Filipinos are taking out micro - insurance at a rapid pace , boosting sales by a fifth last year to PHP5.4bn ( $ 107.4 m ) , according to the country 's Insurance Commissioner , Jose Funa . Mutual benefit associations accounted for more than half the total of sales , with a value of billion . Mr Funa said that the MBA sector remains the leader in the microinsurance industry in terms of the number of lives covered and premium production. More than 28 million people in the Philippines now have micro - insurance , he 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 ( $ 107.4 m ) , according to the country 's Insurance Commissioner , Jose Funa . Mutual benefit associations accounted for more than half the total of sales , with a value of billion . More than 28 million people in the Philippines now have micro - insurance , he said , adding that private carriers were increasingly moving into the sector .