The Philippines’ microinsurance sector posted strong growth during the first quarter of 2018, recent government figures have revealed.
Data from the country’s insurance regulator show a 23.39% increase in premium contribution and 28.09% increase in the estimated number of people covered during that period, compared to the first quarter of 2017. The overall total premium contribution of the microinsurance industry reached PHP1.78 billion (about US$33.37 million) - about 23.4% higher over the year.
“We are pleased that the microinsurance industry continues to make its mark in the insurance industry,” Insurance Commissioner Dennis Funa said. “The continuous rise in premium contribution and persons availing of microinsurance shows that more and more Filipinos are beginning to understand the value of insurance and becoming financially responsible.”
The country’s top insurance official attributed much of the growth to the ongoing awareness campaigns and programs of the Insurance Commission led by its microinsurance division, in partnership with various local governments and the microinsurance lndustry.
The total number of insured individuals covered by microinsurance products increased to 34.1 million, which shows a rise of over 7.5 million compared to the first quarter of 2017’s 26.6 million.
“We are motivated now more than ever to continue to spread awareness of microinsurance, not only within NCR [Metro Manila] but all over the country, in line with our mission to provide every Filipino the opportunity to avail of affordable insurance products that are suitable for their needs,” Funa added.
