Apadea has paid $135.1 million in compensation for Covid-19

An increase of 7.6% reported the Panamanian Association of Insurers (Apadea). According to Carlos Tribaldos, president of Apadea, the figures for the first quarter of last year reached $381 million versus the $410 million reported during the same period in 2022.

Tribaldos highlighted that 25% of the total premiums are concentrated in the health line and 65% of this total is concentrated in addition to the health line in the automobile, collective Life, Fire and Individual Life lines.

He also explained that as a relevant fact to date, the personal branches surpassed the general policy branches for the first time with a ratio of $209 million; 8 million more than the previous year. “This reflects that Panamanians have given importance to personal insurance as a result of the experience with the COVID-19 Pandemic,” he said.

He stated that as a result of COVID, as of March 31, Apadea’s member insurers have compensated a total amount of $135.1 million, of which $46.2 million correspond to Health Claims, $88.3 to Claims for the Death of Policyholders and $600 thousand to claims for unemployment and other special coverage.

In relation to the claims presented by the insured, it was also mentioned that they exceeded the amount indemnified the previous year by 13%, going from $171MM in 2021 to $193MM as of March 30, 2022. The health line closed with a shocking 79.3% in claims, possibly influenced by Covid claims and the increase in unscheduled surgeries that were postponed during last year’s lockdown. The other branches that present a high accident rate are: automobile, collective life insurance, bonds and transportation.