The CARD Mutual Benefit Association (CARD MBA) and CARD Pioneer Microinsurance, Inc. (CPMI) remained the top leaders in the microinsurance sector in the Philippines with 83.06% and 66.89% market shares, respectively, the Insurance Commission (IC) reported on April 12, 2019.
The two microinsurance companies are both member institutions of CARD Mutually Reinforcing Institutions (CARD MRI), which aims to eradicate poverty in the Philippines through microfinance, microinsurance, and community development programs.
“We at CARD microinsurance group is forever grateful for recognizing our work. This is a manifestation that more Filipinos are now securing their future through insurance,” said May Dawat, CARD MBA Chief Executive Officer and CPMI Chairperson.
The microinsurance sector in the Philippines is covering 38.89 million Filipinos in 2018, an 18.77% growth from 2017.
According to Dawat, being a women-led and owned association made CARD’s microinsurance group become successful. “The microfinance clients of CARD financial institutions are the owners of our insurance group specially the CARD MBA,” she said.
“The clients who are also the leaders of the Association made the products, services, and strategies of CARD MBA more grounded and tailored fit to their own needs,” added Dawat.
“Our Nanays (mothers) are great leaders especially in managing their own resources. This is what makes CARD microinsurance on of its kind. CARD always believes in the potentials of its clients,” she said.
CARD MBA is also among the top four Mutual Benefit Association (MBA) firms in the Philippines that topped the ASEAN Corporate Governance Scorecard (ACGS).
“One of the factors also in CARD microinsurance group’s success is its continuous commitment to meet the standards of the ASEAN corporate governance,”
CARD MBA is the microinsurance arm of CARD MRI that offers life insurance, retirement fund, loan redemption fund, and Golden Life Insurance Program, among others. Likewise, CPMI offers non-life microinsurance products such as Sagip Plan, Kabuklod Plan, and crop insurance, among others.
To date, the microinsurance group of CARD MRI including CARD MRI Insurance Agency (CaMIA) insures 25,447,421 Filipinos nationwide.