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Manila Bulletin devider Business devider PH microinsurance premiums soar past P10 B

PH microinsurance premiums soar past P10 B

Published Jan 23, 2024 05:44 am

At A Glance

  • Premiums from insurance products for low-income Filipinos exceeded P10 billion in the first nine months of last year, the Insurance Commmission said.<br>Total premiums from microinsurance policies reached P10.16 billion from January to September 2023, a 20% increase from the same period in 2022.<br>The increase was attributed to rising premium collection by mutual benefit associations (MBAs) and life and non-life insurance companies<br>The number of Filipinos covered by microinsurance grew by 2.3% to 56.3 million in the first three quarters of 2023<br>MBAs insured the highest number of lives (28.6 million), followed by the life insurance sector (18.39 million) and the non-life insurance sector (9.30 million)

The Insurance Commission (IC) reported that premiums from insurance products tailored to meet the requirements of low-income Filipinos surpassed the P10 billion mark in the first nine months of last year.

Based on the IC data, the total premiums gathered from microinsurance policies hit P10.16 billion from January to September 2023, a 20 percent rise from the P8.49 billion recorded in the same period in 2022.

The IC attributed the substantial increase to the across-the-board rise in premium collection by mutual benefit associations (MBAs), as well as life and non-life insurance companies.

Microinsurance offers low-cost coverage for risks such as illness, death, and natural disasters, providing financial protection to people who may not have access to traditional insurance. 

It also involves small premium payments and simplified policies to make insurance more accessible to those with limited resources.

The number of Filipinos covered by microinsurance also rose by 2.3 percent year-on-year to 56.3 million in the first three quarters of 2023 from 55 million a year earlier.

MBAs insured the highest number of Filipino lives, with a total of 28.6 million, followed by the life insurance sector (18.39 million) and the non-life insurance sector (9.30 million). 

“The above-cited data were collated from figures submitted by 50 entities actively engaged in providing microinsurance products, composed of 24 MBAs, 12 life insurance companies, and 14 non-life insurance companies,” the IC said.

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