BusinessWorld
May 6, 2021 | 12:05 am
BW FILE PHOTO
THE MICROINSURANCE industry’s total premium production dropped by 14.5% last year, but the number of persons covered by these products increased at the height of the coronavirus pandemic, the Insurance Commission (IC) reported on Wednesday.
The IC said in a statement that the total premiums produced by microinsurance companies in the country went down to P7.8 billion in 2020 from P9.12 billion in 2019, citing unaudited financial reports.
The regulator attributed the decline to the strict quarantine measures imposed by the government last year at the height of the coronavirus pandemic.
The nonlife insurance sector posted the largest drop in premiums at P913.51 million, down by 25.46% year on year. This was followed by the mutual benefit association (MBA) sector, which produced P4.46 million in premiums last year, or 15.13% lower from the 2019 level.