Data from the Insurance Commission showed that insurers issued 20. 82 billion pesos in covid from the beginning of the pandemic in March 2020 until the end of June of this year.
In the current quarter of 2022 alone, COVID-related bills made through life and non-life insurers, physical maintenance organizations (HMOs), and fraternal benefit associations (MBAs) reached 1. 18 billion pesos.
Of the total of 20. 8 billion pesos, life insurers paid more than a portion of the payments, or 11. 72 billion pesos, or 56% of the total.
This followed through HMOs with 7. 65 billion pesos, while MBAs and non-life corporations paid 897 million pesos and 560 million pesos respectively in COVID-related benefits.
For the period from April to June 2022, life insurers continue to get the bulk of COVID bills at 877 million pesos or 74%.
The ICR said COVID-related claims paid through its regulated entities in the first part of the year reflected the number of new COVID cases in the country in that period.
“The figures reveal that when the total number of new COVID exceeded the mark of 700,000 for the month of January 2022, the claims paid for that month amounted to approximately 1. 2 billion pesos,” the ICR said.
During the months of February through May, the number of COVID-related claims decreased as new instances decreased. However, claims paid a bit more between the months of May and June, despite the general downward trend,” he said.
By type, just over 70 of the bills of the second quarter for 842 million pesos were issued to insured deceased by the virus.
Another 141 million pesos were registered as outpatient care and 139 million pesos were credited as requests for hospitalization.
However, in terms of volume, outpatient claims accounted for 32,963 out of a total of 42,767. This followed 2,949 claims for other benefits, such as emergencies and cash assistance.
The IC said the insurance sector remained stable, with expansion parameters showing year-on-year performance.
Indeed, the assets of the industry now exceed 2,000 billion pesos while its net exceeds 393 billion pesos.
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