Microinsurers Ranked per Performance Indicators Under CL NO.2020-03

The Insurance Commission's Press Release dated February 4, 2022, presented the top 5 microinsurers ranked per sector in accordance with the Enhanced Performance Indicators and Standards for Microinsurance 2016 (SEGURO Framework)

SEGURO framework is a set of performance indicators and standards that cover the areas of solvency and stability, efficiency, governance, understanding of the product by the insured or member, rate of growth, outreach, and other areas considered by the Insurance Commission to be critical to the continuing viability, growth, and development of the microinsurance institution

The Simbag sa Emerhensya Asin Dagdag Paseguro Mutual Benefit Association Inc. (SEDP MBA) ranked 2nd among the Top Microinsurers with 87 points and a numerical rating of 3 with an adjectival rating of Good and presumptive implication which means that the financial condition and operating performance of the insurer are appropriate and can withstand business conditions. Resources are sufficient for its operations and can pay obligations now and in the near term. The insurer currently meets the needs of the insured and most of its clients presumptively understand the product. The Board and management exhibit suitable performance and risk management practices that are acceptable relative to the insurer's size, design of its products, and risk profile. Moderate weaknesses in operations are noted by the management in the ordinary course of business.

The SEDP MBA's score for SEGURO is proof of the commitment of the SEDP MBA Board of Trustees and Management to deliver its highest standard of service for its members and beneficiaries from the present until the coming years