Philippine micro-insurance premiums rise 14% in 2022

Total lives insured under micro-insurance products reached 57.8 million.

The Philippines’ micro-insurance companies experienced a 14% growth in total premiums collected in 2022, preliminary results from the Insurance Commission of the Philippines showed.

This reached P11.53b. The number of insured lives also rose to 57.75 million, according to the Insurance Commission. In comparison, total premiums collected in 2021 amounted to P10.12b.

The Insurance Commission attributed the growth in collected premiums and insured lives to heightened public awareness of the importance of affordable insurance products.

ALSO READ: Philippine life insurance up 3.30% in first quarter

Micro-insurance encompasses various products, including micro pre-need (such as micro-memorial, education, and pension), micro-life and health insurance, and micro-agricultural insurance.

Many Filipinos who purchase micro-insurance are daily wage earners, such as drivers, street vendors, and factory workers, said the commission.

Micro-insurance refers to insurance products with low premiums that should not exceed 7.5% of the current daily minimum wage in Metro Manila, calculated on a daily basis.

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