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,