Apeseg: Peruvians allocate S/46 monthly to pay insurance

On average, Peruvians allocated S/46 per month to pay insurance during 2022, which would translate into 4.5% of a minimum living wage, according to the sector’s annual report presented today at Insurance Day 2024.

In that sense, general risk insurance and life insurance were the most requested in terms of premiums, reaching 35.2% and 33.5% respectively. While the insurance associated with the Private Pension System (SPP) reached 18.4% and accident and illness insurance reached 12.8%.

Eduardo Morón, president of the Peruvian Association of Insurance Companies (Apeseg), highlights that this preference reflects the change in the behavior of policyholders as a result of the global health crisis due to the coronavirus.

“The pandemic greatly changed people’s perception of risk and that has made life or health products more preferred because we have never been exposed to such an imminent risk in which someone in our family dies and the natural response to That was looking for life insurance. Peruvians turned to insurance companies, thinking about better protecting themselves against that risk that was somehow aggravated,” he explained.

Likewise, within the universe of insurance, An average annual growth of 9% in net premiums has been evident in the last 10 years. Along these lines, of the 17 insurance companies, 3 specialize in life insurance, 6 in general insurance and 8 operate both types of insurance.

Andrea Camargo, a consultant specialized in inclusive insurance and climate insurance, highlighted that in Peru combined insurance is the most popular; that is, insurance as part of a package. Furthermore, “it was evident that in Latin America and the Caribbean, people prefer to purchase insurance through digital platforms,” Camargo highlighted.