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Philippines: Super Typhoon Haiyan hits insurers' 2013 profits

March 10, 2014 - 6:27am


Super Typhoon Haiyan, a powerful storm that caused billions of pesos worth of property damage in the Philippines, has hit nonlife insurers' 2013 profits, Inquirer.net reported.

The country's nonlife insurance sector reported a drop of around 69% in combined net income to 822 million Philippine pesos ($18.4 million) because of a surge in claims for damage caused by the storm.

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