40M Filipinos avail of microinsurance
Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 09 Dec 2019 16:20:09 +0000
About 40 million Filipinos are now covered by microinsurance as of the third quarter of the year, the Insurance Commission (IC) reported on Monday.
Citing preliminary data, Insurance Commissioner Dennis Funa noted that mutual benefit associations (MBA) registered the highest number of individuals covered by microinsurance.
“Taking up 62 percent of the market share in terms of the number of individuals covered, the mutual benefit associations sector covered 25 million members and dependents which translates to a total of P3.91 billion in terms of premium production,” he said in a statement.
Of the total registered by the MBA sector, the IC added that CARD MBA Inc. dominated the MBA sector with a total market share of 80 percent and 82 percent in terms of the number of lives insured and premium production, respectively.
It also announced that the life insurance sector, on the other hand, covered 8 million individuals with a total premium production of P1.95 billion.
“The life insurance sector posted a 27-percent decrease in terms of the number of insured lives from 11 million during the third quarter of 2018 to 8 million for the same period this year. Nevertheless, the life insurance sector posted a 4-percent increase in terms of premium production,” Funa said.
The IC added total premium production of the life insurance sector increased by 3.72 percent to P1.95 billion as of end-September this year, from P1.88 billion during the comparable period last year.
The top five life insurance companies in terms of the number of covered lives are: Pioneer Life Inc.; CLIMBS Life and General Insurance Cooperative Inc.; The Philippine American Life and General Insurance Co.; United Coconut Planters Life Assurance Corp.; and Country Bankers Life Insurance Corp.
In terms of premium production, CLIMBS Life and General Insurance ranked the highest. It was followed by: Pioneer Life Inc., United Coconut Planters Life Assurance Corp., The Philippine American Life and General Insurance Co., and Country Bankers Life Insurance Corp.
Meanwhile, the non-life insurance sector posted an increase of 74 percent year-on-year in the number of lives covered from 4 million to 7 million, the IC added.
The sector also posted an increase of 19.20 percent in terms of premium production from P604 million during the third quarter of 2018 to P720 million for the same period this year, it added.
Pioneer Insurance and Surety Corp. ranked the highest in the non-life insurance sector in terms of number of lives covered, followed by Visayan Surety & Insurance Corp., CARD Pioneer Microinsurance Inc., Bankers Assurance Corp., and Country Bankers Insurance Corp.
CARD Pioneer Microinsurance took the top spot in the non-life insurance sector in terms of premium production. It was followed by Visayan Surety & Insurance Corp., The Mercantile Insurance Co. Inc., Pioneer Insurance and Surety Corp., and Bankers Assurance Corp.