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IC processes all money claims, product applications

MANILA– The Insurance Commission (IC) has processed 100 percent of monetary claims as well as license and product applications last year to meet the growing needs of the insurance industry, which expanded to PHP1.79 trillion as of the third quarter of 2020 amid the pandemic.

In its report to Finance Secretary Carlos Dominguez III, the IC said it also issued 114 circulars in 2020, the highest in the history of the commission, which were mostly on assisting the industry mitigate the economic impact of the Covid-19 pandemic on its clients as well as its workforce.

IC commissioner Dennis Funa said that amid the challenges resulting from the pandemic, the insurance industry grew 2.83 percent year-on-year (YOY) as of end-September 2020, with assets increasing from PHP1.74 trillion in 2019 to PHP1.79 trillion last year.

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