PIRA calls for speedy claims processing

MANILA, Philippines - The Philippine Insurers and Reinsurers Association (PIRA) said that those who have typhoon and flood insurance could already file for claims for their damaged homes or motor vehicles.

PIRA, the only organization representing the country’s non-life insurance industry, also advised companies to expedite the approval process.

In a statement, PIRA said it is gathering donations among its members to be used in providing relief goods to the people of Leyte and Samar, particularly the hardest hit Tacloban City where more than 1,000 people are believed to have died due to the devastation of typhoon Yolanda.

“Our 78 member companies are all willing to help in any way they can. We will be distributing relief goods in partnership with the Philippine Red Cross,” PIRA chairman Emmanuel Que said.

“The devastation from super typhoon Yolanda is simply heart-breaking. But in times like this you appreciate the value of being insured,” Que reminded.

PIRA does not have any estimate of insured damage yet. But Que said the insurance industry is sturdy enough to service claims from natural catastrophes such as super typhoon Yolanda.

He, however, encouraged Filipinos who are not insured to start buying insurance protection, especially those for typhoon and flood, which are optional policies outside of the standard fire policy for buildings.

He also recommends business interruption insurance, which protects business owners against losses in case natural catastrophes, such as typhoons or flooding disrupts their operation.

“If you really think about it, in a disaster-prone country such as ours, you can’t afford not to be insured,” he said. 

Only 12 percent of the country’s buildings have fire insurance policy and just 20 percent of the 12 percent have earthquake insurance. 

Roughly 20 percent of the population has one kind or another life insurance protection.