PIRA on the Magnitude 7.8 Earthquake in Southern Mindanao

Manila, Philippines — June 8, 2026

“This tragedy underscores why being adequately insured against catastrophic perils is not a luxury but a necessity. Our country sits squarely on the Pacific Ring of Fire, and Nat Cat risk here is not confined to earthquakes—it extends to typhoons, floods, and storm surge. We are presently seeing a flurry of seismic and volcanic activity even as a strong La Niña is set to exacerbate the coming typhoon season. The industry exists precisely for moments like these—to help our people absorb the shock, rebuild, and recover.”

— Michael Ferre Rellosa, Executive Director, PIRA

The Philippine Insurers and Reinsurers Association, Inc. (PIRA) extends its deepest sympathies to the families, communities, and local governments of Southern Mindanao affected by the magnitude 7.8 earthquake that struck off General Santos City and Sarangani on the morning of June 8, 2026. Our thoughts are with those who lost loved ones, sustained injuries, or saw their homes and livelihoods damaged, and we commend the first responders working on the ground.

It is too early to assess insured losses. Claims are only beginning to trickle in, and a complete picture of the extent of damages will take several weeks to emerge. Early reports from the field already indicate damage to covered or insured assets, and the non-life industry can therefore expect losses that are, at this stage, unquantifiable. PIRA and its member companies stand ready to process and settle valid claims promptly and fairly.

PIRA reaffirms its commitment to working alongside government, regulators, and industry partners to deepen catastrophe insurance penetration and strengthen the nation’s financial resilience against disasters. We continue to monitor developments closely and will provide further updates as a clearer assessment becomes available.

___________________________________________________________________________________________

About PIRA

The Philippine Insurers and Reinsurers Association, Inc. (PIRA) is the national trade association representing domestic non-life insurance and reinsurance companies in the Philippines, advancing industry coordination, policy advocacy, and the country’s resilience against catastrophe risk.

Media Contact: Office of the Executive Director, PIRA