The crop damage experienced by farmers during Typhoon Yolanda has led to a 320 percent increase in crop microinsurance in the first quarter of this year.
Roselito Magpantay, the general manager of CARD Mutually Renforcement Inc. (CARD-MRI) Insurance Agency (CaMIA) and CARD Pioneer Microinsurance, Inc. (CPMI) CaMIA told a Kapihan forum that in the 2012 survey of the AI Group, the Philippines has low insurance penetration rate at 1.1 percent.
But in 2013, the Department of Finance (DOF) said the Philippines served as a role model for other countries in the area of microinsurance.
According to Insurance Commission, the Philippines insurance penetration rate in terms of the proportion of the population that has life insurance coverage reached 32.45% in 2013.
Microinsurance caters to low-income earners. It has more affordable premium unlike regular insurance.
“The catastrophic damage brought by Typhoon Yolanda (Haiyan) in the Philippines drove more Filipinos to avail of insurance. Leyteños are more ready this time,” Magpantay said.
Records say the microinsurance availments reached 6,111 equivalent to 2.34 million policies-in-force compared to the 1,907 insured in the same period in 2014.
The number of insured with bulk availment, or 4,025, is from CaMIA Package Assistance In-case of Disaster (PAID) Plan for individuals and families followed by hospitalization (CARD Care) and crop assistance (CCAP).
Magpantay added that the steadfast contribution of Microinsurance (MI) Agents who are also CARD members contributed to the major increase in insured clients. He said clients listen to their co-clients.
“The experience I had during typhoon Ruby made me look for something that can help me in times of uncertainties. I bought CARD insurance because it’s fast and reliable,” shared Nanay Conchita Espinosa, 41 years old, 6 years CARD member in Tacloban. Nanay Conchita is renewing her CaMIA PAID Plan and is willing to share this to her neighbors.
CaMIA and CPMI are insurance arms of CARD MRI.
“Through the insurance arms of CARD MRI, we will continue to let our insurance reach more Filipinos. We will be their net in times of their fall,” Magpantay concluded. (PIA)
