Source: eDaily | 14 Jun 2013
About 13 million Filipinos now own microinsurance policies, more than double the six million policyholders reported at the end of 2010, the year when microinsurance products were first promoted by the government.
As at the end of 2012, there were 12.9 million Filipinos who own micro life and non-life insurance policies, the Department of Finance says.
The number of Filipinos owning microinsurance is expected to rise further this year. “There has been a sharp rise in the penetration rate of microinsurance. More and more Filipinos are now availing themselves of life and non-life protection,” the Philippine Inquirer quotes Mr Gil Beltran, Finance Undersecretary, is in charge of the National Credit Council (NCC), as having said. The NCC is the government’s microfinance policymaking body.
Mr Beltran says that the significant increase in the penetration of microinsurance products was due to several factors, including awareness programmes conducted by the NCC and the Insurance Commission throughout the country. The targets of these awareness programs are rural areas and other low-income communities.
The number of Filipinos owning microinsurance is expected to rise further this year. “There has been a sharp rise in the penetration rate of microinsurance. More and more Filipinos are now availing themselves of life and non-life protection,” the Philippine Inquirer quotes Mr Gil Beltran, Finance Undersecretary, is in charge of the National Credit Council (NCC), as having said. The NCC is the government’s microfinance policymaking body.
Mr Beltran says that the significant increase in the penetration of microinsurance products was due to several factors, including awareness programmes conducted by the NCC and the Insurance Commission throughout the country. The targets of these awareness programs are rural areas and other low-income communities.
A microinsurance policy normally costs PHP100 (US$2.33) or less. The cover for the policyholder usually amounts to around PHP5,000.
Also, there has been an increasing number of mutual benefit associations that offer insurance and other financial services to low-income earners, he explains.
The Finance Department and other concerned government agencies will continue to implement programmes that will boost the penetration rate of insurance products throughout the country, Mr Beltran says.
Also, there has been an increasing number of mutual benefit associations that offer insurance and other financial services to low-income earners, he explains.
The Finance Department and other concerned government agencies will continue to implement programmes that will boost the penetration rate of insurance products throughout the country, Mr Beltran says.
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