What is the insurance panorama in Colombia? This revealed a study | Finance | Economy

What is the insurance panorama in Colombia? This revealed a study | Finance | Economy
What is the insurance panorama in Colombia? This revealed a study | Finance | Economy

Chubb Seguros Colombia has been in the country for 54 years, and is additionally present in 54 countries providing various types of services related to the insurance sector.

Additionally, at a global level it is one of the largest companies in the sector and its shares are listed on the New York Stock Exchange and are part of the S&P 500 component index.

Fabio Cabral, a Brazilian who left his country 20 years ago, is the president in Colombia and presented the study ‘Safety and Security: What Latinos care about protecting’ in which there are some interesting findings in the case of Colombia.

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Why did they do the study?

To know customers, see what matters to them, in addition to understanding them, as we seek to analyze their needs and desires with the aim of designing solutions and services for them.

What is the importance of the study, what will it be used for?

We are looking at the conclusions and results to prioritize actions to implement solutions for customers and the company.

What important findings are there?

The main one, in the case of Colombia, is that people see it as a priority to protect the family and especially the immediate nucleus, that is, husbands, wives and children and then parents. 66% of those consulted answered this way.

There is an important gap, because despite this concern, 5 out of 10 people did something to protect and put it into practice. This represents an opportunity to offer protection products to families.

How was the study progressed?

Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru and Puerto Rico, which are the countries where Chubb has operations in Latin America. The interviews were carried out at the end of last year among 3,150 people and in Colombia it was applied to 350 people throughout the country.

57% said they felt safe and protected, 52% regretted not taking out insurance on a trip, because they went through some situation.

69% of those surveyed considered it important to protect the home when contracting protection for material things. This is a high result and even more so if you take into account that in the region the result was 55%.

Colombians are more concerned about their material things.

We Latin Americans sometimes believe that things are not going to happen and they happen and after they happen we buy policies or if we already have the insurance we change the coverage.

(See: Colombia falls short in financial inclusion: its level is medium-low compared to other countries)



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What other aspect can be highlighted?

In 32% of the responses at the regional level, people say that feeling protected is having peace of mind. Transferring that tranquility is the ideal.

In Colombia, 86% of those consulted see insurance as an investment, which is why the country is becoming aware of insurance. In the region the responses to this were 79%.

In Colombia, 80% of respondents said that being insured allows them to be prepared for unforeseen events, while the average result in the region was 75%.

The survey showed that 24% of Colombians did not have any insurance and 40% had health insurance and 34% had life insurance. When asked when they think about insurance, 36% responded that they would like to have home coverage, 32% accident coverage, and 31% health coverage.

We still have important work to do to expand the insurance culture in the country and demonstrate the advantages of being protected, also reaching those who have never been insured.

What effects did the pandemic have on the insurance industry?

One thing that is certain is that the pandemic highlighted the need to have life and health insurance, and naturally, people are concerned about events such as theft.

The need to have insurance needs to increase and not see it as an expense and we see that in Colombia it is penetrating more.

In 2023, the Colombian economy grew 0.6% and the insurance industry grew 17%. How does the slowdown?

The economic situation may cause people to take out less insurance, but it is up to us to work in that culture so that people know the importance of insurance in life and business.

Colombians are increasingly becoming aware and knowing that insurance is more important, since it is everywhere.

We are always behind people and companies, from SMEs to large companies, supporting them with a wide variety of solutions.

Last year the market had positive inertia for 2022, which was very good for the country and we as a sector worked hard. The first semester was especially good and in the second there was already a moderation in the market.

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