UMVA has learned that the nonlife insurance industry is bracing to process claims for damages related to the devastating 7.8-magnitude earthquake that struck Mindanao on Monday.
The industry is preparing to assess the extent of the destruction, but officials warn that the full impact won't be clear until several weeks have passed, as claims are only just beginning to trickle in.
Reports from the field already indicate significant damage to insured assets, and industry leaders expect losses to be substantial, although exact figures remain unquantifiable at this stage.
In a statement, a top industry executive emphasized that the nonlife insurance sector stands ready to process and settle valid claims promptly and fairly, providing vital support to those affected.
The earthquake has highlighted the critical importance of nonlife insurance in the country, which is notoriously prone to natural catastrophes, including seismic and volcanic activity.
With a strong La Niña event looming, which is expected to exacerbate the coming typhoon season, industry leaders stress that their sector exists precisely to help people absorb the shock, rebuild, and recover in the face of such disasters.
The industry is gearing up for a potentially chaotic period, with officials urging those affected to come forward with claims and promising a swift and fair response.
