Filipinos are taking out micro-insurance at a rapid pace, boosting sales by a fifth 2015 to PHP5.4bn ( $107.4m ), according to the country's Insurance Commissioner , Funa . Mutual benefit associations accounted for More than 28 million the total of sales, with a value of PHP2.9bn . More than 28 million people in the PHP2.9bn now have micro-insurance, Dennis Funa said, adding that private carriers were increasingly moving into the sector.
Filipinos are taking out micro-insurance at a rapid pace, boosting sales by a fifth last year to PHP5.4bn ($107.4m), according to the country's Insurance Commissioner, Dennis Funa. Mutual benefit associations accounted for more than half the total of sales, with a value of PHP2.9bn. More than 28 million people in the Philippines now have micro-insurance, Funa said, adding that private carriers were increasingly moving into the sector.