Microinsurance coverage in PH expanding

The number of Filipinos covered by microinsurance rose by almost a fifth to 38.9 million last year as mutual benefit associations (MBAs) as well as life and nonlife insurers increased sales of these products.

In a statement, Insurance Commissioner Dennis B. Funa said the number of insured individuals rose by 18.8 percent from 32.7 million in 2017.

Funa earlier said the government was targeting to increase the microinsurance penetration rate to 48.7 percent by 2022.

Microinsurance sold by MBAs covered 22.8 million individuals; by life insurance companies, 11.9 million, and nonlife, 4.3 million, the latest Insurance Commission data showed.

Last year, total microinsurance premium production grew 14.5 percent to P8.1 billion from P7.1 billion in 2017.

Microinsurance sales of MBAs went up 16.8 percent to P4.6 billion last year.

Life insurers sold P2.6 billion in microinsurance products last year, up 6.9 percent.

Nonlife insurance firms, meanwhile, sold P998.9 million in premiums in 2018, 25.8-percent higher than in the previous year.—BEN O. DE VERA