IC calls for faster processing of typhoon insurance claims

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    The Insurance Commission (IC) has enjoined its regulated entities to facilitate the immediate processing of insurance, reinsurance, mutual benefit association (MBA), pre-need, and health maintenance organization (HMO) claims that are related to typhoons Rolly and Ulysses.

    According to the IC, it issued two circular letters that urge all insurance and reinsurance companies, MBAs, pre-need companies and HMOs to adopt and implement claims management policies relative to the processing and/or payment of said claims.

    “This commission recognizes that the damage and/or loss to life and property resulting from the onslaught of typhoons Rolly and Ulysses may give rise to (insurance) claims,” Dennis Funa, insurance commissioner, said in a statement yesterday.

    “Consequently, there is a need to prescribe guidelines that will aid in the facilitation of the immediate processing and/or payment of such claims against said regulated entities that are related to typhoons Rolly and Ulysses,” he added.

    The IC said the policies will have the following objectives, to wit: relaxation and streamlining of existing company procedures and mechanisms that will facilitate immediate processing and/or payment of claims related to said typhoons; relaxation of the notice of claim period and the period for completion of claim requirements; and enhancement of services that will improve overall customer claims experience.

    “It is our hope that the two circular letters will aid our fellow Filipinos to ease the burden of recovering from these devastating typhoons and that, in the spirit of bayanihan, our regulated entities will follow the direction provided by this Commission,” Funa said.

    The National Economic and Development Authority (NEDA) earlier said the recent typhoons that hit various parts of the country could slash off 0.15 percentage point from the Philippines’ full year gross domestic product growth rate, which has already contracted in the first three quarters amid the coronavirus pandemic.

    This is an initial estimate said Rosemarie Edillon, NEDA undersecretary, which in peso terms would cost around P90 billion.