A lawmaker on Monday sought the deferment of the policy to increase the minimum and maximum rates of catastrophe insurance premiums amid the lingering pandemic.
AGRI party-list Representative Wilbert Lee was referring to the Insurance Commission’s Circular Letter No. 2022-34 which adjusted the applicable minimum and maximum catastrophe rates across the country.from .15% to as high as .200% for industrial occupancyfrom .15% to as high as .155% for residential occupancy
“I have been to Cebu, Cavite, Laguna and Naga recently... lumalabas po sa konsultasyon natin, doble o hanggang quadruple ang pwedeng itaas sa mga binabayaran nating insurance tulad ng sa bahay, mga housing loan sa Pag-IBIG, sa GSIS, post-harvest facilities, agri machineries, fishing boats, dryers, mga storage, at pati ang Philippine Crop Insurance Corporation apektado,” Lee said in a news conference.
The Philippine Chamber of Commerce and Industry and the Employers Confederation of the Philippines supported Lee's view, saying that insurance premium increases should be shelved.
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