2020 Covid-related insurance payouts top P3B

Insurance payouts for Covid-19-related claims reached P3.89 billion last year, the Insurance Commission (IC) announced on Tuesday.


Health maintenance organizations (HMOs) accounted for the biggest share at P1.91 billion, or 49 percent of the total, the regulator said in a statement.


Following were life insurers, P1.46 billion, or 38 percent; mutual benefit associations (MBAs), P354.90 million, or 9 percent; and nonlife insurers, P160.20 million, or 4 percent.


Covid-19-related death benefit claims totaled P1.22 billion in 2020. Covid-19-related claims for in-patient benefits (P1.18 billion) and out-patient benefits (P933.7 million) were next.


"(W)e hope that the aggregate amount of Covid-19-related claims paid in 2020 by life and nonlife insurers, MBAs and HMOs either within or outside contractual obligations amounting to P3.89 billion, which by itself is no small feat, will continue to inspire consumer confidence in said four respondent sectors and will educate our fellow Filipinos of the benefits of availing [of] the insurance and HMO products and the benefits of MBA membership," Insurance Commissioner Dennis Funa said in the statement.