Philippines' microinsurance premiums jump to $240m in 2023

The year saw 56.62 million Filipinos covered under microinsurance policies.

In 2023, total premiums collected under microinsurance policies in the Philippines amounted to $240m (P13.54b), marking 17.35% year-on-year (YoY). 

This surge can be attributed to increased premium collection across mutual benefit associations (MBAs), life, and non-life insurance companies.

The number of lives insured under microinsurance policies reached 56.62 million by the end of 2023. 

MBAs insured the highest number of Filipino lives, totaling 28.6 million, followed by the life insurance sector with 15.64 million lives insured, and the non-life insurance sector with 12.37 million lives insured.

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MBAs continue to dominate the microinsurance industry in premium collection, accounting for 55.26% of the market share with P7.48b collected. 

The life and non-life sectors collected $64m (P3.66b) (27.05%) and $42m (P2.39b) (17.69%) respectively.

Microinsurance products provide financial protection to low-income earners against various risks such as death, injury, and property damage. Premiums can be purchased for not more than 7.5% of the minimum wage in Metro Manila.

($1.00 = P57.2)