THE estimated total number of lives covered by microinsurance products in the Philippines breached the 50-million mark last year amid the Covid-19 pandemic.
The Insurance Commission said in a statement on Wednesday that the number of insured lives by microinsurance products last year hit 50.35 million, surging by 11.56 percent from 45.13 million in 2019, based on unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) from microinsurance providers.
“We hope that these figures will be confirmed by the later submission of audited annual statements for the year 2020 by our microinsurance providers. If the QRSFS will be confirmed, then the Insurance Commission will have reached its target of 50 million microinsured lives two years earlier—a target that we initially foresaw will be reached by 2022,” Insurance Commissioner Dennis Funa said.
