Nonlife insurers ready to process Mindanao quake claims–PIRA

MANILA, Philippines – The nonlife insurance industry assured policyholders that insurers are ready to promptly process and pay valid claims from Monday’s magnitude 7.8 Sarangani earthquake.

In a statement, the Philippine Insurers and Reinsurers Association, Inc. (PIRA) said it is closely monitoring developments and will provide further updates as clearer assessments of the damage become available.

READ: Magnitude 7.8 quake kills 19, topples buildings in Mindanao

“It is too early to assess insured losses. Claims are only beginning to trickle in, and a complete picture of the extent of damages will take several weeks to emerge,” Pira said.

“Early reports from the field already indicate damage to covered or insured assets, and the non-life industry can therefore expect losses that are, at this stage, unquantifiable,” it added.

Pira also extended its sympathies to the families, communities and local governments affected by the earthquake, saying the disaster underscores the need to “deepen catastrophe insurance penetration and strengthen the country’s financial resilience against future calamities.”

For his part, Pira Executive Director Michael Rellosa said the nonlife insurance industry is prepared to “help our people absorb the shock, rebuild, and recover.”

As of this writing, at least 15 people had been reported killed while more than 100 others were injured following the earthquake.

READ: ‘Destructive’ intensity felt after earthquake off Sarangani — Phivolcs

Several buildings across Mindanao also sustained damage, including a three-story commercial building housing a Jollibee restaurant and a Love Radio station that collapsed in General Santos City.

Parts of SM City General Santos and a building at Notre Dame of Dadiangas University likewise sustained significant damage. /pai INQ