CARD MBA Rejoins World’s 500 Largest Mutual and Cooperative Insurers

Posted on July 1, 2024

Written by: Jeffrey Tandingan

For two consecutive years, CARD Mutual Benefit Association (CARD MBA), Inc. has earned a spot among the world’s 500 largest mutual and cooperative insurers, as recognized by the International Cooperative and Mutual Insurance Federation’s (ICMIF) Global 500 report. This ranking is determined based on premium using the 2022 year-end data.

CARD MBA Chief Executive Officer Jocelyn D. Dequito shared that this achievement underscores the Association’s efforts to provide insurance to Filipino families, particularly those in vulnerable segments of society. “Our mission is to offer a safety net and additional protection to ensure they can look forward to a secured future,” Dequito stated.

As of April 2024, CARD MBA serves more than 7 million clients and extends insurance coverage to over 24 million individuals nationwide. Microinsurance products are crucial in helping the marginalized become resilient in times of uncertainty.

The Association’s position improved to 478th, marking a seven-spot rise from the previous 2021 Global 500 Report by ICMIF. In 2022, CARD MBA reported a premium of USD 105,907. Notably, only two insurance companies from the Philippines were included in this list.

“This recognition is an honor for CARD MBA. We are committed to enhancing our services to better support the low-income sector, ensuring they have protection against unforeseen events,” Dequito added.

She also mentioned that the Association will continue to continue its other community development services, including disaster relief assistance, mass weddings, scholarship programs, and working with other organized groups to provide microinsurance protection to their members.

The 2022 Global 500 list of the world’s largest mutual and cooperative insurers comprises 83% (225) companies from America and (190) from Europe, 65 companies from Asia and Oceania, and 20 organizations from emerging markets in Latin America (13) and Africa (7).

The International Cooperative and Mutual Insurance Federation is the only international association dedicated to strengthening cooperative and mutual insurance by supporting its organizational capabilities.

Meanwhile, CARD MBA is a microinsurance Mutual Benefit Association in the Philippines that is 100% owned and managed by its members.