Filipinos with microinsurance cover up 8% in Q4

March 14 2017 by InsuranceAsia News Staff

Microinsurance, which offers coverage of P10,000 (US$200) to policyholders, continues to make waves in the Philippines.

In Q4 of 2016, the number of Filipinos covered by microinsurance increased 8% to 28.4 million from 26.3 million in the preceding quarter.

As of end of 2016, 61% of those who have bought microinsurance products are members and dependents of Microinsurance Mutual Benefit Associations.

Microinsurance also posted a 36% increase to P5.41 billion in premium production as of end of December, compared to P3.97 billion as of end of September.

The Insurance Commission (IC) still hopes to improve these numbers with its collaboration with local and international organisations promoting microinsurance.

IC recently entered into an agreement with Global Affairs Canada, Center for Agriculture and Rural Development, and Canadian Cooperation Association to implement a project that seeks to improve the economic well-being of individuals affected by typhoon Haiyan in November 2013.



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