The reactivation of the various sectors and industries of the world fully describes the focus of the global economy and, therefore, of the insurance market. According to data from Chubb, after the arrival of the pandemicthe level of awareness of people and corporations in the face of risks, which perhaps they previously considered less important, is changing.
Likewise, businessmen, as they reactivate operations, are very clear about the value that their collaborators contribute and the importance of being well protected. Taking the above into account, it is useful to know how the industry will behave this year. In this sense, Karem Zawadzki, Vice President of A&H in Peru, commented on the key trends for the insurance market for 2022.
Health and accidents. Today the possibility of getting sick and facing high medical expenses is more feasible than before, which implies a great growth potential for the sale of insurance related to health and accidents.
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According to the study “The future of the insurance industry in Latin America” carried out by Chubb, 60.5% of those surveyed (1,728 people in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru and Puerto Rico) scheduled a virtual or face-to-face medical consultation during 2021 and in addition, on 52 .2% purchased multivitamins and medical devices such as thermometers in the last few months.
Safe travels. Today, with open borders in the different countries of the world, and with COVID 19 still affecting society, the number of people who move from one country to another and purchase travel insurance with coverage for accidents, illnesses and this virus has increased. Chubb recently conducted a global survey, where 89% of respondents say they are paying more attention to policies in this category.
These last two years have generated greater awareness among travelers and at Chubb, thanks to our experience, knowledge and technological tools, we work in an agile way to respond to the needs of the market, placing products, channels and appropriate prices at the service of travelers. , for the different profiles and needs.
“Private and business travelers are paying more attention to the coverage and assistance offered by travel insurance. We have identified that there is a need to resume their usual activities, but including solutions that protect their lives”, commented Karem Zawadzki.
Entrepreneurship. Zawadzki added that, with the pandemic, startups experienced significant growth. “This expanding sector is a target that agents and brokers should aim for more strongly in 2022. Our agents and brokers in Mexico, Ecuador and Argentina have had successful experiences in the past year addressing these emerging markets.”
Finally, Zawadzki indicated that this year Chubb will continue with its strategy to satisfy the needs of its clients. “We will continue to deliver the best insurance experience throughout 2022, understanding industry trends and embracing changes in consumer behavior. We are aware of the new challenges that the pandemic left us.”
