The Insurance Commission must suspend the implementation of its Circular Letter No. 2022-34, which seeks to increase the insurance premium rates on catastrophes such as typhoons, floods and earthquakes.
AGRI Party-list Rep. Wilbert T. Lee reiterated this call Sunday, Dec. 18, and said that another round of price hikes on basic commodities is at stake.
The adjusted rates, which will take effect on January 1, 2023, will result to a sudden huge increase in catastrophe insurance premiums ranging from 40 percent to as high as 400 percent. The lawmaker from Sorsogon pointed out that the insurance premium hike will also result to the increase in prices of basic commodities which is an additional burden to the general public.
“Domino effect po ito. Siguradong tataas ang presyo ng mga pagkain, dahil sa production pa lang, sa storage, sa mga makina, pagdating sa distribution center, hanggang sa retail, lahat ay apektado ng pagtaas ng insurance premium na ito dahil halos lahat po ay kumukuha na ng insurance ,” underscored Lee.
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