Micro-insurance protection jumps 22.5% in the Philippines – Q1 2023
Individuals covered also climbed 15.4% to 51.70 million.
In the first three months of 2023, a total of P3.25b was accumulated from micro-insurance premiums, data from the Insurance Commission of the Philippines showed.
This was equivalent to a 22.5% growth.
Micro-insurance encompasses products whose premiums must not exceed 7.5% of the capital’s – Metro Manila – minimum wage, calculated daily.
These products include micro-life and health insurance, micro-agricultural insurance, and micro-need options like memorial, educational, and pension plans.
Likewise, individuals covered by micro-insurance also saw a climb of 15.4% to 51.70 million persons. These were policies issued by insurance companies and mutual benefit associations (MBAs).
Of the total insured, 55.7% were policies issued by MBAs.
Also, non-life insurance companies experienced an impressive 88.8% surge in micro-insurance premiums collected compared to Q1 2022.
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Meanwhile, MBAs and life insurance companies saw increases of 13.4% and 12% in their microinsurance premiums, respectively, for the same period.
As of Q1 2023, 48 regulated entities actively sell micro-insurance: 23 MBAs, 12 life insurance companies, and thirteen 13 non-life insurance companies.
The Insurance Commission promotes micro-insurance for financial inclusion, enabling low-income earners to mitigate risks like death, injury, and property damage.