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Philippines: Typhoon Haiyan may wipe out fourth quarter net income of insurers

December 5, 2013 - 6:00am

Insurance Commissioner Emmanuel Dooc said the net income of nonlife insurance industry in the Philippines "may be wiped out in the fourth quarter" because of Typhoon Haiyan, Philippine Daily Inquirer reported.

The Insurance Commission said the hardest hit areas had an estimated total insurance coverage of 70 billion Philippine pesos ($1.6 billion). The expected loss result from claims related to Haiyan and the Bohol earthquake, Mr. Dooc said.

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