Fewer individuals were covered by microinsurance as of the end of the first quarter, data from the Insurance Commission showed on Wednesday.
The preliminary number – which the IC said was based on quarterly reports submitted to regulators – was that of 26.6 million individuals under microinsurance industry coverage, down 6.3% compared to the end of last year.
The commission did not offer an explanation for the drop in microinsurance coverage.
In a statement, Insurance Commissioner Dennis Funa said mutual benefit associations accounted for the bulk of covered individuals.
“Taking up 64.1 percent of the market share in terms of number of individuals covered, the mutual benefit associations sector covered 17.1 million members and dependents, which translated to a total of P850.5 million in terms of premium production,” he said.
The life insurance sector, meanwhile, covered 7.4 million individuals with a total premium production of P436.5 million.
Funa said the life insurance sector posted a 67.90 percent year on year increase in terms of the number of insured lives to 7.4 million.
“However, the life insurance sector posted a slight decrease in terms of premium production,” he noted.
Premiums generated by sector declined by 1.87 percent to 436.5 million as of end-March compared to a year earlier.
Meanwhile, the non-life insurance sector posted a decline of 53.03 percent in the number of lives covered to 2.2 million.
However, it posted an increase of 47.12 percent in terms of premiums to P156.3 million.
The insurance industry posted a 19.51-percent growth in premium income during the first quarter, totalling P57.03 billion for the period.