Micro-insurance cover growing popular in the Philippines

Insurance News  By Roxanne Libatique

Philippine microinsurance soars to new heights with 17.35% growth ..

Now well over 60 million people have some form of micro-insurance cover

https://www.insurancebusinessmag.com/asia/news/breaking-news/philippine-microinsurance-soars-to-new-heights-with-17-35-growth-487723.aspx

Performance of Mutual Benefit Associations (MBAs) and Life Insurance and Non-Life Insurance Companies unveiled

The microinsurance sector in the Philippines has reported significant growth, with total premiums amounting to PHP13.54 billion, reflecting a 17.35% increase ..

According to the Philippine Insurance Commission (IC), the growth is attributed to increases across the board in all sectors, including Mutual Benefit Associations (MBAs), as well as life and non-life insurance companies.

Philippine microinsurance sector breakdown

At the end of 2023, the number of lives covered by microinsurance reached 56.62 million. MBAs insured the most lives, covering 28.6 million people, followed by life insurance with 15.64 million covered lives, and the non-life sector with 12.37 million lives insured.

Market share of Philippine microinsurance sector

MBAs maintained their position as the market leader, accounting for 55.26% of the premiums collected, totalling PHP7.48 billion.

Life insurance contributed 27.05%, or PHP3.66 billion, while the non-life sector accounted for 17.69%, or PHP2.39 billion.

Microinsurance offers financial protection to low-income individuals, covering risks such as death, injury, and property damage. Premiums are capped at 7.5% of the minimum wage in Metro Manila, making it an accessible option for many Filipinos.

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