The Insurance Commission (IC) of the Philippines has resolved all 5,417 complaints received from policyholders in 2023, as per the guidelines set out in Republic Act No. 11765, also known as the Financial Products and Services Consumer Protection Act.
According to year-end data from the IC, these resolutions were achieved either through amicable settlements or by forwarding the complaints for formal adjudication. A breakdown of the types of complaints handled in 2022 and 2023 reveals a varied landscape:
Additionally, the IC reported a 30.77% increase in the number of insurance claim disputes resolved through adjudication in 2023. A total of 51 formal adjudication cases were decided, compared to 39 cases in 2022. The IC holds jurisdiction over disputed insurance claims up to a maximum amount of PHP5,000,000.
Insurance Commissioner Reynaldo A. Regalado emphasised the importance of efficient and prompt resolution of complaints in building trust among policyholders.
“We believe that if the insuring public becomes aware that valid insurance claims are paid out promptly, and disputed claims are resolved expeditiously either through the mandated complaints resolution channels of insurance companies, our claims mediation process, or through case adjudication, we will be able to build more trust among the people to take up insurance in preparation for financial ruin in times of loss of life or livelihood,” Regalado said.
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