Micro-insurance protection jumps 22.5% in the Philippines – Q1 2023

Individuals covered also climbed 15.4% to 51.70 million.

In the first three months of 2023, a total of P3.25b was accumulated from micro-insurance premiums, data from the Insurance Commission of the Philippines showed.

This was equivalent to a 22.5% growth.

Micro-insurance encompasses products whose premiums must not exceed 7.5% of the capital’s – Metro Manila – minimum wage, calculated daily. 

These products include micro-life and health insurance, micro-agricultural insurance, and micro-need options like memorial, educational, and pension plans.

Likewise, individuals covered by micro-insurance also saw a climb of 15.4% to 51.70 million persons. These were policies issued by insurance companies and mutual benefit associations (MBAs).

Of the total insured, 55.7% were policies issued by MBAs.

Also,  non-life insurance companies experienced an impressive 88.8% surge in micro-insurance premiums collected compared to Q1 2022. 

ALSO READ: Philippines’ Insurance Council transitions HMO to receivership

Meanwhile, MBAs and life insurance companies saw increases of 13.4% and 12% in their microinsurance premiums, respectively, for the same period.

As of Q1 2023, 48 regulated entities actively sell micro-insurance: 23 MBAs, 12 life insurance companies, and thirteen 13 non-life insurance companies. 

The Insurance Commission promotes micro-insurance for financial inclusion, enabling low-income earners to mitigate risks like death, injury, and property damage.