Peruvian insurers could pay US$350mn in El Niño claims
Peruvian insurers will have to pay around US$350mn due to losses related to the so-called coastal El Niño phenomenon, according to Rimac Seguros.
"If the losses are estimated at around US$3.5bn, 10% of that must be insured," Miguel Gutiérrez, the head of property insurance at Rimac, was quoted as saying by state news service Andina.
Since January, Rimac has received 500 claims totaling US$75mn associated with coastal El Niño from regions including Piura, La Libertad, Ica and Lima.
Gutiérrez highlighted Peru's low insurance penetration compared to elsewhere in Latin America and developed countries: "Peru is among the countries with the lowest insurance coverage, the ratio [of insurance] to GDP is approximately 1.8%, while in Chile it is 2.8% and in the US 4.5-5%," he said.
Large corporate clients are 100% covered, but many individuals are not, the report said.
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