In a context of economic crisis generated by political instability and the absence of an efficient pension system, 52% of Peruvians have acknowledged feeling insecure when thinking about the economic future for their old age. However, that does not mean that 70% prioritize the protection of their spouse and children when purchasing insurance, followed by 29% who prioritize their parents.
According to the report ‘Security and protection: what matters to Latinos about protecting’, developed by Chubb in nine countries in the region, including Peru, economic stability in old age and pension savings “are a transversal concern” that is becomes critical within the family.
Not being able to attend to a serious illness (32%), having to go urgently to a clinic (34%), suffering a traffic accident (23%) or making a saving decision (20%) are other major concerns for Peruvians today, although insecurity when traveling (35%) continues to be the second most important.
Recently, the National Institute of Statistics and Informatics (INEI) revealed that multidimensional poverty gaps, with a cut-off date of 2023, have led 32% of Peruvians to have some lack of medical care, despite the fact that chronic health problems reach 43% of the population. Furthermore, the urban population aged 15 and over who is the victim of a criminal act now reaches 27%.
“We still have a long way to go in terms of the insurance culture in Peru. We confirm that what matters most to Peruvians is their family, especially their immediate family,” Juan Carlos Puyó, Country President Chubb Perú, told La República.
Don’t play with security
This feeling of generalized insecurity contrasts powerfully with the effective contracting of insurance. The study delved into the types of insurance to which Peruvians are affiliated. Half indicated they did not have any, a third had one for health and 16% had one for life.
When we delve deeper into the insurance they have not taken out, 40% expressed that they have considered having life insurance, followed by health insurance with 37% and accident insurance with 29%. If we talk about material goods, the home is the most precious asset with 57%, followed by health with 20% and the car with 15%.
The change is seen when taking concrete actions: only 33% say they have done something to protect their close relatives, while 29% say they have done something to protect their assets. When asked if they take actions to ensure their future, 52% answered yes, and 40% said that “they live in the present.”
Like costs (49%), technology still seems to be a stumbling block when hiring. Although the penetration of cell phones and the Internet changed most aspects of life, when consumers were asked what their preferred contracting channel continues to be, most countries indicated that through an agent.
Thus, in our country, 53% prefer to enroll in insurance through a face-to-face advisor, while 24% would choose to go to an insurer’s office and only 9% would do so through a website.
“We know that there is still a lot to do to show people the peace of mind they can have when they protect themselves financially with insurance, the opportunity is evident,” concludes Puyó.
What anguishes Peruvians?
When asked what security is, 45% of Peruvians responded that insurance “allows them to be calm in the event of unforeseen events,” followed by “being protected by an institution” (37%).
The SBS updated the reference value of the cap for the monthly microinsurance premium, a type of insurance designed to serve the population with fewer resources or those in vulnerability: it will be up to 0.6% of a UIT. 14% would take out pet or crime insurance (13%).
And the pension reform? MEF has been in favor of a minimum pension with a state subsidy, as long as there are no more AFP withdrawals. Also consumption pension (IGV), but with an annual limit of 8 UIT.
Data:
11%, paradoxically, have a “bad” image of insurance companies in Peru. It is the highest level in the region.
80% of respondents see insurance as an investment. However, 51% have none.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
