BASED on unaudited Quarterly Reports on Selected Financial Statistics ("QRSFS") from microinsurance providers, particularly mutual benefit associations ("MBAs") and life and non-life insurance companies, the total estimated number of lives covered by microinsurance products as of the quarter ending September 30, 2021 (3Q 2021) reached 48.98 million.
MBAs remain to have the largest market share in terms of the number of estimated lives insured by microinsurance products, accounting for 64.28 percent of 48.98 million, or 31.48 million lives. The life and non-life insurance sectors accounted for 23.48 percent and 12.24 percent of the market share, respectively, or 11.50 million and 5.99 million lives microinsured, respectively.
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