Microinsurance penetration rate to reach nearly 50% in the Philippines by 2022

Friday, January 27, 2017
Philippines Insurance Commissioner, Dennis Funa has said that the micronsurance penetration rate in the country is expected to nearly double and increase from 25.4%, seen at the end of Q3 2016, to 48.7% by 2022. Of the 26 million Filipinos (roughly a quarter of the total population) protected by a microinsurance product, 59% (15.6 million individuals) were generated by the Microinsurance-Mutual Benefit Associations (Mi-MBAs), according to Mr. Funa.
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