Insurance Commission Chief Pushes Stronger Microinsurance To Widen Coverage

The push focuses on affordability and relevance of insurance products.

Insurance Commission Chief Pushes Stronger Microinsurance To Widen Coverage

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Insurance Commission (IC) Commissioner Reynaldo Regalado on Friday stressed the need to further strengthen microinsurance offerings to expand insurance coverage among more Filipinos.

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.”

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.

In a media interview, Regalado expressed optimism over the sustained growth of the domestic insurance industry.

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.

The number of licensed insurance companies declined to 130 as of the third quarter, down from 137 a year earlier.

Insurance penetration remained below 2 percent at 1.85 percent as of end-September, an improvement from 1.74 percent in the previous year.

Regalado said the goal is to reach 2 percent through closer coordination with industry stakeholders.

He said microinsurance accounts for a significant share of insurance offerings and should be prioritized to advance financial inclusion.

“We are set to discuss all these means with the Cooperative Development Authority. This is a good entry to communities,” he added.

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)