Banks, retailers pay US$78.8mn in unemployment insurance claims

- Tuesday, January 4, 2011

Banks, retailers pay US$78.8mn in unemployment insurance claims

Unemployment insurance claims paid by Chilean banks and retailers hit 38.1bn pesos (US$78.8mn) in 2010, reaching close to 149,000 policyholders, according to a new study published by local banking association ABIF.

Unemployment insurance offered by these financial institutions surged during the 2008-09 global financial crisis and economic downturn. According to the study, close to 45,000 people had this type of coverage in 2005, and banks and retailers paid out 7.81bn pesos in claims.

In contrast, more than 101,000 had purchased unemployment insurance by 2008, and paid claims reached 23.1bn pesos, while in 2009, the figures were 150,000 and 38bn pesos respectively.

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