Philippines to increase micro insurance by 2022

Affected by a series of catastrophes such as Taal volcano eruption, Covid-19 outbreak, typhoon Rolly, typhoon Ulysses in 2020 a significant increase in claiming not only micro insurance policies but also for the entire industry as a whole is to be expected. Considering the events that have transpired, the Philippine government is in the process of gathering data for an over view on micro-insurance this year.

Around 50 million citizens are covered by micro-insurance by 2022, said the insurance commission head Dennis Funa and there are around 48.22 billion Filipinos covered in Philippines.

Infrastructural damage worth $126.61 million was done when Typhoon Ulysses struck Philippines in November according to Philippines’ national disaster management Risk reduction on Management Council. The agricultural damage inflicted by the typhoon stood at around PhP 4 billion.

The insurance sector is facing a number of challenges this year due to pandemic and typhoons.

As of September 2020, revenues of 18 micro-insurance mutual benefit associations under MiMAP network is down by an amount of $17.3 million year on year.

SunLife of Canada remains to be the most trusted life insurance brand by Filipinos.