Insurers urged to fast-track claims for Mindanao quake victims
MANILA, Philippines – The Insurance Commission (IC) has ordered regulated firms to speed up claims settlement and ease requirements for policyholders affected by the magnitude 7.8 earthquake in Mindanao.
In a statement, the IC said insurance firms should follow Circular Letter (CL) No. 2025-21, which provides guidelines on measures that must be implemented whenever a national or local state of calamity is declared.
READ: Nonlife insurers ready to process Mindanao quake claims–PIRA
The directive covers all insurance and reinsurance companies, mutual benefit associations, pre-need companies, and health maintenance organizations.
“The Commission reminds all regulated entities that prompt claims settlement is not only a regulatory obligation but also a vital means of providing immediate financial assistance to communities, especially those that need to rebuild after a disastrous calamity,” Insurance Commissioner Reynaldo Regalado said.
“Let us ensure that affected policyholders receive the support they need without any delay,” he added.
Under the circular, regulated entities are must expedite the processing, approval, and payment of claims for damages caused by the disaster. Insurers likewise asked to ensure proper assessment and recording of damages to facilitate faster settlement.
The measures include extending claim filing periods, easing documentary requirements, coordinating with local governments and agencies, and assisting claimants throughout the process.
As of this writing, 14 local government units in Mindanao have declared a state of calamity following the earthquake.
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More than 60 people died in the disaster, and 33 others remain missing. The quake affected around 338,000 families or 1.38 million individuals across the region.
The government estimated infrastructure damage at P1.07 billion and agricultural losses at P29.8 million./pai INQ
