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. MBAs remain the dominant player in the microinsurance market, ahead of commercial insurers, accounting for 56% of the total premium income of the sector (Q3 2016 Performance Report).
Commissioner Funa emphasised, however, that the main goal and importance placed is not on the amount of premiums generated, but on wider financial inclusion and maximum social protection, which is key for developing and vulnerable countries.
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