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Insurance sector pays cumulative US$353m in COVID-related claims since start of pandemic

The insurance industry has already released almost PHP20.82bn ($353m) in total COVID payouts to policyholders who were infected by the virus from the start of the pandemic in March 2020 until end-June this year, according to data from the Insurance Commission (IC).

The newspaper The Philippine Star, citing the IC, reported that the breakdown of the total PHP20.8bn paid out was as follows:

  • PHP11.72bn by life insurers,

  • PHP7.65bn by health maintenance organizations (HMOs),

  • PHP897m by mutual benefit associations (MBAs), and

  • PHP560m by non-life insurers.

The IC says the insurance industry remains stable as growth parameters showed positive performance year-on-year.

In the second quarter of 2022 alone, COVID-related payouts made by life and non-life insurers, health maintenance organizations (HMOs), and mutual benefit associations (MBAs) reached PHP1.18bn. By type, a little over 70% of the second quarter payouts or PHP842m were paid to beneficiaries of policyholders who died from the virus.

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