Nonlife insurers ready to process claims after Mindanao earthquake

THE NONLIFE insurance industry is ready to process claims for damages related to the 7.8-magnitude earthquake in Mindanao on Monday.

The Philippine Insurers and Reinsurers Association, Inc. (PIRA) said it will be able to assess the extent of the damages after several weeks as claims are only beginning to trickle in.

“Early reports from the field already indicate damage to covered or insured assets, and the nonlife industry can therefore expect losses that are, at this stage, unquantifiable. PIRA and its member companies stand ready to process and settle valid claims promptly and fairly.”

PIRA Executive Director Michael L. Rellosa said the earthquake highlighted the importance of nonlife insurance as the country is prone to natural catastrophes.

“We are presently seeing a flurry of seismic and volcanic activity even as a strong La Niña is set to exacerbate the coming typhoon season. The industry exists precisely for moments like these — to help our people absorb the shock, rebuild, and recover,” he said. — Aaron Michael C. Sy