During 2021, the impact on the personal and social security insurance branches due to the payment of claims caused by covid-19 exceed $2.5 billion pesosaccording to a balance sheet from the Federation of Colombian Insurers, Fasecolda.
(Read: This is how Coomeva users will be distributed to other EPSs).
According to Miguel Gómez Martínez, president of the insurance union, “The pandemic has been the largest loss that the industry has paid in its entire history”.
Based on figures reported by phasecoldathe main claim items in the sector in 2021 were life insurance with $3.7 trillion, compared to a figure of $2.1 trillion in 2020.
It was then located Disability and survival pension with $2.6 billion compared to $1.6 trillion in 2020.
It was followed by automobiles with $2.3 billion, compared to $1.9 billion in the immediately previous year.
(Read: Less than 3% of Colombians have life insurance).
then they meet health branches with $1.8 billion compared to $1.3 trillion in 2020 and occupational risks with $1.6 trillion in 2021 compared to $1.4 trillion a year ago, the figures indicate.
EXPECTATION 2022
By 2022, according to Miguel Gómez Martínez, it is expected that, given the decrease in mortality caused by covid-19there are significant reductions, especially in the life insurance and pension lines.
According to the president of Fasecolda, the real growth of premiums in the sector is 9.7%, a figure similar to the GDP projectionsso the penetration indicator should not undergo major changes and recalled that “the production of the industry is a reflection of the growth of the economy”.
(Read: EPS receivers assume from this Tuesday attention of Coomeva users).
For the insurance union, the data suggests that people’s perception of risk has increased as a result of the pandemic and its consequences. “We also intuit that mass insurance will have a significant rebound to the extent that employment indicators recover”, said the leader of the insurance union.
According to Fasecolda, the total premiums issued by the insurance sector in 2021 amounted to $35.3 billion, higher than those that in 2020 reached $30.5 billion.
Figures that Fasecolda had presented before the end of 2021 showed that the net result of the sector at the end of October had been registering a fall, as happened during 2020.
SECTOR RESPOND
In this sense, Gómez Martínez pointed out that as a consequence of the cost of the assumed claims, profits fell 42% for all of 2021reaching the figure of $870,000 million compared to $1.5 trillion in 2020. “This means that despite the results, the sector continues to respond with solvency to its policyholders,” said Miguel Gómez, president of Fasecolda.
(Read: Insurance premiums rise).
Another indicator that shows the reality of the insurance sector is the return on investment and it is mentioned that its product, in the accumulated from January to December 2021, shows a balance of $4.3 trillion, 4.8% higher than that of 2020, when said investments totaled $4.1 trillion.
The total return on investments of insurance companies shows that, at the end of last year, it reached 1.8%, with a decrease since 2019.
Said profitability, according to the statistics presented by Fasecolda, had reached 3.2% during 2020 and in 2019 it had been 4.8%.
BRIEFCASE
