Through micro-insurance, farmers, fishermen, jeepney and tricycle drivers, urban poor, vendors or those belonging to the low income sector will now have the chance to avail of insurance without hurting their budget.

Microinsurance is an activity providing specific insurance, insurance-like and other similar products and services that meet the needs of the low-income sector for risk protection and relief against distress, misfortune and other contingent events.

In line with the celebration of microinsurance month, Iloilo-based MicroEnsure Insurance Brokers Philippines, Inc., formerly known as Micro Insurance Associate Agency Philippines, Inc. encouraged more Ilonggos to get insurance claims and attend a Symposium on MicroInsurance on January 26 at the function room of Westown Hotel, Smallville Complex in Mandurriao district.

The activity with the theme, MicroInsurance: Innovations and Sustainability will gather stakeholders to introduce the new products and innovations “to help Ilonggos from falling back into the threshold of poverty.”

As one of the only 19 insurance companies and 19 banks that offer microinsurance throughout the country, the company said that the activity aims to educate more Ilonggos about the benefit of having microinsurance.

Compared to a regular insurance claims, microinsurance clients could get products fit for those with lesser income. 

According to the National Credit Commission under the Department of Finance, of the 28 million Filipinos belonging to the low-income sector, only 3.5 million are covered.

The NCC noted that capacity to pay is not the problem for the low number of the insured population but the lack of knowledge about insurance.

HISTORY

MicroEnsure Philippines first began its operation in February 2007 with a staff of 13 people and an office located at RCBC Savings Bank Bldg. Luna St., La Paz, Iloilo City. 

For almost six years of operation, MicroEnsure Philippines now has a workforce of 63 employees.

From 2007, the company has issued three million policies with 12 million lives insured covering 50 provinces and have paid up P500 million claims covering life, funeral, health, microhousing, accident, weather index insurance (agricultural) and calamity.*