Phl’s microinsurance expands 19.6% YoY in Q3’23

Over 56 million Filipinos were insured during the third quarter.

As of the 3rd quarter of 2023, total premiums collected for microinsurance policies have surged by 19.6% to P10.16b compared to the same period last year, data from the Insurance Commission of the Philippines revealed.

Microinsuers include mutual benefit associations (MBAs), life insurance companies, and non-life insurance companies. The total premiums collected during the quarter were larger than the P8.49b collected in the third quarter of 2022.

The number of lives insured under microinsurance policies also experienced growth during this quarter with over 56 million Filipinos tallied under this coverage, reflecting a 2.34% rise year-on-year (YoY).

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Among these, MBAs have insured the highest number, covering 28.6 million lives, followed by the life insurance sector with 18.39 million lives insured and the non-life insurance sector with 9.30 million lives insured.

Microinsurance products provide financial protection for low-income earners, safeguarding against various risks such as death, injury, and damage to livelihood or property. Premiums for microinsurance can be acquired for an amount not exceeding 7.5% of the minimum wage in Metro Manila.