The insurance sector in Peru faces the crisis that will leave the global pandemic with great strength. The main executives of the insurance companies say that this is a sector that has high levels of solvency. This solvency, which is well above that required by law, is going to help resist the adversity that is coming, and of course, continue to provide all the confidence to their customers. In this way, if you have contracted insurance with one of the most solvent insurance brokers in Peru, you know that you do not have to worry, since they are prepared to adopt all the necessary measures to fulfill their function, and thus offer their clients all the coverage and protection contracted.
INSURANCE, A ROBUST SECTOR
The insurance sector in Peru (in spanish: el sector de los seguros en el Perú) is a robust one. Moreover, everything points to it becoming a major player in the economic recovery. The period of uncertainty that is opening up at the moment, with the health crisis, will cause health insurance contracts to skyrocket in Peru. This is not new either, it is something that has been revealed as absolutely necessary during this pandemic. Many people have realized the need to invest in health, and to protect themselves and their families. For that reason it is not surprising that, in the face of all the products offered by the different insurance companies, good health insurance is at this time the most sought-after.
The industry has been very competent in this regard during the toughest moments of the pandemic. There has been a general reduction in premiums, and an increase in claims in many branches, in addition to the high volatility of the financial markets, which has been reflected in the value of the companies' investments. However, it has been possible to absorb the impact and despite the uncertainty of the future, in view of the possibility of resurgence, the sector remains strong enough to withstand the blows and continue to fulfil its role with society.
WHO IS BEHIND IT?
Certainly there are many variables that can affect the sector, including the financial one, since it is no secret that there are many insurance companies that have important financial implications. Large banks are behind many of these companies, but that should give even more confidence in their solvency, and that something has been learned from all the crises that have occurred up to this point. Moreover, there is no future in which we can even imagine the possibility of ceasing to provide such an essential service.
PASSAGE TO THE PROFESSIONALS
In any case, when choosing an insurance policy, it is important to be advised by good professionals in the sector, since at this time the difference between them can be both coverage or a minimum saving in premiums, as well as having clear all the implications of each of the companies. So if you are one of those people who, very wisely on the other hand, is thinking of taking out health insurance (seguro de salud), think about using the services of a good insurance broker.
Insurance professionals are now more attentive than ever to the changes that are taking place both in the sector and in the national and international markets, in order to have maneuverability and speed of reaction if necessary. We have all learned a lot from this pandemic, and the insurance industry will be no exception. Professionals are convinced that while there will not be the gains that were expected earlier this year, they will come out of this crisis stronger, with a new vision and more resilient.
RESILIENCE AND SOLVENCY
Resilience is going to be essential in all businesses from now on, and only those that achieve a model capable of adapting and coming out of the woodwork in the face of difficulties will remain. The insurance industry is convinced that they have everything they need to deploy and develop this resilience, which they already had, and which has been, in part, what has allowed them to show the strength they are showing.
The high level of solvency of the insurance companies has allowed that the concern for the capital was not at any moment the priority, so all the efforts of these have been able to focus on the provision of services, as well as on taking care of their employees and suppliers. In this way, the sector, often denigrated, has been revealed as essential for the care of society. Less time for the numbers and more time for the people, that's how simple and clear is the summary of what happened. This gives a certain tranquility that the insured will be taken care of 'whatever happens', and that is really the essential idea that we all have in our minds when we take out insurance, right?
A NEW VISION
However, this new situation will involve new approaches to risk management and premium calculation. Companies are still evaluating how to absorb the impact and what the best approach should be in order to continue offering the service they have been providing until now without this having a negative impact on their profits. Many companies have already started to work on this aspect, and it will surely also depend on the reactions of the government to the sector in particular.
The way companies work may vary substantially with the pandemic. Teleworking and digitalization tools have proven to be really useful at this time, so their definitive and improved implementation, in order to lower costs, could be one of the ways for insurers to keep the price of insurance premiums, especially health insurance, at levels similar to those of the pre-VID-19 era, and thus offload their clients. Be that as it may, the industry has stopped the blow and is rearming to wage the economic battle and continue to fight alongside society to keep the economy going.