Philippines Asia’s top microinsurance market
Microinsurance coverage in the Philippines increased 21.3% to 19.95 million in 2013, making it the country with highest coverage among Asian emerging economies, followed by Thailand, 14.1%; India, 9.2%; and Bangladesh, 6.2%. Microinsurance coverage ratio is the total number of insured people as a percentage of the total population.
A global report, “The Landscape of Microinsurance in Asia and Oceania 2013,” showed that the Philippines and India lead in microinsurance. Only four countries have microinsurance coverage ratio greater than 5% – Philippines, Thailand, India, and Bangladesh – according to the report jointly published by Munich Re Foundation and Deutsche Gesellschaft fur Internationale Zusammenarbeit.
There are 172.8 million individuals and properties having microinsurance coverage in Asia and Oceania. Life insurance was the main type in Asia and Oceania, covering 83.9 million people, the report said.
The Department of Finance (DoF) said the Philippines is serving as model for other countries. It has 17 life insurance companies, 18 non-life insurance companies, and 19 mutual benefit associations offering microinsurance products. They are subject to regulations by the Insurance Commission.
The Philippines is a developed microinsurance market, in which products are delivered through nontraditional means, in partnership with microfinancing firms, as well as through microinsurance agents and brokers. There has been an increase in microinsurance products by insurance companies, and four million microinsurance policies were sold by both mutual benefit associations and insurance companies. Low-premium insurance providers include cooperative insurance societies, mutual benefit associations, pre-need companies, and health maintenance organizations.
We congratulate the Department of Finance headed by Secretary Cesar V. Purisima and Insurance Commission Commissioner Emmanuel F. Dooc, Officers and Personnel, for their coordinative efforts in advancing as well as developing an enabling environment for microinsurance for our Filipino people in our Republic of the Philippines.
A global report, “The Landscape of Microinsurance in Asia and Oceania 2013,” showed that the Philippines and India lead in microinsurance. Only four countries have microinsurance coverage ratio greater than 5% – Philippines, Thailand, India, and Bangladesh – according to the report jointly published by Munich Re Foundation and Deutsche Gesellschaft fur Internationale Zusammenarbeit.
There are 172.8 million individuals and properties having microinsurance coverage in Asia and Oceania. Life insurance was the main type in Asia and Oceania, covering 83.9 million people, the report said.
The Department of Finance (DoF) said the Philippines is serving as model for other countries. It has 17 life insurance companies, 18 non-life insurance companies, and 19 mutual benefit associations offering microinsurance products. They are subject to regulations by the Insurance Commission.
The Philippines is a developed microinsurance market, in which products are delivered through nontraditional means, in partnership with microfinancing firms, as well as through microinsurance agents and brokers. There has been an increase in microinsurance products by insurance companies, and four million microinsurance policies were sold by both mutual benefit associations and insurance companies. Low-premium insurance providers include cooperative insurance societies, mutual benefit associations, pre-need companies, and health maintenance organizations.
We congratulate the Department of Finance headed by Secretary Cesar V. Purisima and Insurance Commission Commissioner Emmanuel F. Dooc, Officers and Personnel, for their coordinative efforts in advancing as well as developing an enabling environment for microinsurance for our Filipino people in our Republic of the Philippines.
Thanks for sharing. Here I found a useful blog about Insurance scams in the Philippines.
ReplyDeleteCongratulations for developing an enabling environment for microinsurance for our Filipino people here in the Philippines. I think Pre need companies in the Philippines are also included in this.
ReplyDelete