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Philippines' pandemic-related claims hit USD162m in Jan-Sept 2021

The Philippine Insurance Commission has reported PHP8.23bn (USD162m) in pandemic-related insurance claims payouts in the first nine months of 2021, higher than the 2020 figure. In the third quarter of 2021 alone, total claims payouts reached PHP3.88bn, nearly half of which went to death benefits. The commission reported PHP1.98bn in total payouts in the same nine-month period in 2020. In total, claims paid from the start of pandemic-related lockdowns in 2020 to Sept. 2021 reached PHP12.12bn. The PHP8.23bn paid in the first nine months of 2021 represented 68% of this total. Insurance Commissioner Dennis B. Funa said the claims paid during the first three quarters of 2021 had already more than doubled the total claims paid for the year 2020. Despite pandemic-related risks, Funa said that insurance organisations have remained financially resilient.

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