INSURANCE claims related to Covid-19 totaled P16.71 billion between 2020 and 2021, with life insurance coverage accounting for more than half of the benefits, or roughly P9.05 billion, the Department of Finance (DoF) said.
It said in a statement on Saturday that this was based on the Insurance Commission's (IC) report to Finance Secretary Carlos Dominguez 3rd, which also pointed out that 23 percent of Covid-19-related claims were paid between the beginning of the pandemic in March 2020 and the end of 2020, with the bulk of the claims — 77 percent or P12.82 billion — being claimed last year.
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