The premium for this insurance went from S/176 million in 2019 to S/350 million in 2022. However, there is still a default level of around 15%, according to Apeseg.
The Vida Ley insurance premiums almost doubled in the last three years, and went from handling S/176 million in 2019 to S/350 million in 2022, which represented an advance of 98.5%, according to the Association Peruvian Insurance Companies (Apeseg).
This rebound was driven by the application of DU No. 044-2019, which forced companies to have this insurance for all workers from the beginning of their employment relationship, says Eduardo Morón, president of Apeseg. “With some control actions from Sunafil, (we) have been able to make these insurances grow much more than what would have been thought,” he points out.
However, he adds that this work was affected by the start of the COVID-19 pandemic and the wave of layoffs carried out by companies. “Still there is a non-compliance of about 15% of the employees who work in a formal company and do not have a formal contract. There is room to grow”, he mentions. In the opinion of the representative of the business union, this figure could decrease with a better control policy of Sunafil.
Another subsector that in 2022 has made considerable progress, with an increase of 28%, is Complementary Risk Work Insurance (SCTR), which closed the year at S/672 million due to the expansion of coverage sectors. “About 100 new activities have been included within this protection framework,” Morón underlined.
Another insurance that stood out was tax relief, with growth of 24%, and the pension sector with 13%. On the other hand, in health insurance there was only 6% progress. Regarding the latter, the president of Apeseg indicates that the slowdown is associated with the end of the COVID-19 pandemic.
Little spending per capita
Another relevant aspect of the results of the insurance sector 2022 is that Peru is one of the countries in the region where people spend less on insurance, so much so that, of every S/100 produced in the country, only S/ 2 are for this purpose. “A Peruvian, on average, spends US$137 a year on insurance,” says Héctor Lucero, technical manager of Apeseg Studies.
In Peru, US$137 per person per year goes to insurance. Photo: APESEG
In this regard, Eduardo Morón indicates that the low per capita amount allocated to insurance in Peru is associated with various factors; among these, the low income that employees receive per year compared to other countries in the region and the high level of informality in the labor market.
Source: Larepublica
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