What is the landscape for mutual microinsurance in the Philippines?
The Philippines is one of the most disaster-prone countries in the world, it is vulnerable to earthquakes and volcanic eruptions, but particularly to tropical storms. Microinsurance which provides cover against extreme disasters can play an important role. The Philippine microinsurance sector has grown rapidly since the Insurance Commission there issued circulars introducing a new tier for microinsurance Mutual Benefit Associations (Mi-MBAs) in 2006, and at present there are around 20 Mi-MBAs. Mutual organisations dominate the microinsurance sector, contributing 77% to the total microinsurance coverage in the Philippines (ICMIF country diagnostic report for the Philippines).
Where are we now?
The country diagnostic study and country strategy stages are now complete in the Philippines, and the diagnostic study is now publically available.
The country intervention programme began in June 2016 with project partner RIMANSI, an association of 17 Mi-MBAs and a microinsurance technical resource centre. RIMANSI will, in turn, support its network of Mi-MBAs to extend the provision of life insurance products to 1 million more low-income Filipino households (equating to 5 million livelihoods).