CARD MBA among
fastest-growing mutual insurers globally
March 7, 2019
SAN PABLO CITY –
The Philippines-based CARD Mutual Benefit Association (CARD MBA)
ranked six in the fastest-growing mutual insurers in terms of life
premium category among the global network of cooperative and mutual
insurers and associates as revealed by the 2018 rankings of the
International Cooperative and Mutual Insurance Federation (ICMIF).
The report includes the
analysis of ICMIF’s 197 member organizations based on their
location, legal structure, product lines, and affinity group from 66
countries in all six regions of the world. At least 40% of the
member organizations are located in Europe, 21% from Latin America
and the Caribbean, 18% from Asia, and the rest are located in the
remaining regions of North America, Africa, and Oceania.
CARD MBA also ranked 17 as
largest ICMIF member in terms of emerging markets with P2.98 billion
(USD59,564,000) total premiums.
“This ranking tells us
that insurance in general is now seen by Filipinos as an important
safety net and not just an optional cost,” said May S. Dawat, chief
executive officer of CARD MBA.
Since CARD MBA was
formalized in 1999, its membership has grown exponentially. To date,
CARD MBA remains to be largely a women-led organization composed of
5.2 million policyholders covering more than 18.58 million Filipinos
nationwide, which is at least 18% of the total population of the
These policyholders of
CARD MBA are the microfinance clients of the four major institutions
of CARD Mutually Reinforcing Institutions (CARD MRI) namely CARD,
Inc., CARD Bank, CARD MRI Rizal Bank, and CARD SME Bank. CARD MRI is
a group of 21 social development-oriented institutions including
CARD MBA that aims to eradicate poverty by providing microfinance,
microinsurance, and community development programs.
“Our greatest appreciation
goes to the operations staff of CARD MRI major institutions for
their undying support in making sure that every community CARD MRI
serves will fully understand microinsurance and its impact to every
household,” said Dawat.
Dawat further emphasized
that the key to CARD MBA’s success is by listening to its clients.
“We are always conscious of our members’ welfare that is why the
communication line is always open. We think about what they need and
we ensure that we can develop innovative and tailored-fit programs
accordingly,” added Dawat.
CARD MBA will also
continue to innovate by taking advantage of emerging technologies.
“We are now pilot testing online claims notification so our claims
payment would be faster and efficient,” said Dawat.
With technology, according
to Dawat, CARD MBA is hopeful to reach and insure more Filipinos in
the coming years.
ICMIF is the only global
representative body of the cooperative and mutual insurance sector
that provides services and activities on market information,
networking opportunities and leadership development, and global