The Princess Empress incident – Significant increase in speed of payments of compensation to affected persons

The Director is pleased to report that significant progress was made in the latter part of 2024 in the assessment and payment of claims in respect of the Princess Empress incident.

The IOPC Funds has continued to work in close cooperation with the insurer of the Princess Empress, the Shipowners’ P&I Club, since the incident occurred on 28 February 2023 off the coast of Naujan, Oriental Mindoro, the Philippines.

The incident has led to almost 40 000 claims being received, mainly in the fisheries sector. In February last year, one year after the incident, the Funds reported that the Shipowners’ Club and the IOPC Funds had found innovative ways to facilitate the payment of compensation to over 8 000 claimants, many of whom were in remote locations and without traditional bank accounts.

That figure has increased considerably. As of 31 December 2024, some 37 000 claims had been assessed and over 32 000 claims had been settled, representing more than 80% of claims received so far.

During the months of September to November 2024, there was a significant increase in the speed of claims settlement.  In September and October 2024, some 9 700 claims from fishers were paid, with amounts totalling PHP 323.7 million (£4.6 million) and in November 2024 some 7 500 claims from fish traders were paid, totalling PHP178.5 million (PHP 2.5 million) in 13 municipalities.

The Club and the IOPC Funds would like to commend municipalities and barangay captains for their continued cooperation.

Final assessment of all claims is ongoing, and further progress updates will be provided in due course.

The Shipowners’ Club and the IOPC Funds will continue to work together to provide eligible claimants with fair and prompt compensation. The CSO will remain open with its trained staff available to assist claimants with the claims process.

Information for claimants continues to be made available via both the IOPC Funds’ website here and via MT Princess Empress Incident Information Centre(princessempressinformationcentre.com).