Our kababayans are beginning to understand and adopt the concept of insurance, as the Department of Finance (DOF) recently said that the number of Filipinos who own microinsurance policies have more than doubled as of end-2012 compared to 2010 figures.

As of end of last year, the DOF said that there were 12.9 million Filipinos who own microlife and nonlife insurance policies, as against six million policyholders in 2010. In effect, the figure signifies the credible job that rural banks have been doing in educating and reaching out to the underprivileged sector regarding the importance of microinsurance.