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MBAs' microinsurance premiums decline


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THE NUMBER of lives insured by the microinsurance products of mutual benefit associations (MBAs) grew to 26.66 million last year, but total premiums earned declined due to the pandemic, the Microinsurance MBA Association of the Philippines, Inc. (MiMAP) reported on Tuesday.
MiMAP’s 18 MBA members covered 1.723 million more lives with their microinsurance products last year, increasing the sector’s coverage by 7% from the 24.93 million in 2019, its chairman emeritus Jaime Aristotle B. Alip said during the organization’s forum on Tuesday.
Premiums written, however, declined by 18% to P3.94 billion in 2020 from P4.81 billion the year prior after several clients found it more difficult to settle their dues during the pandemic, Mr. Alip said. ....

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