Magazine date:
Jun 2010 The insurance commission has revealed that non-life insurers have settled only a fraction of the indemnifications owed to the insured affected by the 2009 typhoons Ondoy and Pepeng. Losses covered by the insurers amount to 301 million USD while only 44.5 million USD have been paid to the insured, that is, seven times less than the amount due. According to the Philippine Insurers and Reinsurers Association (PIRA), this situation is accounted for by the low rate of natural catastrophes' premiums which insurers allocate to their clients.