Friday 27 January 2023

Panama insurers require vaccination to renew health policies

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27 January 2023 - At The Banks - BCCR

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Q24N – Faced with the increase in costs and compensation granted in health and life policies during the pandemic crisis, Panama insurers are already beginning to require their clients to certify the first dose of the vaccine to renew these insurances.

Until July 29, 2021, insurers have disbursed a total of US$107,350,138. Of that total, US$37,602, 222 dollars were disbursed in health claims that include the use of the emergency room, intensive care, and medical fees. The other US$69,325,242 dollars in life claim due to the death of the insured as a result of the virus, according to figures from the Panamanian Association of Insurers (Apadea).

In addition, US$400 thousand have been compensated for clients who had special coverage such as unemployment and travel insurance.

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One of the insurers that has already communicated that it will require the proof or vaccination card is Aseguradora Ancón.

The company announced through a statement that as of August 16 of this year, any new request that they receive from the health or individual or collective life branch of people, must present reliable proof of at least the first dose of vaccine approved and accepted by the FDA/ WHO/EMA.

It indicated that each request will be evaluated according to the underwriting policy according to the health or life branch.

“For Aseguradora Ancón, the well-being and safety of our policyholders is our greatest responsibility and priority. Therefore, we urge them to closely follow biosafety protocols and not to lower their guard,” said the insurance company. ‘

Amilcar Córdoba, former president of Apadea, said that the Ancón Insurer’s decision is their own and not the union’s, however, probably the rest of the national and international insurers will also make the same decision.

“In fact, reinsurers at the international level have been requesting the different insurance companies to make changes in the underwriting of both life and health upon renewal of their contracts,” he said.

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