Given the uncertainty generated by the slowdown in the economy this year, Colombians have chosen to protect themselves against any unforeseen event by taking out insurance policies, This has given dynamism to this industry, which in the first of the year was one of the ones that contributed the most to the growth of the gross domestic product (GDP) by 3 percent, according to Gustavo Morales, president of the Federation of Colombian Insurers ( phasecolda).

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In the first three months of this year alone, the insured industry has issued policies worth close to 12.2 trillion pesos, 22 percent more than in the same period of the previous year, when that value reached about 10 trillion.

General insurance grew 21 percent annually in the same period, life insurance 13 percent, while those related to social security 31 percent.

More people are choosing to purchase insurance to cover their risks, which has caused the insurance penetration rate to go from 2.95 to 3.17 percent of GDP in the first quarter of the year, warned from Fasecolda.

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Companies and people are demanding more and more insurance products that protect them against any eventuality they may havemore now that the country’s economy has clear signs of slowdown, explained Gustavo Morales, president of Fasecolda.

Insurance sales are especially associated with traffic accidents, occupational diseases and accidents, personal accidents and pensions.

in fact, According to figures from the same industry, in the first part of the year, claims to insurance companies for 5.5 trillion pesos have already been dealt with, materialized especially in the risks associated with accidents of
transit, diseases and accidents at work, personal accidents and pensions, 31 percent more than the same period of the previous year.

“If we have to change the parts of our car due to an accident, it is better to be insured than not, given the high price of the parts. In times of unemployment and economic uncertainty, if we lose a loved one, it is better for that family to have life insurance; If there is active trading by a small business, it is better that you have credit insurance to ensure coverage of your customers’ payments. It is better with insurance than without insurance,” Morales said.

The industry registers more than 25 million policyholders in the different life insurance coverages. In this branch, the performance of group life insurance stands out, with an annual growth of 19 percent, which is related to greater consumption of mortgage and consumer loans.

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