The Insurance Commission (IC) on Monday assured that private insurers would fast-track releases for claims related to the extensive damage wrought by Typhoon “Odette” (international name: Rai) in Visayas and Mindanao last week.
Insurance Commissioner Dennis Funa told the Inquirer that the IC, as the industry’s regulator, would direct life and nonlife insurance firms to quickly process claims.
Funa said that as hundreds of lives were lost to Odette’s fury, their life insurance or microinsurance, if they have such coverage, would be paid out.
“Personal accident coverage would also be a factor,” Funa added.
Crops damaged by the typhoon may also be covered by microinsurance products being made available to farmers and fisherfolk.
Flattened commercial properties can expect disbursements to cover property damage, Funa said.
Damaged motor vehicles may also be disbursed if they were covered by “acts of God” or “acts of nature.” —Ben O. de Vera