“There are a few [non-life] providers for microinsurance, and all of us — both insurers and insured — have been affected by the pandemic. On the side of the insured, there are other more pressing needs such as food, shelter and clothing, given that those who avail of microinsurance are the poorer sectors of society,” Michael Rellosa, executive director at the non-life industry group Philippine Insurers and Reinsurers Association , explained to the Inquirer.
Insurance Commissioner Dennis Funa told the Inquirer that “the decrease made by the non-life sector in the aspect of premium production did not affect the performance of the entire industry in this component of the business,” pointing to the first-quarter sales growth of the life and MBA sectors. The number of insured by MBAs grew 7.9 percent year-on-year to 29.25 million, while those covered by life microinsurance plans increased 4.4 percent to 13.93 million Filipinos.
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