Philippine insurers shell out $80.93m in 2020 COVID-19 claims

Almost $25.4m (PHP1.22b) comprised death benefits.

Philippine insurers paid out $80.93m (PHP3.89b) in COVID-19 claims in 2020, with almost $25.4m (PHP1.22b) comprising death benefits, according to the country’s Insurance Commission (IC).

Based on a survey of insurers conducted from October to December 2020, payments for settling hospital bills reached $24.6m (PHP1.18b) whilst outpatient benefit payments hit $19.4m (PHP933.7m).

Health maintenance organisations (HMOs) supported $39.8 (PHP1.91b) of the total claims paid during the first full year of the pandemic.

Per segment, life insurers assumed $30.4m (PHP1.46b) of total claims whilst mutual benefit associations (MBAs) shouldered $7.4m (PHP354.9m) and nonlife insurers shouldered $3.3m (PHP160.2m).

In Q4 2020, pandemic-related claims reached $30.8m (PHP1.48b), lower than the $43.5m (PHP2.09b) recorded during the May-September survey conducted the same year.