Less than 3% of Colombians have life insurance | Finance | Economy

Although the insurance culture in Colombia has increased in the last time – today its penetration in the market is 4% and a little more than two years ago it remained at 2.5% -, there is concern that there is still a low percentage of the population that accesses a voluntary policy.

This is warned by a report from the master insurance agency Proyectat, according to data from Fasecolda, among other official sources, which it studied to publicize the results of an economic analysis that confirms that 2% of Colombians in the country you have life insurance, which is equivalent to approximately one million people.

(See: With funds, EPM seeks to self-insure Hidroituango for US $ 23 million).

According to the report, during 2020, because the main latent risk in the pandemic scenario was related to death due to illness and health effects, the life insurance category grew by 5%. However, the truth is that, when it comes to voluntary insurance, in the country the tendency to insure goods first persists (vehicle and homes) against property damage, instead of prioritizing life insurance.

(See: Insurance premiums go up).

These data are also surprising, despite the fact that between January and September 2021 premiums were issued for $ 25.57 billion, of which $ 11.56 billion corresponded to damage insurance; $ 7.44 billion, to personal insurance; and $ 6.57 billion, to social security.

In relation to the participation on the total premiums issued, personal insurance (among which individual, group or group life insurance, funeral and health insurance, among others are listed), accounted for 29.11%, while the damage insurance branch had a higher participation, equivalent to 45.21%.

(See: $ 500 billion is lost to ‘phantom’ traffic accidents).

(See: The Fed’s ‘Role’ In Theory Denying Titanic Sinking).

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