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ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS | 12 Months Ended
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Dec. 31, 2021
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS [Abstract] |
ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS |
9 | ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS
| a) | As of December 31, 2021 and 2020, “Premiums and other policies receivable” in the consolidated statement of financial position includes balances for approximately S/921.1 million and S/937.2 million, respectively, which are primarily of current maturity, have no specific collateral and present no material past due balances.
| b) | The movements of the captions “Accounts receivable and payable to reinsurers and coinsurers” are as follows:
Accounts receivable:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balances as of January 1 |  |  | 919,419 |  |  |  | 791,704 |  |  |  | 842,043 |
Reported claims of premiums ceded, Note 26 |  |  | 542,341 |  |  |  | 283,041 |  |  |  | 321,375 |
Reserve risk in progress of premiums ceded, Note 25 a (***) |  |  | 8,996 |  |  |  | 23,186 |  |  |  | (14,935) |
Premiums assumed |  |  | 803 |  |  |  | - |  |  |  | 668 |
Settled claims of premiums ceded by reinsurance contracts |  |  | (419,342 | ) |  |  | (229,729 | ) |  |  | (226,769 | )
Collections and others, net (i) |  |  | 146,162 |  |  |  | 51,217 |  |  |  | (130,678 | )
Balances at the end of the period |  |  | 1,198,379 |  |  |  | 919,419 |  |  |  | 791,704 |
December 31, 2021 and 2020 accounts receivable include S/299.0 million and S/282.2 million, respectively, which correspond to the technical reserves of the ceded portion of premiums to reinsures
| (i) | As of December 31, 2021, the balance consists mainly of collections made to reinsurers by S/110.3 million and the effect of exchange difference for approximately S/64.9 million; As of December 31, 2020, collections made were reduced for S/10.0 million and the effect of exchange difference for S/55.0 million.
Accounts Payable:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | S/(000) |  |  | S/(000) |  |  | S/(000) |
Balances as of January 1 |  |  | 338,446 |  |  |  | 216,734 |  |  |  | 291,693 |
Premiums ceded for automatic contracts (mainly excess of loss), Note 25 a (***) |  |  | 355,356 |  |  |  | 244,112 |  |  |  | 254,839 |
Premiums ceded to reinsurers in facultative contracts, Note 25 a (***) |  |  | 392,346 |  |  |  | 327,098 |  |  |  | 289,386 |
Coinsurance granted |  |  | 8,154 |  |  |  | 753 |  |  |  | 4,332 |
Payments and other, net (i) |  |  | (630,477 | ) |  |  | (450,251 | ) |  |  | (623,516 | )
Balances at the end of the period |  |  | 463,825 |  |  |  | 338,446 |  |  |  | 216,734 |
Accounts payable to reinsurers are primarily related to proportional facultative contracts (on an individual basis) for ceded premiums, automatic non-proportional contracts (excess loss) and reinstallation premiums. For facultative contracts the Group transfers to the reinsurers a percentage or an amount of an insurance contract or individual risk, based on the premium and the coverage period.
| (i) | As of December 31, 2021, the balance consists mainly of collections made to reinsurers by S/608.7 million and the effect of exchange difference for approximately S/11.9 million, As of December 31, 2020, collections made amounted to S/471.2 million and the effect of exchange difference for S/4.1 million and other minors.

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- Definition The entire disclosure for insurance contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expiry date 2023-01-01 -Name IFRS -Number 4 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2021-en-b&doctype=Standard&book=b&dita_xref=IFRS04_g36-39M_TI -URIDate 2021-03-24 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Effective 2023-01-01 -Name IFRS -Number 17 -IssueDate 2021-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS17_g93-132_TI -URIDate 2021-03-24 + Details
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