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ACCOUNTS RECEIVABLE AND PAYABLE FROM INSURANCE CONTRACTS | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021, “Premiums and other policies receivable” in the consolidated statement of financial position includes balances for approximately S/913.1 million and S/921.1 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:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  | S/(000 | ) |  |  | S/(000 | ) |  |  | S/(000 | )
Balances as of January 1 |  |  | 1,198,379 |  |  |  | 919,419 |  |  |  | 791,704 |
Reported claims of premiums ceded, Note 26 |  |  | 347,145 |  |  |  | 542,341 |  |  |  | 283,041 |
Reserve risk in progress of premiums ceded, Note 25(a)(**),(i) |  |  | (7,371 | ) |  |  | 8,996 |  |  |  | 23,186 |
Premiums assumed |  |  | 2,460 |  |  |  | 803 |  |  |  | – |
Settled claims of premiums ceded by reinsurance contracts |  |  | (96,278 | ) |  |  | (168,695 | ) |  |  | (229,729 | )
Collections and others, net (ii) |  |  | (337,661 | ) |  |  | (104,485 | ) |  |  | 51,217 |
Balances at the end of the period |  |  | 1,106,674 |  |  |  | 1,198,379 |  |  |  | 919,419 |
As of December 31, 2022 and 2021 accounts receivable include S/76.1 million and S/299.0 million, respectively, which correspond to the technical reserves of the ceded portion of premiums to reinsurers.
| (i) | As of December 31, 2022, the variation mainly comprises the aviation lines for S/28.7 million and the decrease in maritime hull lines for S/19.2 million, fire for S/14.4 million, civil liability for S/9.8 million and other minors for S/1.6 million. As of December 31, 2021, the variation mainly comprises aviation lines for S/33.8 million and civil liability for S/8.9 million; and fire reduction for S/15.0 million, banks for S/4.9 million, maritime hulls for S/3.3 million and other minors for S/5.3 million.
| (ii) | As of December 31, 2022, the variation mainly comprises the effect of the exchange difference for S/393.4 million, collections from reinsurers for S/26.5 million and other minors of S/29.3 million. As of December 31, 2021, the balance is mainly made up of collections made to reinsurers for S/110.3 million, the effect of exchange difference for S/64.9 million and other minors of S/59.4 million.
Accounts Payable:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  | S/(000) |  |  |  | S/(000) |  |  |  | S/(000) |
Balances as of January 1 |  |  | 463,825 |  |  |  | 338,446 |  |  |  | 216,734 |
Premiums ceded for automatic contracts (mainly excess of loss), Note 25(a)(**) |  |  | 392,123 |  |  |  | 355,356 |  |  |  | 244,112 |
Premiums ceded to reinsurers in facultative contracts, Note 25(a)(**) |  |  | 399,482 |  |  |  | 392,346 |  |  |  | 327,098 |
Coinsurance granted |  |  | 25,430 |  |  |  | 8,154 |  |  |  | 753 |
Payments and other, net (i) |  |  | (860,766 | ) |  |  | (630,477 | ) |  |  | (450,251 | )
Balances at the end of the period |  |  | 420,094 |  |  |  | 463,825 |  |  |  | 338,446 |
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, 2022, the balance is mainly made up of payments to reinsurers for S/811.8 million, the effect of exchange difference for S/16.8 million and other minors for S/32.1 million. As of December 31, 2021, the balance is mainly made up of payments from reinsurers for S/608.7 million, the effect of exchange difference for S/11.9 million and other minors of S/9.8 million.

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