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More than 100 Spanish insurers have come together to launch a fund of more than 37 million euros with which they will subscribe a collective life insurance that will cover the needs and consequences of the coronavirus among health personnel who have been working for weeks in Spain to combat the effects of the pandemic.

Life insurance will cover the death due directly to Covid-19 "of those who care for the health of all citizens in the current health crisis", as well as a subsidy for those who are hospitalized, as reported by Unespa , the employers of the sector, through a statement this Tuesday.

The professionals who will have this protection will be the doctors, nurses, nursing assistants, caretakers and ambulance personnel who are part of the National Health System and are directly involved in the fight against the coronavirus. Those who work in public hospitals, clinics and outpatient clinics, as well as those who work in private sector centers, will be covered. In addition, the insurance will also protect doctors, nurses, nursing assistants, and caretakers who work in nursing homes, whether public or private.

"This is a unique initiative in that it will cover more than 700,000 professionals, thus constituting the policy with the largest group that has ever existed in our country," said Pilar González de Frutos , president of Unespa.

The numbers

The insured capital in the event of death by direct cause of the Covid-19 amounts to 30,000 euros per person . The money will be received by the legal heirs of the insured. For its part, the hospitalization subsidy will entail the payment of 100 euros a day to the sick healthcare provider as long as their hospital admission exceeds three days and up to a maximum of two weeks. That is, the payments will range between 400 and 1,400 euros per person.

The protection will be valid for six months, counting from the start of the alarm state. In other words, it will cover all those people in the insured group who are hospitalized or die of the coronavirus directly from March 14 to September 13, 2020, both days included. The coverage is therefore retroactive .

In the event that the loss ratio is less than the established fund, the remaining amount will be used to support those affected by the coronavirus

In this way, "the insurance industry constitutes the largest collective policy of this type ever signed in the history of Spain to support those who are on the front lines of the fight against Covid-19," the association points out.

The more than 100 insurers that have pledged to finance this group policy together hold a 78% market share and add this initiative to others that have been launched individually to mitigate the impact of the coronavirus among their clients.

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