IC surveys COVID-19 impact on insurance, HMO claims

MANILA, Philippines – The Insurance Commission (IC) has asked its regulated entities to fill out a survey so that the regulator can assess the impact on the domestic sector of the COVID-19 pandemic.

Deputy Insurance Commissioner George S. Ongkeko Jr. told the Inquirer last Saturday that the IC wanted to make an initial impact assessment of the COVID-19-related claims experience across the industry.

As such, the IC asked life and non-life insurers, mutual benefit associations (MBAs), as well as health maintenance organizations (HMOs) to answer the “Survey on COVID-19 coverage relative to the COVID-19 pandemic” posted on its website, Ongkeko said.

In an April 15 advisory, Insurance Commissioner Dennis B. Funa ordered all IC-regulated entities to submit their answers to the survey on or before April 28.

“All information to be provided shall be for the [IC’s] use only and shall be treated with utmost confidentiality,” Funa said.

Funa also requested that “all data to be furnished shall be the latest available data prior to the deadline of submission.”

The Department of Finance (DOF) and the National Economic and Development Authority (Neda) earlier conducted nationwide surveys that generated more than 44,000 responses from consumers and entrepreneurs, the results of which will be used in drafting an economic recovery plan to create jobs and sustain growth after the enhanced community quarantine due to COVID-19.

After assessing the damage to industries well as micro, small and medium enterprises, the government will come out with a “bounce-back program with differentiated interventions for various groups—MSMEs vs. large businesses; manufacturing; hospitality; etc.,” Finance Secretary Carlos G. Dominguez III told legislators last week.

Edited by AC