Microinsurance in the Philippines

06/05/2024

For the year 2021, a total of 53,652,866 lives are insured by Microinsurance.

Kindly click the link below to see the data on Microinsurance as of the 4th Quarter of 2021.

As of the Quarter Ending 31 December 2021Microinsurance, Microinsurance Quarterly Statistics / 31 December 2021 2021 4th Quarter StatisticsDownload

21/06/2022

Despite the relatively low transmission rate of COVID-19 in 2021, several natural disasters continuously occurred in the Philippines during this year. One of which is Typhoon Odette which wreaked havoc in the Visayas and Mindanao region.

Kindly click the link below to see the initial data of microinsurance as of 31 December 2021 pertaining to Covid-19 and Typhoon Odette.

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2022/04/COVID-19-and-Typhoon-Odette-Data-as-of-31-December-2021-2.pdf

For updates on statistical reports and other matters on microinsurance, you may check this page or visit the microinsurance corner at the official website of the Insurance Commission.

17/05/2022

Despite the pandemic, the Microinsurance providers were able to have a huge increase of 67.41% in premium production for the 3rd Quarter of 2021 compared from the same quarter last year. The number of insured lives also shown an increase of 23.65%

For more details, please click on this link. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission.

23/03/2022

Most people in the low-income sector assume that insurance are not for them. Experience indicates that most of them will ask why would they get an insurance if they cannot even barely make ends meet. However, there are affordable insurance products which can aid low-income families by offering insurance plans tailored to their needs. These are called microinsurance products. Please watch the video below to know what is microinsurance.

To know more about microinsurance and for updates on statistical reports and other matters on Microinsurance, you may check the Microinsurance Corner at the official website of the Insurance Commission.

17/02/2022

With the Philippines officially beginning its vaccination against COVID-19 last 1 March 2021, the available unaudited data from the various microinsurance providers gain notable increase, specifically, the premium production in the 2nd quarter of 2021 compared to the same quarter of 2020 grew at 34.10%.

For more details, please click on this link. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission.

15/11/2021

Despite the on-going pandemic, the Microinsurance providers were still able to have an increase of 16.32% in premium production for the 1st Quarter of 2021 compared from the last year’s first quarter. However, the number of insured lives decreased by 2.59%. The significant decrease on the estimated number of insured lives in the Non-life sector affected the entire microinsurance providers in the Life and MBA sectors.

For more details, please click on this link. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission.

18/09/2021

Health problems not only affect expenses of the household, but also decreases productivity and diminish opportunity for development. Those who are earning within the minimum wage rate and below are usually considered to be the most vulnerable to illnesses and may further become impoverished in the process of seeking health care and services.

As a result, Microinsurance Health Framework was created to provide Filipinos with greater coverage and wider access to simple, affordable, and appropriate MicroHealth products and services with the intent of complementing the Universal Health Care System of the government.

To know more about said framework (MicroHealth), please clink the link below.

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2020/11/health_flyers_2020.pdf

You may also visit the Microinsurance Corner at the official website of the Insurance Commission for more information.

16/08/2021

Ano ang microinsurance?

Ito ay isang uri ng seguro (insurance) na tumutugon sa pangangailangan ng mga Pilipino na may mababang sahod o mga Pilipinong walang kakayahan na makabili ng isang ordinaryong seguro (insurance) upang magbigay ng isang garantisadong benepisyo sa oras na mangyari ang mga hindi inaasahang mga bagay katulad ng kamatayan, aksidente, sunog, at iba pa.

Kung ninanais na malaman ang tungkol sa microinsurance, mangyaring i-download o basahin ang polyetong ito.

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2020/11/primer_flyers_2020.pdf

Maaari niyo ring bisitahin ang Microinsurance Corner sa opisyal na website ng Insurance Commission para sa karagdagang impormasyon.

29/07/2021

While the poor are the ones who need insurance the most, most of them are having a hard time to pay for their coverage with regular insurance products. With that, microinsurance was created which aims to protect low-income people against specific perils in exchange for a specified premium/payment and maximum amount of benefits that can be collected. The Insurance Commission launched a Handbook with regard to the features of microinsurance. To view or download the Handbook on Microinsurance, please click the link below.

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2019/11/MicronInsurance-hand-book.pdf

You may also visit the Microinsurance Corner at the official website of the Insurance Commission for more information.

20/04/2021

2020 has been quite a year as it was continuously bombarded by several natural disasters and COVID-19. Kindly click this link to view the initial data on Microinsurance claims on these matters. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission https://micorner.insurance.gov.ph/microinsurance/

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2021/02/Initial-Data-on-Microinsurance-Claims-on-COVID-19.-Taal-Volcano-Eruption-and-Typhoons-Rolly-and-Ulysses.pdf

19/04/2021

As the lingering effects of the pandemic and the implementation of the community quarantine measures affected the industry’s performance in the premium production/contribution, the number of insured are still progressing. One of the key features of the Microinsurance product is its 45 days grace period making it not too burdensome to any of its clients to pay for its premium when it is due. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission https://micorner.insurance.gov.ph/microinsurance/

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2021/02/3rd-Quarter-Statistical-Report-as-of-30-September-2020-final-tables-only.pdf

14/04/2021

The effects of the outbreak are felt by some of the Microinsurance providers this quarter as far as its premium production/contribution is concerned. Despite this, the number of insured lives is still progressing. For more details, please click on the link. Kindly like and share this page. For updates on statistical reports and other matters on Microinsurance, you may check this page or visit the Microinsurance Corner at the official website of the Insurance Commission https://micorner.insurance.gov.ph/microinsurance/

https://micorner.insurance.gov.ph/microinsurance/wp-content/uploads/2020/11/2020-2nd-Quarter.pdf