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Manila Bulletin devider Business devider Typhoon Odette-related insurance claims hastened

Typhoon Odette-related insurance claims hastened

Published Dec 22, 2021 02:23 pm

The Insurance Commission (IC) has ordered the immediate processing of claims related to Typhoon Odette.

Under Circular Letter No. 2021-71, the IC directed insurers to adopt and implement claims management policies that will facilitate immediate processing of insurance, reinsurance, mutual benefit association (MBA), pre-need, and health maintenance organization (HMO) claims.

“This Commission recognizes that the damage and/or loss to life and property resulting from the onslaught of Typhoon Odette may give rise to claims,” Insurance Commissioner Dennis B. Funa said in a statement.

Typhoon Odette, with the international name Rai, is the strongest typhoon to hit the Philippines this year, hitting mainly Siargao Island and other Visayas and Mindanao provinces.

National police reported that at least 375 people were killed and 56 are missing, with 500 more injured. It also left an initial P308.9 million worth of damage to infrastructure across the Visayas and Mindanao.

“There is a need to prescribe guidelines that will aid in the facilitation of the immediate processing and/or payment of such claims against said regulated entities that are related to said typhoon,” Funa Sid, added.

Under the Circular Letter, IC ordered the relaxation and streamlining of existing procedures and mechanisms that will facilitate immediate processing and/or payment of claims related to Typhoon Odette.

It also ordered the relaxation of the notice of claim period and the period for completion of claim requirements; and enhancement of services that will improve overall customer

claims experience.

“It is our hope that the Circular Letter will aid our fellow kababayans to ease the burden of recovering from the devastating typhoon and that, in the truly Filipino spirit of bayanihan, our regulated entities will follow the direction provided by this Commission,” Funa said.

Related Tags

Dennis B. Funa Insurance Commission Typhoon Odette Insurance Commisioner
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