The microinsurance industry recorded a total of 40 million individuals covered by microinsurance as of end-September 2019, preliminary data from the Insurance Commission (IC) showed.
In a statement, Dennis Funa, insurance commissioner, said the mutual benefit associations (MBA) 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.
In terms of the number of lives insured, Pag-asa ng Pinoy MBA Inc. came in second followed by Alalay sa Kaunlaran (ASKI) Benefit Association Inc., Tulay sa Pag-unlad (TSPI) Mutual Benefit Association Inc., and CCT Mutual Benefit Association Inc.
As to the total contributions made, TSPI Mutual Benefit Association came in second, followed by Pagasa ng Pinoy MBA, Simbag sa Emerhensiya Asin Dagdag Pasegurohan MBAI, and ASKI Mutual Benefit Association.
The life insurance sector, on the other hand, covered eight million individuals with a total premium production of P1.95 billion.
“The life insurance sector posted a 27 percent decrease in terms of number of insured lives from 11 million during the third quarter of 2018 to eight million of the same period this year,” Funa said.
“Nevertheless, the life insurance sector posted a four percent increase in terms of premium production,” he added.
The total premium production of the life insurance sector increased by four percent to P1.95 billion as of end-September 2019, from P1.88 billion during the comparable period last year.
The top five life insurance companies in terms of number of covered lives are: Pioneer Life Inc., CLIMBS Life and General Insurance Cooperative, The Philippine American Life and General Insurance Co., United Coconut Planters Life Assurance Corp., and Country Bankers Life Insurance Corp.
In terms of premium production, CLIMBS Life and General Insurance ranked the highest. It is followed by Pioneer Life, United Coconut Planters Life Assurance, The Philippine American Life and General Insurance, and Country Bankers Life Insurance.
Meanwhile, the non-life insurance sector posted an increase of 74 percent year-on-year in the number of lives covered from four million to seven million.
The non-life insurance sector also grew its premium production by 19.08 percent, from P604 million during the third quarter of 2018 to P720 million for the same period this year.
Pioneer Insurance and Surety Corp. ranked the highest in the non-life insurance sector in terms of number of lives covered, followed by Visayan Surety & Insurance Corp., CARD Pioneer Microinsurance Inc., Bankers Assurance Corp., and Country Bankers Insurance Corp.
On the other hand, CARD Pioneer Microinsurance took the top spot in the non-life insurance sector in terms of premium production.
It is followed by Visayan Surety & Insurance, The Mercantile Insurance Company Inc., Pioneer Insurance and Surety, and Bankers Assurance.