Insurance brokerage income climbs in 2016 as commissions drop

INSURANCE PAYOUTS related to the coronavirus disease 2019 (COVID-19) have reached P3.89 billion as of end-2020, a survey conducted by the Insurance Commission (IC) showed.

Out of the 111 regulated entities, 69 respondents reported to have received COVID-19-related claims — particularly from 22 life insurers, 15 nonlife insurers, 18 mutual benefit associations (MBAs), and 14 health maintenance organizations (HMOs).

“The aggregate COVID-19-related claims paid by the HMO sector per the three surveys accounted for 49% of said amount, or approximately P1.91 billion,” Insurance Commissioner Dennis B. Funa said in a statement on Tuesday.