Per capita spending on life insurance is $200,000, according to the first Fasecolda census

The insurers of the country and Fasecolda carried out the first census of life and personal insurance, with a cutoff for the second half of 2021.

The analysis showed that debtor group life insurance, personal accidents, high-cost illnesses and collective group life are the ones with the greatest coverage. Specifically, 19 million people have debtor life insurance or personal accident insurance, which represents about 51% of the elderly population.

In high-cost illnesses, which is a policy subscribed by the EPS to cover deviations in claims, the number of insured is 13.3 million. These insurances, which the union has called “connected”, have one feature in common: their subscription goes hand in hand with the acquisition of other goods and services; An example of this is the insurance that supports credit obligations or access to educational or health services.

There are also the insurance offered by employers to their workers and certain public social assistance programs. The penetration of this type of insurance is significant, one in two, or one in three Colombians has this protection.

“The figures for 2021 show that per capita spending on life insurance is just $200,000, of which half corresponds to coverage for financial obligations; the other half is shared among all other life insurance. Total sales of life and personal insurance amounted to $10.2 trillion during the year 2021, which represents just 0.83 of GDP. This figure still looks low compared to other countries where it is close to 3.0%”, indicates the document.

The study indicates that women take more life insurance than men. “This result is surprising in a social and economic environment that privileges men in almost all dimensions of life.” The figures show that 51.4% of people who have life and personal insurance are women. This rate rises in health products, voluntary income and education.

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