The Insurance Commission (IC) has processed all monetary claims as well as license and product applications last year to meet the growing needs of the insurance industry, the Department of Finance (DOF) said.
In a report submitted to Finance Secretary Carlos G. Dominguez III, IC said the agency examined the books of 26 life insurance companies, five composite firms, and 35 mutual benefit associations (MBAs).
In addition, IC also looked into books of 54 non-life companies, 74 brokers, 12 pre-need firms and 29 health maintenance organizations (HMOs)—representing 100 percent of its target for 2020.
The IC was also able to settle all disputes and mediation proceedings brought before it, and acted on 100 percent of premium rate applications last year, which earned for it a 98.9-percent customer satisfaction rating.
Moreover, IC issued 114 circulars last year, the highest in the history of the commission, which were mostly on assisting the industry mitigate the economic impact of the COVID-19 pandemic on its clients as well as its workforce.
These include the circulars on extending the grace period for all insurance-related payments; guidelines on initiatives aimed at providing additional benefits or free insurance coverage to COVID-19 affected clients without the need for prior approval from the IC; and guidelines on the continuity of selling insurance products to the public even amid the strict lockdowns.
IC also released circulars calling on industry players to waive provisions in insurance contracts that may become barriers to health care access and treatment; and providing emergency assistance to insurers’ sales agents and other commission-based workers during the crisis.
The local insurance industry expanded by 2.8 percent to P1.79 trillion as of the September last year from P1.74 trillion in 2019.
Insurance Commissioner Dennis Funa said the industry managed to grow despite challenges resulting from the pandemic.
The life insurance sector grew 0.96 percent year-on-year as of the third quarter to P1.4 trillion, while the non-life sector expanded 9.92 percent YOY in the same period to P274.5 billion.
This year, Funa said the IC aims to better serve the insurance industry and its clients by continuing to adopt digitalization initiatives and amending or introducing certain rules involving insurance claims, fees and sanctions, among others.
Funa said the IC will also improve its electronic payment system and put in place an online complaints (e-reklamo) system this year.