Total premiums collected by microinsurance companies increased by 14% year on year to PHP11.53bn ($207.4m) in 2022, data from the Insurance Commission indicate.
The premiums collected by mutual benefit associations (MBAs), and life and non-life microinsurance companies in 2022, as compared to 2021, are as follows:
The number of lives covered by microinsurance stood at 57.75m in 2022, 7.64% higher than the 53.65m similarly-insured lives in 2021.
The Insurance Commission attributed the increase in collected premiums and the number of insured lives to the increasing public awareness of the necessity of having affordable insurance products.
The regulator actively promotes microinsurance among low-income earners, to help prepare them for risks such as deaths, injury, and damage to property or livelihood. Many Filipinos who buy micro-insurance are daily wage earners, such as drivers, ambulant vendors, and factory workers.