Insurance Industry

Why is it important to promote the insurance culture?

One of the countries with the lowest penetration in terms of insurance is Mexico, since this nation lacks an insurance culture and the figures support it:

Only 1 in 10 Mexicans has a policy and penetration within OECD countries (Germany, Australia, Austria, Belgium, Canada, Chile, Colombia, among other nations), is the lowest, standing at 2.3% in comparison with the 8.9% average of the block.

In the case of Chile, this country has an insurance penetration that many countries in the region would like to have, which is due to the reflection of development, since people acquire more goods or carry out activities such as business or travel, increasing demand for insurance.

The insurance industry in Chile is strong and highly competitive, which brings together more than 60 insurance companies, with a number of insurances contracted close to 71 million, meaning 3.9 insurances per inhabitant.

Thanks to insurance, in this nation the national GDP reaches 4.6%, one of the highest in the region.

What has happened to the insurance branches?

One of the branches most favored by the health emergency, is the vehicular, since the mobility restrictions at the beginning of the confinement, made it possible for the insured not to use their cars with the daily routine of before.

In medical expenses, the situation is more severe, because on the one hand there are the claims related to Covid-19 and on the other, the insured patients who prefer not to go to hospitals for fear of contagion.

According to figures from the Mexican Association of Insurance Institutions (AMIS), it has been revealed that approximately until August 2020, more than six thousand people with Covid-19 made use of their medical expenses insurance, who have been paid around USD $ 123,855,000.

Having this coverage exempted them from a disbursement of up to 429,000 Mexican pesos, that is, about USD $ 2,000 general expenses for hospitalization and medical care.

More than seven thousand patients lost their lives due to the virus, however they had life insurance, which is why the companies paid compensation to their relatives, close to USD $ 71,575,065.

The president of Prudential México, Mario Vela, affirms that pandemics cannot be prevented and that they historically happen every 100 years, which is why it is so important to know how to react to be prepared.

By maintaining a good insurance culture, we can be supported and safe before a loss occurs to us. Although the pandemic was a totally unprepared event, those who had the support of their insurer, were able to exempt themselves from huge monetary outlays.

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