Insurers would disburse more than S/8,000 million in compensation for natural disasters

The climate crisis is causing loss of life and damage to the country’s infrastructure, which is whye insurance companies could disburse more than S/8,000 million in insurance compensation, according to ENFORCE, a company that advises brokers and policyholders. In addition, this could result in these entities looking more closely at requests for coverage in the future.

In the financial records of insurance companies, it can be seen that they paid for accumulated claims during The Coastal Child of 2017 an amount greater than S/8,116 million, a figure that corresponds to the compensation derived from the coverage contracted in policies.

“This year we are experiencing a similar scenario in terms of natural disasters and this amount could increase due to inflation, among other factors. Given this scenario, it will be natural that the insurers pay more attention when reviewing the coverage applications submitted by the insured or their insurance brokers”, says Walter Hernández, general manager of ENFORCE.

What types of claims do insurers cover?

The climate crisis is activating the coverage of various insurances that revolve around the protection of public and private assets, such as third-party liability insurance, fire coverage, agricultural insurance, cargo transport insurance, among others.

The coverages could also be activated of life insurance, personal accidents, complementary risk work insurance (of the personnel in charge of carrying out the maintenance of roads), health insurance, burial expenses, among others.

The specialist recommends seeking advice from an expert in claims in insurance and valuation of claims that take advantage of the legal provisions offered by market regulation in favor of the insured, as well as the technical knowledge that this business requires.