Micro-insurance companies collected a total of P11.53 billion worth of premiums in 2022, surging by 14 percent from P10.12 billion in 2021. | RonWDomingoINQ /PDI
Such products include micro preneed products such as micro-memorial, education, pension; micro-life and health insurance; and micro-agricultural insurance.
The IC said many of those who buy micro-insurance are daily wage earners, such as drivers, ambulant vendors and factory workers. lnsurance Commissioner Reynaldo Regalado said that the increase in the frequency and intensity of natural disasters such as typhoons has been attributed to climate change.
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