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Philippine microinsurance premiums soar in Q1 amidst rising awareness

Filipinos’ heightened awareness of social protection has driven up insurance contributions from low-income segments, with collections hitting PHP3.2bn (USD570m) in Q1. The Insurance Commission (IC) reported a 22.48% surge in premiums from microinsurance providers, totaling PHP3.25bn from January to March, up from PHP2.65bn year-on-year. Lives insured under these products also increased by 15.39% to 51.7 million. Targeting low-income households, microinsurance offers coverage against illness, accidents, and death. The IC’s active promotion of microinsurance for emergencies has resulted in improved premiums and insured numbers. Mutual benefit associations led the contributions with 55%, followed by life insurers at 26%, and non-life insurers at 19%. Currently, 48 regulated entities offer microinsurance, with products tailored for daily wage earners.


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