Insurance Commission(IC)

February 13, 2020 Dear MS. Phoenyx Brucelo, Greetings! Thank you for your request dated Jan 24, 2020 11:28 AM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch. You asked for details on insurance pay-out for typhoon, specifically: 1. Claims pay-out for each typhoon from 2016-2018 (estimates) 2. Average rate used for the said peril (if available) 3. List or Number of insurers and reinsurers writing typhoon coverage 4. Average catastrophic limit for the insurers and the reinsurers (if available) May we provide you with the following responses: 1. On Net Losses Paid on Typhoon: 2016 - Php550.79M 2017 - Php615.14M 2018- data not yet available 2. On your query number 2, the minimum rates used for motor car-AON cover at 0.50% which includes flood, typhoon, hurricane, volcanic eruption, earthquake and other convulsions of nature. Fire Insurance allied peril for typhoon and flood is at minimum rate of 0.05%. 3. On your query number 3, non-life companies may cover for typhoon and flood peril as extension to fire policies and optional AON to motor car policies. There are 60 non-life companies, 54 writes motor car and 58 writes fire insurance. You may visit the Insurance Commission website for a list of non-life insurance companies 4. On your inquiry number 4, we understand that you were provided with opportunity to look at the data related to typhoon during your visit to the Statistics and Research Division, which include claims pay-out for each typhoon from 2016-2018 and data on the average catastrophic limit for the insurers and reinsurers. If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to [email protected]. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request. If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011). Thank you. Respectfully, Revelyn R. Mojica