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January is National Microinsurance Month. Microinsurance is crucial to financial inclusion and has immense social and economic benefits because it provides poor people with safety nets to help them cope with unexpected shocks. Its growth was facilitated by the Insurance Commission
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The Securities and Exchange Commission (SEC) celebrated its 86th anniversary by recognizing individuals and organizations that have helped it champion the development of the corporate sector and further deepening of the capital markets.
In its first face-to-face celebration since the pandemic, the
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THE NUMBER of lives insured by the microinsurance products of mutual benefit associations (MBAs) grew to 26.66 million last year, but total premiums earned declined due to the pandemic, the Microinsurance MBA Association of the Philippines, Inc. (MiMAP) reported on Tuesday.
MiMAPâs 18 MBA members covered 1.723 million more lives with their microinsurance products last year, increasing the sectorâs coverage by 7% from the 24.93 million in 2019, its chairman emeritus Jaime Aristotle B. Alip said during the organizationâs forum on Tuesday.
Premiums written, however, declined by 18% to P3.94 billion in 2020 from P4.81 billion the year prior after several clients found it more difficult to settle their dues during the pandemic, Mr. Alip said.