The number of lives insured under micro-insurance products has increased to 57.75 million in 2022, according to the Insurance Commission (IC).
This figure represents a 7.64 percent increase compared to the number of insured lives recorded in 2021, which stood at 53.65 million.
Total premiums collected by micro-insurance companies increased by 14 percent last year.
Micro-insurance firms collected total premiums amounting to P11.53 billion in 2022, up versus the P10.12 billion raked in the previous year.
The IC attributed the increase in collected premiums and the number of insured lives to the increasing public awareness of the necessity of having affordable insurance products.
Micro-insurance refers to insurance products that can be purchased at low premiums. The premiums should not be more than 7.5 percent of the current daily minimum wage in Metro Manila, computed on a daily basis.
The IC actively promotes micro-insurance among low-income earners, as a means to prepare for emergencies that can drain resources, such as deaths, injury, and damage to property or livelihood.