In the first quarter of the year, the health maintenance organization (HMO) industry in the Philippines suffered a net loss of P320 million as benefits and claims by its members surged.
According to the Insurance Commission, the HMO sector reported a net loss of P319.03 million during the same period last year.
Revenues improved by 12 percent to P15.55 billion as membership fees increased, comprising 99 percent of the sector’s total revenues.
The higher benefits and claims, which rose by 35 percent to P12.83 billion from the previous year, were attributed to 29 HMO firms covered in the report.
COVID-19 claims accounted for over a third of the P22.36 billion in claims issued by firms regulated by the IC since the start of the pandemic.
