Insurance Commissioner Atty. Dennis Funa reported that mutual benefit associations (MBAs) registered the highest number of individuals covered by microinsurance.
The MBA sector covers 25 million members and dependents which took up 62% of the market share in terms of number of individual covered, whereas non-life insurance made a 74% increase in the number of lives covered.
This year, CARD Mutual Benefit Association (CARD MBA) and CARD Pioneer Microinsurance Inc. (CPMI) remained in the lead in the microinsurance sectors in the Philippines. CARD MBA dominated the MBA sector with a total market share of 80% in terms of life insured and 82% on premium production. As of December 31, 2019, 5,750,606 members with 20,428,755 insured individuals. Amount of premium collected is 4.3B for the year 2019.
“We are happy that people recognize the importance of microinsurance. More Filipinos are now protected,” said May Dawat, CEO of CARD MBA and Chairperson of CPMI.
Being the champion of the low-income sector, Dawat also added that its clients are one of the key reasons of achieving this milestone. “We are fueled by our goal of poverty eradication by tapping the unlimited potentials of women in the communities. CARD MBA is driven by the values of every nanay and all the member it serves in providing a better life for their family. CARD MBA will be their partner in providing security in life’s uncertainties.”
Meanwhile, the non-life insurance sector has reached seven million from only four million in 2018. This embarked an improved performance in its covered individuals. CPMI is the top non-life insurers in terms of premium production and one of the leading non-life companies in terms of the number of lives covered. To date, CPMI has 888, 868, 352 premium collected with 1, 391, 140 insured members
CARD MBA and CPMI are both member institutions under CARD MRI. The two companies aim to contribute to the over-all goal of CARD MRI in eradicating poverty by providing the microinsurance needs of every Filipino especially the less fortunate families.