Life Insurance: Claims Increase

From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.

Friday, July 31, 2020

Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.

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Audry Figueroa, executive director of the Nicaraguan Association of Private Insurance Companies (Anapra), explained to that the "... increase in the number of life insurance claims is due to illnesses associated with covid-19."

Figueroa added that "... We cannot say that it is because of covid-19, as no tests are being carried out, but there has been an increase in claims due to respiratory infections, heart attacks, which are associated diseases, and this increase has been notable from March to date."

Figures from the Superintendence of Banks and Other Financial Institutions (Siboif) show that between the first half of 2019 and the same period in 2020, the amount disbursed by insurers for life insurance increased from $6.5 million to $9.9 million.

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