Insurance Commission (IC) Commissioner Reynaldo Regalado on Friday stressed the need to further strengthen microinsurance offerings to expand insurance coverage among more Filipinos.<\/p>\n
Under Republic Act No. 10607, or the Insurance Code, microinsurance is defined as “a financial product or service that meets the risks protection needs of the poor.”<\/p>\n
Premiums must not exceed 7.5 percent of the daily minimum wage for non-agricultural workers in Metro Manila, while guaranteed benefits must not exceed 1,000 times the same daily wage.<\/p>\n
In a media interview, Regalado expressed optimism over the sustained growth of the domestic insurance industry.<\/p>\n
While full-year 2025 data have yet to be released, the total net worth of life and non-life insurance companies and mutual benefit associations (MBAs) reached PHP525.97 billion as of end-September last year, up 8.49 percent from PHP484.82 billion in the same period in 2024.<\/p>\n
The number of licensed insurance companies declined to 130 as of the third quarter, down from 137 a year earlier.<\/p>\n
Insurance penetration remained below 2 percent at 1.85 percent as of end-September, an improvement from 1.74 percent in the previous year.<\/p>\n
Regalado said the goal is to reach 2 percent through closer coordination with industry stakeholders.<\/p>\n
He said microinsurance accounts for a significant share of insurance offerings and should be prioritized to advance financial inclusion.<\/p>\n
\u201cWe are set to discuss all these means with the Cooperative Development Authority. This is a good entry to communities,\u201d he added.<\/p>\n
Regalado said they will also strengthen their offices in Cebu and Davao, and open a new office in Baguio by the second quarter this year to improve community outreach. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
The push focuses on affordability and relevance of insurance products.<\/p>\n","protected":false},"author":73,"featured_media":262293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19565],"tags":[],"class_list":["post-262292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-today"],"zyndk8_nxtgen_metadata":{"nxtgen_comments":[{"7476":"proteksyon \ud83d\udee1\ufe0f\r","7477":"hindi manila lang \ud83d\udc4c\r"}]},"_links":{"self":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/262292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=262292"}],"version-history":[{"count":0,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/262292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/media\/262293"}],"wp:attachment":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=262292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=262292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=262292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}