Prospects for microinsurance growth

The insurance commission has undertaken reforms designed to boost microinsurance. Small rural banks are pressing to integrate this activity within their program. Over 40 rural banks have applied for license to obtain a microinsurance agent accreditation. The interest shown by the financial sector for these new products is likely to enable 20% of Filipino people to be insured. The insurance penetration rate in the country is of 1.1%. The Philippines is the third poorest market in the South-Eastern Asian region ahead of Macao and Brunei.

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