Philippine Life Insurance Association (PLIA) President Victor Quisumbing has assured the insured public that PLIA members are prepared to release claims for policyholders and their beneficiaries after the onslaught of tropical storm “Ondoy” last week.

“(Insurers) stand by their commitment to render service to the families and beneficiaries of insured family members who lost their lives or may have suffered injuries covered by their insurance plans,” said Quisumbing. He reminded policyholders to immediately visit the service offices of their insurers for proper guidance and clarification.

Insurance companies are implementing financial relief measures to policyholders as assistance.

Ayala Life Assurance Business Director Maria Asuncion Martin said they are extending the grace period for payments of policies to policyholders residing in the calamity 26 areas declared by the National Disaster Coordinating Council.

In a statement released last Friday, Martin said the extension granted is for an additional thirty calendar days, making up a total of sixty-one calendar days grace period covering due dates from August 26 to October 26.

“All payments remitted within sixty-one calendar days from due date of the premium and or old loan interest will be accepted without interest,” she said. “We hope that with this will give our policyholders some form of relief from the difficulties caused by Ondoy.”

Generali Pilipinas, the insurance unit of the Banco de Oro Unibank, has also implemented emergency service to its policyholders for “Ondoy” claimants.

“Generali Pilipinas is deeply concerned for the loss of many Filipino people in this tragedy,” company president and CEO Derek Chan said. “And we assure the public that the company is more than ready to extend assistance to the needs of those who are greatly affected.” The company set up an “Emergency Inquiry and Service Unit” to fasttrack release of claims.