For the first three months of the year, Insular Life (InLife) noted lower death claims, stirring hope that the country is finally coming out of the pandemic.
InLife President and CEO Raoul Antonio E. Littaua reported that first quarter individual claims amounted to P682 Million, mostly coming from maturity benefits and anticipated endowments.
Of this amount, individual death claims accounted for P206.5 Million for 543 policies. Out of all first quarter paid claims, 261 are COVID-related, with 229 death claims amounting to P94.4 Million, a 7-percent decline compared with the same period in 2021.
“Even as COVID-19 peaked in January due to infections brought about by the Omicron strain, InLife recorded fewer COVID-related death claims. However, we remain vigilant and observe all safety protocols but at the same time, we remain hopeful that things will get better,” Littaua said.
Based on 2020 and 2021 data, InLife paid about 9 percent of the industry’s COVID-19 related claims.
Littaua also noted that the 8.3 percent GDP achieved in the first quarter is an encouraging sign of recovery.
“The economy picking up despite the lockdown in January, the lowering of unemployment rate, the solid remittances of our overseas Filipino workers will be supportive of consumer spending moving forward,” Litttaua said.