The Growing Importance of Secure Insurance to Protect Against Calamities

No one is exempt from suffering a calamity, be it a work or car accident, some damage at home, or even the loss of a valuable personal object, which is why people are increasingly aware of the importance of having a secure to protect them in case of any bad moment.

And it is that this is an industry that has been growing constantly, because according to the financial figures report of the Superfinanciera, cut to April, the value of issued premiums amounted to $16 trillion, $2.9 trillion higher than that registered in the same month of 2022that is, there was a real annual variation of 8.2%.

Here the companies of life insurance, which contributed to the growth of the industry in greater proportion than their P&C peers (including cooperatives). In fact, the latter reported premiums for $7.8 trillion and a real annual variation of 7.4%, while life insurance registered $8.2 trillion, with growth of 8.9%.

In line with this, the Financial Superintendence indicated that the behavior of the GDP coincides with the dynamism in the acquisition of policies, a situation that has maintained the penetration indicator of the sector around 3.4%, with 1.9% in insurance companies. life and 1.5% in general insurance (including cooperatives).

Now, the business lines that contribute the greatest proportion to premium growth are risks
employment, group life, social security and automobiles. According to the SFC, “the automobile line contributes to nominal growth with 4.29 percentage points (pp). For their part, the group life, pension insurance and occupational risk lines together did so with 10.09 pp”.

Financial results

As is well known, this has been a sector with notorious growth, and that is that, according to the SFC report, The profits to April were $2.1 trillion, in fact, due to the positive results of the entities of safe generals and lifewhich reported $635,700 million, while the latter yielded $1.4 trillion.

On the other hand, capitalization companies obtained positive results for $2,852 million.

In terms of assets, the unit that achieved the highest figure was also life insurance with $86.8 trillion, followed by general insurance with $37.4 trillion.