IC: Microinsurance Premium Contribution Grows 17.35% to P13.54 in 2023

According to the Insurance Commission, total premiums collected under microinsurance policies amounted to P13.54 billion as of the year-end of 2023. This is a 17.35% increase from microinsurance premium collection in 2022. 

The big increase in premium collection could be attributed to the across-the-board increase in premium collection by MBAs, and life and non-life insurance companies, to wit:

As of year-end of 2023, the number of lives insured under microinsurance policies reached 56.62 million Filipino lives.

Mutual benefit associations (MBAs) insured the highest number of Filipino lives, with a total of 28.6 million Filipino lives insured, followed by the life insurance sector (15.64 million Filipino lives insured) and the non-life insurance sector (12.37 million Filipino lives insured).

MBAs still dominate the microinsurance industry in premium collection with a total Php7.48 billion or 55.26% of the entire market share. The life and non-life sector collected Php3.66 billion or 27.05% and Php2.39 billion or 17.69%, respectively.

For easy reference, the comparative figures on the total number of Filipino lives insured and premium production of the microinsurance industry are as follows:

​Microinsurance products offers financial protection to the low-income earners to hedge against various risk such as death, injury and damage to livelihood or property. Its premiums collection can be purchased for not more than 7.5% of the minimum wage in Metro Manila.