Quantcast
Latest Stories

More Filipinos took out insurance policies in 2012—DOF

By

MANILA, Philippines—Insurance products have started to become popular among the people in the country, with about 13 million Filipinos now owning micro-insurance policies.

As of the end of 2012, there were 12.9 million Filipinos who own micro-life and non-life insurance policies, the Department of Finance reported.

The figure was a stark improvement from the 6 million policyholders reported by the end of 2010, the year when micro-insurance products were first promoted by the government.

The finance department said that the number of Filipinos owning micro-insurance is expected to rise further this year.

“There has been a sharp rise in the penetration rate of micro-insurance. More and more Filipinos are now availing themselves of life and non-life protection,” said Gil Beltran, Finance Undersecretary who takes charge of the National Credit Council (NCC).

Micro-insurance products are designed for low-income earners. A micro-insurance policy normally costs P100 or less. The benefit for the policyholder usually hovers around P5,000.

Beltran said the significant increase in the penetration of micro-insurance products was due to several factors, including awareness programs conducted by the NCC and the Insurance Commission all over the country.

The targets of these awareness programs are rural areas and other low-income communities.

“The micro-insurance policies that people get range from life to non-life,” Beltran said.

The non-life products taken out are those that are meant to protect micro-businesses against damage, he added.

The rise in the number of Filipinos owning micro-insurance is also credited to the government’s push for financial entities to offer products that cater to the insurance needs of low-income individuals, Beltran said.

A few large insurance companies now offer micro-insurance.

Also, there has been an increasing number of mutual benefit associations that offer insurance and other financial services to low-income earners, he explained.

The finance department and other concerned government agencies will continue to implement programs that will boost the penetration rate of insurance products throughout the country, Beltran said.

He said that by making Filipinos financially savvy, the government will be a step closer in reducing poverty in the Philippines.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Department of Finance , Insurance , micro-insurance , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Technology

  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace