PERSONS COVERED and premiums of the microinsurance industry increased in 2019, data from the Insurance Commission (IC) showed.
The IC said on Tuesday unaudited reports submitted by the companies showed premiums produced by the microinsurance sector hit P9.12 billion last year, up from the P8.14 billion in 2018.
Total individuals covered also rose 16% to 45.13 million in 2019 from 38.89 million in 2018.
Mutual benefits associations (MBAs) continued to account for the largest share of coverage and premium production, with total premiums of P5.26 billion or 57.6% of the total.
Its coverage reached 25.66 million last year, also more than half of the market.
The IC said CARD Mutual Benefit Association, Inc. topped the sector with total contributions of P4.33 billion, accounting for 79.62% of the market share in terms of coverage.
Tulay sa Pag-unlad Mutual Benefit Association, Inc. logged the second highest contributions among MBAs, followed by Pag-Asa ng Pinoy MBA, Inc.; Simbag sa Emerhensiya Asin Dagdag Pasegurohan MBA, Inc.; and Alalay sa Kaunlaran (ASKI) Benefit Association, Inc.
In terms of persons insured, Pag-Asa ng Pinoy MBA, Inc. placed second, followed by ASKI Benefit Association; Tulay sa Pag-unlad Mutual Benefit Association and CCT Mutual Benefit Association, Inc.
Meanwhile, the life insurance sector booked a two percent increase in microinsurance premium production to P2.64 billion in 2019 from P2.58 billion the year prior, while the number of individuals covered declined to 11.01 million from 11.85 million.
The top five life insurers in terms of premiums produced were CLIMBS Life and General Insurance Cooperative; Pioneer Life, Inc.; United Coconut Planters Life Assurance Corp.; Country Bankers Life Insurance Corp.; and The Philippine American Life and General Insurance Co. (Philam Life), respectively.
Pioneer Life reported the most number of persons insured, followed by Philam Life, CLIMBS Life and General Insurance Cooperative, United Coconut Planters Life Assurance and Country Bankers Life Insurance.
For the non-life insurance sector, premiums produced surged 23% to P1.23 billion last year from P1 billion a year earlier.
The sector also posted the highest growth in coverage last year to 8.47 million individuals insured, almost double the 4.29 million covered in 2018.
Pioneer Insurance & Surety Corp. reported the most number of lives covered among the sector, followed by Card Pioneer Microinsurance Inc. (Pioneer Asia); Visayan Surety & Insurance Corp.; Country Bankers Insurance Corp.; and The Mercantile Insurance Co., Inc.
In terms of microinsurance premium production, Pioneer Asia placed first, followed by Pioneer Insurance & Surety; The Mercantile Insurance Visayan Surety & Insurance; and Country Bankers Insurance.