Insurers’ COVID-19 payouts hit P2.93B in Q1
The Insurance Commission office in Manila. (INQUIRER FILE PHOTO)
MANILA, Philippines — The value of first-quarter claims paid out by insurers and health maintenance organizations (HMOs) to their clients infected by COVID-19 or affected by its socioeconomic impacts more than doubled to P2.93 billion, Insurance Commissioner Dennis Funa said in a statement on Wednesday.
Funa said that from the onset of the pandemic in 2020 until end-March of this year, life and nonlife insurance companies, mutual benefit associations, and HMOs disbursed a total of P19.64 billion in pandemic-related claims.
For the period January to March of this year, Funa said the Insurance Commission’s latest claims survey conducted among 132 firms out of the 149 active industry players showed that January claims peaked then declined in February and March when there were fewer COVID-19 infections.
—BEN O. DE VERA
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