In a study entitled Making Insurance Markets Work for the Poor: Microinsurance Policy Regulation and Supervision – Philippines Case Study, it was reported that as of 2006, the microinsurance market in the country covers an estimated 2.9 million adults (about 5.4 percent of the adult population), almost half of which (41 percent), are provided by the informal market. Informal micro insurance market is comprised of registered and unregistered institutions that provide insurance, insurance-like, and other similar products and services to the poor without any license from the concerned regulatory authority.