The total premiums collected under microinsurance policies reached P13.54 billion in 2023, the Insurance Commission (IC) said yesterday.
It is 17.35 percent higher versus the microinsurance premium collection in the previous year, the IC said in a statement.
The significant increase in premium collection could be attributed to the across-the-board increase in premium collection by mutual benefit associations (MBAs), and life and non-life insurance companies, the IC added.
MBAs still dominate the microinsurance industry in premium collection with a total P7.48 billion or 55.26 percent of the entire market share.
The life and non-life sector collected P3.66 billion or 27.05 percent and P2.39 billion or 17.69 percent, respectively.
Thus, the total number of lives insured under microinsurance policies in the country last year reached 56.62 million.
MBAs insured the most number with a total of 28.6 million Filipino lives insured, followed by the life insurance sector with 15.64 million and the non-life insurance sector with 12.37 million Filipino lives insured.
Microinsurance products offer financial protection to the low-income earners to hedge against various risk such as death, injury and damage to livelihood or property. Its premiums collection could be purchased for not more than 7.5 percent of the minimum wage in Metro Manila.
