MANILA – The number of coronavirus disease 2019-related insurance claims paid by insurance companies and health maintenance organizations (HMOs) dropped in the second half of 2022 as the number of cases declined.
In a statement on Wednesday, the Insurance Commission said results of its survey showed that insurance companies and HMOs paid a total of 137,478 claims during the period, significantly lower than the 359,622 claims recorded in 2021.
"The number of claims paid during the 2nd half of 2022 tracked the declining trend of Covid-19 cases during the said period," the IC said.
Citing data from the Department of Health (DOH), the IC said the number of confirmed Covid-19 cases during the second half of 2022 reached 287,229, down from the 1.112 million cases recorded in the same period in 2021.
Results of the survey showed that the amount of Covid-related claims paid by insurers dropped to PHP1.53 billion in the second half of 2022 from PHP7.65 billion in the second half of 2021.
Covid-related claim payouts made by life insurance companies, on the other hand, amounted to PHP987 million, while HMOs paid out PHP483 million.
The mutual benefit associations (MBAs) and non-life insurers, meanwhile, paid out a total of PHP33 million in Covid-related claims for the same period.
The IC said a total of 124 respondent companies participated in the commission’s survey on Covid-19-related claims.
In particular, 28 out of 32 licensed life insurers, 43 out of 54 non-life insurers, 29 out of 33 MBAs, and 24 out of 29 HMOs, participated in the survey.
The IC has been conducting semestral surveys among regulated entities regarding their Covid-related claims payouts since March 2020.
Results of its surveys showed the insurance industry has paid out a total of PHP22.36 billion in Covid-related claims from 2020 to 2022.
Covid-related claims paid amounted to PHP3.89 billion in 2020; PHP12.82 billion in 2021; and PHP5.65 billion in 2022. (PNA)
