Microinsurance premium contributions grew by 17.35% to PHP13.54bn ($237m) in 2023, according to data released by the Insurance Commission.
The surge in microinsurance premium income could be attributed to the across-the-board increase in premium collection by MBAs (mutual benefit associations), and life and non-life insurance companies, says the industry regulator in a statement.
MBAs dominated the microinsurance industry in premium collection with a total of PHP7.48bn or 55.26% of the entire market.
As of the end of 2023, the number of lives insured under microinsurance policies reached 56.62m. MBAs covered 28.6m lives or more than half (50.5%) of the total number of lives with microinsurance policies.
Premium collections by sector in 2023 are summarised as follows:
Source: asiainsurancereview.com