The total premiums collected under microinsurance policies as of the quarter of 2023 rose by 19.6 percent compared to the same period last year, according to the Insurance Commission (IC).
In a statement yesterday, the IC said premium collection by mutual benefit associations (MBAs), life insurance companies and non-life insurance companies as of end-September 2023 amounted to P10.16 billion, up from the P8.49 billion premiums collected during the same period last year.
The IC said the big increase in premium collection could be attributed to the across-the-board increase in premium collection by MBAs, and life and non-life insurance companies.
The number of lives insured under microinsurance policies also increased during the given period.
As of September, the number of lives insured under microinsurance policies is more than 56 million Filipino lives, or 2.34 percent higher than the number of lives insured as of the same period last year.
MBAs insured the highest number of Filipino lives, with a total of 28.6 million Filipino lives insured, followed by the life insurance sector (18.39 million Filipino lives insured) and the non-life insurance sector (9.3 million Filipino lives insured).
The latest report was based on figures submitted by 50 entities actively engaged in providing microinsurance products, composed of 24 MBAs, 12 life insurance companies and 14 non-life insurance companies.
In a separate statement, the IC said it collected P518 million in registration and supervision fees in 2023, representing a 3.83 percent increase versus the amount collected during the previous year.
The amount is comprised mainly of examination fees for insurance agents; certificate of authority fees for new and renewal applications of licenses of insurance agents, brokers, adjusters and other professionals involved in the insurance industry; registration fees for product approvals; supervision fees and processing fees.
IC said the increase in the collection of registration and supervision fees is attributable to the 10.04 percent hike in collected registration fees for product approvals and the 14.12 percent increase in examination fees.
Registration fees for product approvals amounted to P61.9 million in 2023, while examination fees collected amounted to P148.59 million.
Supervision fees also increased by 3.02 percent to P25.01 million in 2023.
Collection of certificate of authority fees and processing fees in 2023 amounted to P188.31 million, which is a 3.39 percent decline from 2022 figures.
Processing fees collected amounted to P11.96 million, which is also a 7.19 percent decline from 2022 figures.
