The Insurance Commission (IC) is planning to grant incentives to new microinsurance players to boost financial inclusion in the Philippines.
Insurance Commissioner Reynaldo A Regalado said this at a recent industry forum, reported BusinessWorld.
While the microinsurance industry has grown in the past years, the sector still lacks major players as there are only 49 companies selling microinsurance, Mr. Regalado noted.
He said, “In the Philippines, microinsurance sells itself. The only thing we have to do is expose them to everyone. In terms of policies to boost this, we’re looking at incentives and we’re looking at the way we have been checking them.“
Microinsurance MBA Association of the Philippines chairman emeritus Jaime Aristotle B. Alip said that lowering taxes or a tax credit scheme could encourage more insurers to go into microinsurance.
At present, microinsurance covers around 56m people in the Philippines which has a population of around 120m.
Source: asiainsurancereview.com