About 40 million Filipinos were covered by microinsurance as of third quarter, preliminary data based on the quarterly reports submitted to the Insurance Commission show.
Insurance commissioner Dennis Funa said in a statement 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,” Funa said.
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.
Pag-asa ng Pinoy MBA, Inc. came in second followed by Alalay sa Kaunlaran Benefit Association Inc., Tulay sa Pag-unlad Mutual Benefit Association Inc. and CCT Mutual Benefit Association Inc.
Data showed that in terms of 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 Mutual Benefit Association Inc.