance premiums for all forms of businesses are to be expected.
This year’s theme of “Customer service in the marketing mix of financial products” rightly emphasizes the importance of banks’ clients in influencing an institution’s success. Consumer banking Over the last couple of years, the Philippine banking system has experienced strong growth in consumer banking services. Credit card receivables for example, grew by an average 25.2 percent annually from 2000 to 2003.