Insurers vow faster claims processing for typhoon victims

MANILA, Philippines – The Insurance Commission and insurers united to expedite the processing of claims for the victims of typhoon “Yolanda.”

Through the program called "Agarang Proseso, Benepisyo ay Sigurado," the Insurance Commission and insurance companies will setup a claims action center in strategic areas like Tacloban, Ormoc and Cebu City.

Insurance Commissioner Emmanuel Dooc said they will ship 40 air-conditioned container vans that will serve as processing centers.

Insurers have committed to making the process very simple and easy for the victims.

MicroEnsure Philippines, for example, has waived documentary requirements for calamity and death claims. They have prepared a master list of policy holders and have started paying out for calamity loans in affected areas even without IDs or application forms.

For death, they are simply requiring testimonial support instead of death certificates.

The Philippine Insurers and Reinsurers, meanwhile, said they have also prepared a master list and will issue an initial payout of P10,000 per policy holder.

Full amount of the claim will then be paid out after minimum requirements are satisfied. This includes being part of the master list, pictures of property, a certificate of title or vehicle registration, and a certification from the barangay where the victim is from, in the absence of an ID.

They also have the following hotlines for the Claims Insurance Center: 09479537954 (Smart), 0927889907 (Globe), 09335316685 (Sun), where the assured can provide his/her name, contact number and insurance company to facilitate the faster processing of requests.

So far, microinsurance providers have already released P83.6 million for non-life claims; P811,000 for death claims and P680,000 for relief assistance.

They have also approved an additional P110 million for release to more than 19,000 beneficiaries which is expected to be released within the first week of December.

source: www.abs-cbnnews.com

Insurance claims of Yolanda victims may be expedited

MANILA, Philippines - The Insurance Commission is urging insurance industry players to expedite the processing and release of insurance claims of typhoon "Yolanda" survivors.

In a statement, the IC called on industry players to process and release payments to the affected insuring public without the necessity of an actual claim filed before them.

The IC is also mulling the possibility of allowing insurance providers to release insurance proceeds to covered “Yolanda” victims without relying on traditional documentary proofs and notices of loss.

There have been discussions on the use of "satellite imaging” and “crisis mapping” as basis for the payment of property insurance proceeds, in lieu of the traditional and actual documentary proof and professional adjustment. If implemented, the processing and release of property insurance claims would be faster.

In the meantime, the IC and the industry have started the "Agarang Proseso, Benepisyo ay Sigurado" program to address the victims' urgent needs.

Agarang Proseso established on-site Claims Action Centers (CAC) at the CLIMBS General Life and Insurance Cooperative CAC in Tacloban City, CLIMBS CAC in Ormoc City and CLIMBS CAC in Cebu City.

Another CAC will also be set up in Tacloban City which will be operational on December 8.

Traditional non-life insurance providers will be deploying personnel to strategic areas in the Visayas this week to further expedite the processing and release of the insurance proceeds to the covered victims.

A CAC in Tacloban City Hall is expected to be launched on December 13.

Also, microinsurance providers have already released substantial amounts of claims for covered fisherfolks, farmers, vendors and members of the marginalized sector in Tacloban, Ormoc, Samar Southern Leyte and Biliran and in other affected areas in the Visayas:

P83,641,400.00 – for non-life claims
P811,000.00 – for death claims
P680,000.00 – for relief assistance

An industry player facilitated the release of insurance claims of at least 8,000 insurance policyholders amounting to P60 million.

Microinsurance providers have also approved P110 million for release to more than 19,000 beneficiaries and claimants in the affected area. The amount will be released this week.

Affected policyholders, planholders, beneficiaries and other concerned persons are advised to visit the Insurance Commission’s website at www.insurance.gov.ph for updates.

source: www.abs-cbnnews.com

Furious planholders storm Prudentialife office

MANILA, Philippines - Thousands of Prudentialife planholders trooped to the company's office in Makati to claim their checks from the initial liquidation of the company.

There are 60,000 checks available for release but the representatives of the Insurance Commission who took over Prudentialife were overwhelmed by the sheer volume of planholders, that they decided to impose a cut off upon reaching 2,000.

Many of the planholders who failed to receive their checks were furious.

However, some planholders who were part of the 2,000 also ended up not receiving their checks. Only 1,000 were accommodated, leaving the rest fuming with anger.

However, the Insurance Commission assured that all planholders will be accommodated until 8 p.m., 6 days a week (including Saturdays), until December.

Prudentialife said they no longer have control over the procedure since the Insurance Commission took over. They have a petition for injunction filed with the Court of Appeals.

source: www.abs-cbnnews.com

How to protect your condo from the 'unforeseen'

MANILA -- Owning a house or a condominium unit seems to be a growing trend nowadays amid the low interest rates but how does one protect his investment in properties with the Philippines attracting a big number of typhoons yearly?

It's simple: have your property covered by insurance.

"Non-life insurance actually provides protection against financial loss when something unforeseen happens," Perpetua Cutiongco, business director at BPI/MS Insurance Corp., told ANC's On The Money.

These "unforeseen" incidents, she said, pertain to fire, typhoon, flood, and other accidents that damage the property.

"I think after typhoon Ondoy, everybody began appreciating non-life insurance... We had a surge in requests to get insurance for both their cars and properties," Cutiongco shared.

For starters, Cutiongco said one should get a fire policy for his home. But since that only covers fire and lightning incidents, it is advisable to get another to cover for earthquake, typhoon and flood, especially since the Philippines is battered by weather disturbances every year.

"We also suggest you get personal accident insurance for each and every member of your family including the household help," Cutiongco said.

"There's also what we call liability insurance. For example, you have guests at home and you have a dog that bites your guest, and you have to treat them--then you can use that," she continued.

Non-life insurance covers only structures and not the land, Cutiongco stressed.

For interested clients, one can check the Insurance Commission's website for licensed companies that offer non-life insurance. From there, one can contact the chosen firm through the insurer's own website or through an agent of that company.

source: abs-cbnnews.com