Philippines: More take up microinsurance cover
Source: Asia Insurance Review | Nov 2020
Around 48.22m Filipinos were covered by microinsurance at end-March this year according to the Insurance Commission (IC) as it released unaudited first-quarter reports submitted by insurers.
IC chief Dennis Funa said that the estimated number of lives covered by microinsurance increased by 28.89% from 37.41m recorded at 31 March 2019, reported The Philippine Star. Mr Funa said that mutual benefit associations (MBA) remained the most prominent market player in the microinsurance field, with 27.1m Filipinos covered.
MBAs also generated PHP1.08bn ($22m) in microinsurance premiums which comprised 54.5% of the PHP1.99bn total industry premiums in 1Q2020. A