COVID-19 insurance claims in the Philippines reach billions

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COVID-19-related insurance claims in the Philippines for the first half of 2021 have totalled PHP4.35 billion (SG$116.75 million).

According to the Insurance Commission (IC), there were a total of 238,551 COVID-19-related claims from January to June.

Close to half (47%) of the claims, or PHP2.06 billion, were paid out by health maintenance organisations (HMOs). Life insurance companies came in second at 46% (PHP1.98 billion), while the remainder was split between non-life insurers and mutual benefit associations.

Death benefits made up the largest part of payouts at PHP1.67 billion, followed by in-patient benefits (PHP1.47 billion) and out-patient benefits (PHP876.6 million). However,

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Sompo acquires Italian crop insurer ARA

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Sompo Holdings is acquiring Italian agricultural insurer Assicurazioni Rischi Agricoli VMG 1857 (ARA) in a transaction that is scheduled to complete in the first quarter of 2022.

ARA is one of the largest providers of agricultural insurance in Italy, offering coverage for losses caused by various adverse weather conditions such as hail, strong wind, frost, excess rain or drought. It traces its roots to Vecchia Mutua Grandine ed Eguaglianza, a mutual insurance company established in 1857.

According to the Japanese P&C giant, the purchase of ARA will strengthen its AgriSompo international agriculture book of business in Europe through increased geographical

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