IC: Record-high 53.7 million Filipinos covered by microinsurance in 2021 | Inquirer Business
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IC: Record-high 53.7 million Filipinos covered by microinsurance in 2021

By: - Reporter / @bendeveraINQ
/ 07:56 PM April 07, 2022
IC: Record-high 53.7 million Pinoys covered by microinsurance in 2021

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MANILA, Philippines — The number of Filipinos covered by inexpensive, short-term microinsurance products rose to a record 53.7 million in 2021, alongside total premiums which exceeded the P10-billion mark for the first time.

The latest Insurance Commission (IC) data on Thursday showed that the number of lives insured by microinsurance policies being sold by life and non-life insurers as well as mutual benefit associations (MBAs) climbed from 50.3 million in 2020.

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MBAs’ microinsurance products covered 31.9 million Filipinos; 14.4 million insured by life policies; and 7.4 million by non-life.

The increase in microinsurance coverage came on the back of a 29.8-percent jump in contributions and premiums produced across the three insurance sectors to P10.1 billion last year from P7.8 billion in 2020. To recall, at the onset of the COVID-19 pandemic in 2020, microinsurance sales fell 14.5 percent from P9.1 billion in 2019.

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All of the sectors selling microinsurance saw their sales grow last year. MBAs’ microinsurance contributions accounted for the bulk of industrywide sales, posting 34.3-percent growth to P5.9 billion from 2020’s P4.5 billion.

Life insurance companies sold P2.9-billion worth of microinsurance policies last year, up 20.7 percent from P2.4 billion in 2020.

Non-life insurance firms also grew their microinsurance premiums by 31.5 percent to P1.2 billion in 2021 from 2020’s P913.5 million.

In 2021, 23 MBAs, 11 life, and 15 non-life insurers offered microinsurance.

The IC had targeted to cover 50 million Filipinos with microinsurance this 2022, but this goal was exceeded as early as 2020.

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