MANILA, Philippines —Even as microinsurance was cheaper than most insurance coverage, sales during the first nine months of last year fell by a third to P4.39 billion amid the harder times wrought by the COVID-19 pandemic.
The latest Insurance Commission (IC) data showed that microinsurance contributions and premium production across the life, non-life and mutual benefit association (MBA) sectors as of end-September 2020 dropped 33.23 percent from P6.58 billion a year ago.
This meant that the number of Filipinos covered by short-term microinsurance policies also declined to 39.61 million from 39.89 million in September 2019.
The IC earlier attributed the decline in microin…
Keep on reading: Fewer Filipinos covered by micro-insurance; sales down 33.2% in end-Sept 2020