Expanding access to protection

How the Insurance Commission is advancing financial inclusion through microinsurance, digital innovation, and stronger consumer protection

- By MIGUEL LIBOSADA

The Insurance Commission (IC) takes part in the mission towards financial inclusion. I File photo from The Philippine STAR

(from The Philippine STAR)

Economic shifts and inflation have placed increasing pressure on households in recent years. While many Filipinos work tirelessly to build stable lives, unexpected events such as hospitalization, accidents, or death can quickly derail financial security. These realities underscore the importance of insurance—providing a safeguard during times of crisis and helping families manage financial shocks.

Insurance plays a crucial role in financial inclusion, particularly in emerging economies. By offering protection against unforeseen risks, it allows people from different sectors of society to access financial mechanisms that help safeguard their livelihoods. It also creates opportunities for underserved and vulnerable communities to build resilience.

However, according to the Geneva Association's 2025 report, more than 1.3 billion adults worldwide remain outside formal financial systems such as insurance. This lack of protection leaves many households vulnerable during health emergencies, climate-related events, and income disruptions.