SOAT prices won't rise this year thanks to lower claims

Bnamericas Published: Thursday, May 21, 2009
Prices on mandatory auto insurance (SOAT) in Peru will not rise this year, thanks to lower claims, local financial daily Gestión reported. In 2007, claims made up between 82% and 84% of SOAT premiums, but today they have fallen to represent about 50%, the daily reported insurance association Apeseg representative Gustavo Cerdeña as saying. Cerdeña said part of the reduction in claims could be explained by the migration of public service vehicles to an alternative insurance coverage system called Afocat. Sales of SOAT totaled 60.8mn pesos (US$20.4mn) in the first quarter this year, the report said.

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