The Philippine microinsurance sector has posted total premium of PHP8.14bn ($157.2m) at the end 2018, representing an increase of 14.5% from PHP7.11bn in 2017, according to lnsurance Commissioner Dennis B Funa.
The number of Filipinos covered by microinsurance rose by almost a fifth to 38.9m last year as mutual benefit associations (MBAs) as well as life and non-life insurers increased sales of these cheaper products.
In a statement, the Insurance Commission said that the non-life microinsurance sector posted a significant increase in premium production to PHP998.97m in 2018, up by 25.8% from 2017.
Mutual benefit associations (MBAs) posted PHP4.56bn in contributions in 2018 or an increase of 16.8% from 2017.
The life insurance sector posted a 6.9% increase in premiums to PHP2.58bn in 2018.
Commissioner Funa said, "Based on the statistical data as of end 2018, we saw that the non-life and life insurance sectors showed significant increases in terms of premium production and number of lives covered. This only proves that microinsurance in our country continues to grow and is an effective and affordable financial product for the protection of the properties and lives of our countrymen."