Insurers told to speed up payments of Ulysses damage, death claims | Inquirer Business
Close  
Ben O. de Vera

Insurers told to speed up payments of Ulysses damage, death claims

By: - Reporter / @bendeveraINQ
/ 05:40 PM November 19, 2020

MANILA, Philippines—The Insurance Commission (IC) on Thursday (Nov. 19) ordered all insurers in the country to fast-track payments for insurance claims resulting from damage wrought by Typhoon Ulysses last week.

Insurance Commissioner Dennis B. Funa already issued circulars mandating all insurance and reinsurance companies, mutual benefit associations (MBAs), pre-need firms and health maintenance organizations (HMOs) to pay claims for damage and loss of life and property as a result of Ulysses and another typhoon, Rolly.

ADVERTISEMENT

Funa noted that Ulysses inflicted P6.4 billion in damage to infrastructure on top of a death toll of 69.

Rolly, the world’s strongest tropical cyclone in 2020, resulted in P6.7 billion in agriculture and infrastructure damage and 20 deaths.

FEATURED STORIES

Against this backdrop, Funa issued rules for quicker processing and payments of claims to all entities regulated by the IC.

Funa ordered a relaxation and streamlining of existing procedures and mechanisms for claims and easing of rules on claim notices and deadlines on completing requirements.

He also asked insurers to give better service to survivors of the two typhoons.

In a text message, Funa said since the typhoons were fairly recent, the IC has yet to determine the amount of claims that insurers would pay.

“We cannot speculate,” Funa said. “We will be monitoring as to the payments,” he said.

TSB

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: claims, Funa, IC, Insurance, order, Rolly, typhoons, Ulysses
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.