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. Mutual benefit associations (MBAs) accounted for 54% of the total premium income of the microinsurance sector to the amount of PHP2.90 billion last year, followed by the life sector with a 35% market share (PHP1.88 billion) and the non-life sector with 11% of the market share (PHP631 million). The Philippines is one of Asia's fastest-growing economies, and its population has grown from 1.3m in 2010 to 1.7m.
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. The Philippines is one of Asia's fastest-growing economies, and its population has grown from 1.3m in 2010 to 1.7m.