Insurance industry pays out P3.89 billion in COVID-19 claims

The insurance industry was able to pay out a total of 3.89 billion pesos in COVID-19-related claims in 2020, most of which were forked out by health maintenance organizations, the Insurance Commission said.

This comprises payouts made by 111 regulated life and non-life insurers, mutual benefit associations, and HMOs and was the sum following the third survey on pandemic-related claims conducted by the commission last year.

Out of the total, almost half at 1.91 billion pesos was paid out by the HMO sector while the rest worth 1.46 billion pesos was settled by life insurers.

Meanwhile, mutual benefit associations paid out 355 million pesos and non-life insurers settled 160 million pesos in claims.

Insurance Commissioner Dennis Funa said the upward trend in the average payouts of claims last year underscored the commitment of the insurance industry to respond to the needs of their customers during the pandemic.

Source: https://www.philstar.com/business/2021/05/26/2100789/insurance-industry-pays-out-p389-billion-covid-19-claims

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