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Philippines: Nonlife insurers likely to pay $1.5 billion for Typhoon Haiyan damage

December 26, 2013 - 6:00am


The insurance commissioner of the Philippines has said that nonlife insurers are likely to pay "more or less $1.5 billion" in claims following the damage caused by Typhoon Haiyan, BusinessWorld reported.

Emmanuel F. Dooc said the amount is for property and infrastructure insured by private firms. The country's insurance industry registered a 30% increase in net income to 14 billion Philippine pesos ($321 million) in the first nine months of 2013. The nonlife sector grew 70% to PHP 2.7 billion.

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