Insurers pay P2.54B Princess Empress claims

THE Shipowners' P&I Club and the International Oil Pollution Compensation (IOPC) Funds have reported paying $43.2 million (P2.54 billion) to settle 26,101 claims from the Princess Empress oil spill as of Nov. 5, 2024.

The fisheries sector accounts for the majority of claims, with 36,546 registered worth P1.73 billion. Payments totaling P823.3 million have been made to 26,034 fishers, and P179.6 million had been allocated to 9,030 fish traders. A study by local fisheries experts completed in March 2024 helped expedite assessments despite initial documentation challenges.

In the tourism sector, 2,879 claims totaling P117.5 million remain under assessment, as many lacked sufficient supporting documentation.

Philippine Coast Guard personnel collect debris following the sinking of MT Princess Empress in Oriental Mindoro. FILE PHOTO

«These claims again often lacked adequate supporting documentation to allow for proper assessment, so experts were engaged to visit the affected area several times to advance these claims. As a result, the majority of these claims are still being assessed,» Shipowners P&I Club said.

Insurers expressed gratitude to the Philippine government and local authorities for supporting the claims process, including opening temporary submission offices and streamlining payments.