ADVERTISEMENT
Manila Bulletin devider Business devider Banking & Finance devider Insurers bracing for 'unquantifiable' losses after Mindanao quake

Insurers bracing for 'unquantifiable' losses after Mindanao quake

Published Jun 8, 2026 06:31 pm

At A Glance

  • With early reports showing damage from the magnitude 7.8 earthquake to insured assets of Filipinos living in Mindanao, the Philippine Insurers and Reinsurers Association, Inc. (PIRA) and its member companies said the industry group is prepared to process and settle claims.
The structural remains of a fast-food restaurant lie in ruins in General Santos City on Monday, June 8, 2026, after a powerful magnitude 7.8 earthquake struck the Mindanao region. The intense tremor caused widespread structural damage, triggered regional tsunami warnings, and knocked out critical power infrastructure across the southern grid. (Ryan Jay Quizon I Facebook)
The structural remains of a fast-food restaurant lie in ruins in General Santos City on Monday, June 8, 2026, after a powerful magnitude 7.8 earthquake struck the Mindanao region. The intense tremor caused widespread structural damage, triggered regional tsunami warnings, and knocked out critical power infrastructure across the southern grid. (Ryan Jay Quizon I Facebook)
With early reports showing damage from the magnitude 7.8 earthquake to insured assets of Filipinos living in Mindanao, the Philippine Insurers and Reinsurers Association, Inc. (PIRA) and its member companies said the industry group is prepared to process and settle claims.
“Early reports from the field already indicate damage to covered or insured assets, and the non-life industry can therefore expect losses that are, at this stage, unquantifiable,” PIRA said in a June 8 statement.
To manage the anticipated surge in filings following the disaster off General Santos City and Sarangani, PIRA confirmed its readiness to process valid claims promptly and fairly. “PIRA and its member companies stand ready to process and settle valid claims promptly and fairly,” it said.
While official claims are currently only beginning to "trickle in," PIRA expects a clearer assessment of the total destruction to emerge over the next several weeks as they continue to monitor the situation on the ground.
PIRA Executive Director Michael Ferre Rellosa said that the earthquake serves as a stark reminder of the country’s inherent vulnerability. “This tragedy underscores why being adequately insured against catastrophic perils is not a luxury but a necessity,” he said, pointing out that the Philippines sits squarely on the Pacific Ring of Fire.
Other than earthquakes, Rellosa noted that the country is also witnessing a flurry of volcanic unrest even as a strong La Niña is projected to worsen the upcoming typhoon season.
Rellosa stressed that the insurance sector exists for these specific moments—to act as a financial safety net that helps the Filipino people “absorb the shock, rebuild, and recover.”
Moving forward, PIRA reaffirmed its commitment to working with regulators and government partners to deepen catastrophe insurance penetration.

Related Tags

insurance Mindanao earthquake
ADVERTISEMENT
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1561_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1562_widget.title }}

{{ item.title }}
.most-popular .layout-ratio{ padding-bottom: 79.13%; } @media (min-width: 768px) and (max-width: 1024px) { .widget-title { font-size: 15px !important; } }

{{ articles_filter_1563_widget.title }}

{{ item.title }}

{{ articles_filter_1564_widget.title }}

{{ item.title }}
.mb-article-details { position: relative; } .mb-article-details .article-body-preview, .mb-article-details .article-body-summary{ font-size: 17px; line-height: 30px; font-family: "Libre Caslon Text", serif; color: #000; } .mb-article-details .article-body-preview iframe , .mb-article-details .article-body-summary iframe{ width: 100%; margin: auto; } .read-more-background { background: linear-gradient(180deg, color(display-p3 1.000 1.000 1.000 / 0) 13.75%, color(display-p3 1.000 1.000 1.000 / 0.8) 30.79%, color(display-p3 1.000 1.000 1.000) 72.5%); position: absolute; height: 200px; width: 100%; bottom: 0; display: flex; justify-content: center; align-items: center; padding: 0; } .read-more-background a{ color: #000; } .read-more-btn { padding: 17px 45px; font-family: Inter; font-weight: 700; font-size: 18px; line-height: 16px; text-align: center; vertical-align: middle; border: 1px solid black; background-color: white; } .hidden { display: none; }
function initializeAllSwipers() { // Get all hidden inputs with cms_article_id document.querySelectorAll('[id^="cms_article_id_"]').forEach(function (input) { const cmsArticleId = input.value; const articleSelector = '#article-' + cmsArticleId + ' .body_images'; const swiperElement = document.querySelector(articleSelector); if (swiperElement && !swiperElement.classList.contains('swiper-initialized')) { new Swiper(articleSelector, { loop: true, pagination: false, navigation: { nextEl: '#article-' + cmsArticleId + ' .swiper-button-next', prevEl: '#article-' + cmsArticleId + ' .swiper-button-prev', }, }); } }); } setTimeout(initializeAllSwipers, 3000); const intersectionObserver = new IntersectionObserver( (entries) => { entries.forEach((entry) => { if (entry.isIntersecting) { const newUrl = entry.target.getAttribute("data-url"); if (newUrl) { history.pushState(null, null, newUrl); let article = entry.target; // Extract metadata const author = article.querySelector('.author-section').textContent.replace('By', '').trim(); const section = article.querySelector('.section-info ').textContent.replace(' ', ' '); const title = article.querySelector('.article-title h1').textContent; // Parse URL for Chartbeat path format const parsedUrl = new URL(newUrl, window.location.origin); const cleanUrl = parsedUrl.host + parsedUrl.pathname; // Update Chartbeat configuration if (typeof window._sf_async_config !== 'undefined') { window._sf_async_config.path = cleanUrl; window._sf_async_config.sections = section; window._sf_async_config.authors = author; } // Track virtual page view with Chartbeat if (typeof pSUPERFLY !== 'undefined' && typeof pSUPERFLY.virtualPage === 'function') { try { pSUPERFLY.virtualPage({ path: cleanUrl, title: title, sections: section, authors: author }); } catch (error) { console.error('ping error', error); } } // Optional: Update document title if (title && title !== document.title) { document.title = title; } } } }); }, { threshold: 0.1 } ); function showArticleBody(button) { const article = button.closest("article"); const summary = article.querySelector(".article-body-summary"); const body = article.querySelector(".article-body-preview"); const readMoreSection = article.querySelector(".read-more-background"); // Hide summary and read-more section summary.style.display = "none"; readMoreSection.style.display = "none"; // Show the full article body body.classList.remove("hidden"); } document.addEventListener("DOMContentLoaded", () => { let loadCount = 0; // Track how many times articles are loaded const offset = [1, 2, 3, 4, 5, 6, 7, 8, 9, 10]; // Offset values const currentUrl = window.location.pathname.substring(1); let isLoading = false; // Prevent multiple calls if (!currentUrl) { console.log("Current URL is invalid."); return; } const sentinel = document.getElementById("load-more-sentinel"); if (!sentinel) { console.log("Sentinel element not found."); return; } function isSentinelVisible() { const rect = sentinel.getBoundingClientRect(); return ( rect.top < window.innerHeight && rect.bottom >= 0 ); } function onScroll() { if (isLoading) return; if (isSentinelVisible()) { if (loadCount >= offset.length) { console.log("Maximum load attempts reached."); window.removeEventListener("scroll", onScroll); return; } isLoading = true; const currentOffset = offset[loadCount]; window.loadMoreItems().then(() => { let article = document.querySelector('#widget_1690 > div:nth-last-of-type(2) article'); intersectionObserver.observe(article) loadCount++; }).catch(error => { console.error("Error loading more items:", error); }).finally(() => { isLoading = false; }); } } window.addEventListener("scroll", onScroll); });
Join Our Newsletters

Sign up by email to receive news.

© 2025 Manila Bulletin The Nation's Leading Newspaper. All Rights Reserved.