The Financial Superintendence of Colombia (SFC) carried out the annual review of the technical and financial conditions of the operation of the Compulsory Traffic Accident Insurance (Soat)which serve as the basis for updating the rate year after year.
(See: Soat rate would rise 11.7% and will take effect on January 1, 2023).
The analysis contemplated the variables of frequency, severity, accident rate and adequacyamong other.
It also considered the effects of the recent provisions of the National government for the creation of a differential range by risk for 14 vehicle categories cars that have a 50% discount on the rate.
(See: Sale of Soat for motorcycles grew 474% the first week of discount).
Taking this into account, it was established that for the other categories that do not have the discount, the rate is reduced by 3.67%, therefore, the final value to be paid in pesos as from the 1st of January 2023 will have an approximate increase of 11.7% in annual nominal terms.
(See: These are the categories that apply to the 50% Soat discount).
It should be noted that the final value to be paid is the result of adding to the maximum rate indicated by the SFC applicable in 2023, the contribution equivalent to 52% to the Adres and the RUNT rate, taking into account the provisions of the Ministry of Transport.
(See: Soat: the most common accidents and what this insurance covers).
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