40 MILLION FILIPINOS COVERED BY MICROINSURANCE AS OF Q3 2019
Preliminary data based on the quarterly reports submitted to the Insurance Commission show that the microinsurance industry recorded a total of 40 million individuals covered by microinsurance as of the end of the third quarter of 2019.
According to Insurance Commissioner Dennis Funa, the mutual benefit associations registered the highest number of individuals covered by microinsurance.
“Taking up 62 percent of the market share in terms of 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,” said Funa.
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, of the total registered by the MBA sector.
In terms of the number of lives insured, Pag-asa ng Pinoy MBA, Inc. came in second followed by Alalay sa Kaunlaran (ASKI) Benefit Association, Inc., Tulay sa Pag-unlad (TSPI) Mutual Benefit Association, Inc., and CCT Mutual Benefit Association, inc.
As to the total contributions made, TSPI Mutual Benefit Association Inc., came in second, followed by Pagasa ng Pinoy MBA, Inc., Simbag sa Emerhensiya Asin Dagdag Pasegurohan, MBAI, and Alalay sa Kaunlaran (ASKI) Mutual Benefit Association, Inc.,
The life insurance sector, on the other hand, covered 8 million individuals with a total premium production of P1.95 billion.
Funa said, “The life insurance sector posted a 27-percent decrease in terms of number of insured lives from 11 million during the third quarter of 2018 to eight million of the same period this year. Nevertheless, the life insurance sector posted a four-percent increase in terms of premium production.”
The total premium production of the life insurance sector increased by four percent to P1.95 billion as of endSeptember 2019 from P1.88 billion during the comparable period last year.
The top five life insurance companies in terms of number of covered lives are: Pioneer Life, Inc., CLIMBS Life and General Insurance Cooperative, The Philippine American Life and General Insurance Company, United Coconut Planters Life Assurance Corporation, and Country Bankers Life Insurance Corporation.
In terms of premium production, CLIMBS Life and General Insurance Cooperative Inc. ranked the highest. The said company is followed by Pioneer Life, Inc., United Coconut Planters Life Assurance Corporation, The Philippine American Life and General Insurance Company, and Country Bankers Life Insurance Corporation.
Meanwhile, the non-life insurance sector posted an increase of 74 percent year-on-year in the number of lives covered from four million to seven million. The non-life insurance sector likewise posted an increase of 19.08 percent in terms of premium production from P604 million during the third quarter of 2018 to P720 million for the same period this year.
Pioneer Insurance and Surety Corporation ranked the highest in the non-life insurance sector in terms of number of lives covered, followed by Visayan Surety & Insurance Corporation, CARD Pioneer Microinsurance, Inc., Bankers Assurance Corporation, and Country Bankers Insurance Corporation.
On the other hand, CARD Pioneer Microinsurance, Inc., took the top spot in the non-life insurance sector in terms of premium production. It is followed by Visayan Surety & Insurance Corporation, The Mercantile Insurance Company, Inc., Pioneer Insurance and Surety Corporation, and Bankers Assurance Corporation.