Pandemic, post pandemic and life insurance in Peru - DAC Beachcroft

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Pandemic, post pandemic and life insurance in Peru

Published 18 March 2021

2020 saw Peruvian insurers demonstrating their responsiveness and rapid adaptation to the pandemic scenario: (i) digitizing their various areas of marketing, claims settlement and performance of benefits (think for example the dissemination of telehealth); (ii) admitting and recognizing COVID-19 care through health policies (even though national policies expressly excluded epidemic assumptions, and implicitly the pandemic); and, iii) Also admitting COVID-19 as one of the risks covered by life policies (in all its variants: rebate, burial, individual life, group life, life law, planned insurance and SCTR).

The Peruvian Association of Insurance Companies (APESEG) has recently announced that companies in the sector would have paid approximately S/ 950,000 in favour of the nearly 81,000 beneficiaries of policyholders who have unfortunately lost their lives during the pandemic period, of which some 30,000 claims would have been directly reported by COVID.

Currently, with the expansion of the second wave, a further increase in claims in this area is expected, but it is also expected that the implementation of the government's proposed vaccination programme will substantially reduce the mortality rate, and since the average Peruvian now has a higher perception of the risk of death, a significant increase in the acquisition of these products is expected.

Key Contacts

Pedro Richter

Pedro Richter

Lima

+ (551) 225 5333

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