Insurance industry premiums grow 10.2%

At the end of September, Insurers have responded with more than $18.4 billion in claims, helping families and companies face unforeseen events and has had a growing trend in the production of its premiums, with an increase of 10.2%, for a total of $40.1 billion, a trend that, according to Fasecolda, is expected to continue for the close of the year.

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The real growth of the industry when discounting inflation is 4.1%, a positive figurewhich reflects that in the midst of a complex economic environment, people consider purchasing insurance as the best option to protect themselves against unforeseen events.

Gustavo Morales, president of Fasecolda, expressed that “after many years of effort we see an increase in the insurance culture, which shows that we are all better off with insurance than without insurance. Let us remember that penetration, which is measured as premiums on the percentage of Colombia’s GDP is 3.2%, equal to the Latin American average, but we would like to reach OECD levels or those of the most developed countries, which is 9.3% (end 2022), we have to reduce that insurance gap and “We would be better off if cars, buildings, homes, infrastructure, and businesses were insured.”

So far this year, the branches that reflect greater demand and greater growth are Health 23%, Soat 20%, Fire and Earthquake 11%, and Individual Life 9%, compared to the same period of the previous year.

It is essential to remember the importance of being insured. In the recent catastrophe recorded in Valencia, Spain, as a result of the Dana or deep storm, several risks materialized: regrettable loss of human life, innumerable damage to vehicles and public and private properties.
“This situation leaves us with a great lesson: having insurance helps reduce the economic effects of these tragedies and compensates in a shorter time for material damages that can be incalculable. It is always a good time to purchase insurance because it helps face these types of catastrophic risks,” said Morales.