The Insurance Commission (has been urged to scrap the implementation of its policy to increase the minimum catastrophe insurance premium rates, especially since the country’s inflation hit a 14-year high of 8.7% this January.
FROM THE MARGINS
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
The adverse economic effects of the pandemic and increased awareness of Filipinos have boosted the insurance contributions from low-income people to P8.5 billion as of the third quarter of 2022.