Microinsurance

by Czeriza Valencia (The Philippine Star), 7 May 2021 MANILA, Philippines — More Filipinos were covered by microinsurance as of last year, even with less collection of premiums by providers after extensions were made in the payment of contributions due to the pandemic, said the Insurance Commission (IC).

The National Strategy for Microinsurance (NSM) seems to be working, as coverage in the Philippines rose to 28.1 percent last year from 20 percent in 2012 to reflect an annual growth rate of 18.4 percent in terms of the number of people covered.

MANILA, Philippines – The Department of Finance has acknowledged the expanding role of microinsurance in the financial safety net framework, especially for the poor who are most vulnerable to natural catastrophes.

Globally, an estimated 500 million people have microinsurance, up from 78 million in 2008. Craig Churchill, head of the ILO’s Microinsurance Innovation Facility, discusses the growing value and viability of this insurance mechanism aimed at low-income people.

MANILA, Philippines – There are now 7.8 million Filipinos covered by microinsurance, according to the Insurance Commission (IC). During the national conference for microinsurance held at the Sofitel Hotel yesterday, the IC said these Filipinos were covered by around five million microinsurance policies.

Microinsurance in the Philippines could become as successful as microcredit as it is expected to gain ground amid increasing number of providers and rising demand, Finance Undersecretary Gil S. Beltran said Tuesday.

MANILA, Philippines – Eligible small farmers and fishers will now be able to avail of either agricultural production or microfinance loans with an interest rate of 15 percent per annum following approval by the Agricultural Credit Policy Council (ACPC) of the depository mode scheme of the Agro-Industry Modernization Credit and Financing Program-Cooperative Banks Agri-Lending Program…

MANILA, Philippines – The Philippines, along with India and Indonesia, offer the biggest opportunities for the fledgling microinsurance industry, which has a potential market of three billion people, a Reuters report said.

When a young woman living in a small village in India became ill, the treatment she received reflected how microinsurance can bring technology that improves health and reduces poverty even to the remotest places. ILO Online reports from India on how micro-insurance providers using technology are paving the way to poverty reduction and sustainable development.

THE PHILIPPINES, India and Indonesia offer the biggest opportunities for the fledging microinsurance industry, which has a potential market of 3 billion people, industry officials said on Tuesday.

MANILA, Philippines – More than 3,500 rural, thrift, and cooperative banks were given the green light by the Bangko Sentral ng Pilipinas (BSP) to sell microinsurance products as part of efforts to eliminate informal insurance schemes and at the same time put an end to the unauthorized provision of insurance products.