The lives covered by microinsurance in 2019 posted a double-digit increase of 16.07 percent from its year ago level, the Insurance Commission (IC) said.
In a statement yesterday, the IC said based on unaudited reports, the number of lives insured rose from 38.89 million in 2019 to 45.13 million in 2019.
The IC said mutual benefit associations (MBAs) remained to take the largest market share in terms of number of individuals covered.
MBAs covered 25.66 million lives in 2019, constituting 56.85 percent of the market share.
Life insurance companies meanwhile covered 11 million individuals.
The IC said the life insurance sector posted a 7.06 percent decrease in terms of lives insured by microinsurance from 11.85 million in 2018 to 11.01 million last year.
Lastly, the non-life insurance sector posted a staggering 97.51 percent increase in the number of lives covered year-on-year, from 4.29 million to 8.47 million.
