The microinsurance industry saw increases in its total premium production and number of people covered in the first quarter, the Insurance Commission (IC) said.
Data based on reports submitted by the microinsurance providers to the IC showed that the industry’s total premiums collected in the January to March period rose 23.39% to P1.78 billion, up by P337 million from the P1.44 billion logged in the same period last year.
Broken down, the mutual benefit associations (MBA) garnered the highest premium contribution amounting to P1.05 billion last quarter, 58.76% or more than half of the entire market share.
The life sector collected P547.94 million in premiums, 30.77% of the market share, while non-life insurers were able to produce P186.49 million or 10.47% of the total market share.
“We are pleased that the microinsurance industry continues to make its mark in the insurance industry,” Insurance Commissioner Dennis B. Funa was quoted as saying in the statement sent to reporters on Wednesday. — Karl Angelo N. Vidal

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