The havoc created by Typhoon Yolanda in the Visayas late last year underlines the value of having security against unexpected hazards. Fortunately, the realization has snowballed into the implementation of measures that seek to increase the coverage of microinsurance.

Under the new Insurance Code, benefits that may be derived from a microinsurance policy have been raised to up to 1,000 times the minimum daily wage of non-agricultural workers in Metro Manila or up to P466,000. Premium, meanwhile, is now computed at 7.5 percent of the same daily wage.

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