Covid-19: Cost of the pandemic for Philippine insurers

Covid-19 PhilipinesAccording to the Insurance Commission (IC), since the outbreak of the pandemic in March 2020 until the end of June 2022, insurers in the Philippines have recorded a total amount of 20.827 billion PHP (378.62 million USD) in Covid-19 related claims.

Most claims have been settled by life insurance companies for a total cost of 11.72 billion PHP (213.06 million USD).

Health Maintenance Organizations (HMOs), Mutual Benefit Associations (MBAs) and non-life insurers have respectively paid 7.65 billion PHP (139.07 million USD), 897 million PHP (16.3 million USD) and 560 million PHP (10.18 million USD).

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