The total new coronavirus disease 2019- (COVID-19) related claim payouts made by life and non-life insurers, health maintenance organizations (HMOs) and mutual benefit associations (MBAs) in the second quarter of the year amounted to P1.18 billion, according to a survey conducted by the Insurance Commission (IC).
In a statement yesterday, the IC said based on the survey, payouts by the life insurance industry constituted 74 percent of the total COVID-19 claim payouts from April to June 2022 amounting to P877.3 million. HMOs paid 22 percent of the total COVID-19-related claims for the same period to P258.4 million.
Non-life insurers paid three percent and MBAs paid one percent, amounting to P32.6 million and P14.9 million, respectively.
From survey respondents, 30 out of 31 respondent life insurance companies indicated they received claims related to COVID-19 for the period April to June 2022. Twenty out of the 49 respondent non-life insurers reported t they received such claims during the same period.
For MBAs, 20 out of 31 reported having received COVID-19-related claims during April to June 2022; while for HMOs, the number is 21 out of 26.
Since the start of the pandemic until end-June, the total COVID-19-related claims paid by the life and non-life insurance companies, HMOs and MBAs reached P20.82 billion.
Of this amount, P12.82 billion, or 61 percent, was paid in 2021, P3.89 billion, or 19 percent, was paid in 2020, while P4.11 billion, or 20 percent, was paid in the first half of 2022.
As for the aggregate amounts paid per industry from the start of the pandemic, life insurers lead the pack with P11.72 billion in COVID-19-related claims paid, constituting 56 percent of the P20.82 billion total.
This is followed by the HMO industry with P7.65 billion in payments, constituting 36 percent of the total. MBAs and the non-life insurers paid five percent and three percent of the total, respectively, amounting to P896.80 million for MBAs and P560 million for non-life insurers.
“While COVID-19 claims paid by our regulated entities amounting to P20.82 billion remain substantial, this has minimal impact to said industries’ growth. The insurance industry remains stable as growth parameters showed positive performance year-on-year,” insurance commissioner Dennis Funa said. Angela Celis
