Mutual benefit associations ranked first in terms of microinsurance premium production in 2016, Insurance Commissioner Dennis Funa said Tuesday.
MBAs produced 54 percent or P2.91 billion out of the total P5.42-billion combined microinsurance premium production last year.
Card Mutual Benefit Association Inc. generated the highest premium income in the MBA sector, accounting for 79.90 percent of the total premium produced by the sector or P2.3 billion.
Tulay sa Pag-unlad Mutual Benefit Association Inc. followed with a premium production of P153.14 million. Alalay sa Kaunlaran Benefit Association Inc., ARDCI Mutual Benefit Association Inc. and Simbag sa Emerhensiya Asin Dagdag Pasegurohan accounted for P84.58 million, P57.57 million and P51.88 million, respectively.
The life insurance sector and non-life insurance sector generated P1.88 billion and P631 million, respectively.
The MBAs sector also remained the leader in the microinsurance industry in terms of number of lives covered. “Sixty-one percent of the total lives covered by microinsurance or 17.24 million are members and dependents of MBAs,” Funa said.