Cibeles Insurance Corporation pays P398,685,156.07 for 2 fire claims in 10 days

Cibeles Insurance Corporation, one of the top non life insurance companies in the Philippines, settled 2 fire claims amounting to almost P400,000,000 within only 10 days of each other.

On June 11, 2024, Cibeles Insurance paid P299,076,000 to settle a fire claim of Herco Trading whose warehouse was unfortunately destroyed by a fire last September 2023. Settlement was finalized, offered and accepted by Herco Trading in May 2024, and Cibeles Insurance Corporation immediately settled the full P299,076,000 claim. The owners of Herco Trading were fully satisfied with the way the claim was handled and said that they did not expect that the payment would be settled immediately after they had accepted the offer.

In photo, from left to right:

Wayne Coherco - Executive Vice President, Herco Trading
Wilfred Co - President, Herco Trading
Ruffy Kopio - President and Chief Operating Officer, Cibeles Insurance Corporation
Elizabeth Lim - Cibeles Insurance agent
Sheba Lim - Cibeles Insurance agent

On June 21,2024, or just 10 days after settling the P299M Herco fire claim, Cibeles Insurance Corporation paid P99,609,156.09 to another long-time client whose factory was also unfortunately destroyed by fire last September 2023. Settlement papers documenting client's full acceptance of Cibeles' offer was received on June 6, 2024, and Cibeles as the lead insurer was the first to immediately pay the claim on June 21, 2024, or a mere 15 days from acceptance of Cibeles' offer.

Photo below shows Cibeles Insurance Corporation President and Chief Operating Officer Ruffy Kopio (right) tendering Cibeles' P99M check to client.

Cibeles Insurance Corporation capacity and readiness to settle 2 fire claims totalling almost P400M in only 10 days apart exhibits Cibeles' exceptional liquidity and financial strength, and demonstrates its readiness and ability to support client's claims when it is needed most.