The nonlife insurance industry said it is ready to process claims for damages caused by the 7.8-magnitude earthquake that struck Mindanao on Monday, according to BusinessWorld
The Philippine Insurers and Reinsurers Association, Inc. (PIRA) said it will assess the extent of damages over several weeks as claims begin to trickle in.
Early reports indicate that claims are only starting to be filed, and a full picture of the losses is expected to emerge in the coming weeks.