Philippines’ Commission urges action on quake claims

November 5 2019 by Yvonne Lau

Philippines’ Insurance Commission (IC) has urged insurers to speed up claims processing and release funds for those affected by the recent earthquakes.

Rocked by three major earthquakes since mid-October, Mindanao and Cotabato have been the worst affected regions and the strongest quake registered a 6.6 magnitude.

Thousands of houses and buildings, including schools and hospitals have been destroyed or damaged, according to the Philippines’ Office of Civil Defense.

Dennis Funa, Philippines’ insurance commissioner, said: “[We have] directed insurance companies to put up a system to guarantee the speedy processing of claims upon submission of minimum documentary requirements. We [also] requested providers to relax claims’ requirements such as documentary evidence and notices of loss for the victims of the Mindanao earthquakes.”

The number and value of claims from the latest rounds of earthquakes has yet to be disclosed.

Funa’s remarks coincide with the November 4 opening of the IC’s claims action center in Davao City, a disaster response program to provide assistance to earthquake insurance claimants.

As of November 4, the number of injured persons has risen to 432 and the death toll is at 21; tens of thousands of residents have also been displaced.

The country is regularly afflicted by powerful earthquakes and natural disasters, due to its positioning along the “Ring of Fire.” From 2011 to 2018, natural disasters have cost the Philippines US$7 billion.

 

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