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The effect of COVID-19 on the economy has been nothing short of devastating and the road to recovery will be difficult. Yet, the private business sector has recognized the need to innovate and evolve in order to adapt to the “new normal”.
One of the industries that has geared up to be able to respond to the pandemic effectively is insurance.
Though demand for some life insurance riders like travel insurance is on the decline because of the pandemic’s effects to the tourism industry, the threat of COVID-19 to the lives of working Filipinos more than underlines the importance of life insurance and other non-life insurance products.
Deputy Insurance Commissioner Ferdinand George A. Florendo of the Insurance Commission (IC) shared that the life insurance industry is ready to absorb potential claims brought forth by COVID-19 – particularly now that the testing capacity of our healthcare network has expanded with the greater availability of testing. He states that, to date, life insurance companies authorized to do business in the Philippines are adequately capitalized considering all have complied with the P900M (USD 18 Million) net worth requirement set forth by the IC. FEATURED STORIES
Commissioner Florendo adds that insurance companies have …
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