COVID-19 bleeding SZV, lost 23M so far this year

COVID-19 bleeding SZV,  lost 23M so far this year

PHILIPSBURG--As the effects of the coronavirus COVID-19 pandemic continues to take a grip on establishments in the country, Social and Health Insurances SZV is bleeding millions of guilders monthly, and has lost NAf. 23.1 million in revenues thus far this year.

  The drop in revenues is largely due to the large number of clients who are no longer insured by the insurance service provider. Figures Health Minister Richard Panneflek provided to Members of Parliament (MPs) during a recent meeting show that the AOV/AWW/ZV and OV funds have been bleeding funds since February. Panneflek said the AVBZ fund is most likely following the same trend. 

  A monthly overview of revenues from the AOV/AWW/ZV and OV funds shows that in January the company was in good standing with 14,787,420 in 2019 compared to 15,661,734 this year, an uptick in revenues of NAf. 874,314.

  In February, the fund started losing money. In February 2019, SZV revenues amounted to NAf. 14,793,725 compared to NAf. 14,342,336 in February this year, a loss of 451,389.54 or 0.03 per cent. In March 2019, SZV raked in NAf. 14,741,397 compared to NAf. 12,940,231 received in February of this year, a decline of NAf. 1,801,166 or 0.14 per cent.

  The trend continued the following month. In April 2019, SZV received NAf. 14,896,200 in revenues, which plummeted to NAf. 12,176,610 in April this year, representing a loss of NAf. 2,719,590 or 0.22 per cent.

  In May 2019, SZV’s revenues stood at NAf. 15,106,979, which dropped to NAf. 11,848,074 in May of this year, a loss of NAf. 3,258,905.00 or 0.28 per cent. In June 2019, the insurance service provider received NAf. 16,239,955 in revenues, which dropped to NAf. 13,221,915 in June of this year, a loss of NAf. 3,018,040.45 or 0.23 per cent. In July 2019, revenues stood at NAf. 14,944,504, compared to the NAf. 10,952,726 received in July of this year, a drop of NAf. 3,991,778 or 0.36 per cent.

  In August 2019 revenues stood at NAf. 14,594,859, and this declined to NAf. 10,985,654 in August this year, a reduction of NAf. 3,609,204 or 0.33 per cent.

  And in September 2019, the company logged revenues of NAf. 13,995,425, which was lowered in September this year to NAf. 10,608,941, a whooping loss of NAf. 3,386,484 or 0.32 per cent.  Revenues logged for October 2019 stood at NAf. 14,646,819,97, in November 2019 at NAf. 14,540,744.52 and December 2019 at NAf. 16,692,777.99.

  The number of persons insured at SZV has been steadily declining over the past few months and as of October this year, the number plummeted from 19,935 in 2019, to 15,608,  a difference of 4,327.

  SZV Director Glen Carty told The Daily Herald on Sunday that the decline translates to less premiums and less income for the social insurance service provider, and indicated that SZV will be engaging in some “serious” talks with government for NAf. 100 million in funds owed.