The total coronavirus disease 2019 (COVID-19)-related insurance claim payouts reached P16.71 billion since the start of the pandemic until end-2021, the Insurance Commission (IC) said.
“The results of the latest IC survey reveal the sustained resilience of our regulated entities against the financial impact of the COVID-19 pandemic,” said Dennis Funa, insurance commissioner.
Funa said of the total COVID-19-related claims paid by the life and non-life insurance industries, health maintenance organizations (HMOs) and mutual benefit associations (MBAs), P12.82 billion or 77 percent was paid in 2021, while P3.89 billion or 23 percent was paid in 2020.
For the aggregate amounts paid per industry from 2020 until the end of 2021, life insurance companies lead the pack with P9.05 billion in COVID-19-related claims paid, constituting 54 percent of the P16.71 billion total.
This is followed by the HMO industry with P6.45 billion in payments, constituting 39 percent share. Meanwhile, MBAs and the non-life industry paid five percent and two percent of the total claim payouts, respectively, which amounts to P833 million for MBAs and P382 million for non-life insurers.
Funa said in 2021, 53.4 percent of the total P12.82 billion paid by life and non-life insurers, HMOs, and MBAs pertained to death benefits, amounting to P6.85 billion.
This is followed by in-patient benefits, amounting to P3.37 billion or 26.28 percent of the total amount.
Meanwhile, said regulated entities paid P1.93 billion in out-patient claims, accounting for 15.05 percent of the P12.82 billion total for the entire year of 2021.
“These three benefits make up 94.73 percent of the total amount of claims paid,” Funa said.
Claims for out-patient benefits ranked first, with 413,254 claims out of a total of 555,708.
This is followed in ranking by claims for other benefits (e.g., emergency care, financial assistance benefits, etc.), with 54,060 claims paid, and 37,883 claims for in-patient benefits.
The IC said the latest survey conducted also reflected the relationship between COVID-19-related claims paid by the regulated entities in 2021 vis-í -vis the reported monthly number of new COVID-19 cases in the Philippines during the same year.
“The figures as regards pandemic-related claims paid show an upward trend for the months of January to May 2021, dipping slightly in June, thereafter increasing again until reaching the peak in September 2021, and subsequently exhibiting a downward trend for the months of October until December 2021,” Funa said.
“During the peak month of September 2021, it was shown that when the new COVID-19 cases breached the 500,000-mark for said month, the amount of COVID-19-related claims paid by life and non-life insurers, HMOs and MBAs increased which approximated to more than P1.4 billion,” the IC said.
