Insurance Sector Says Property Damage From Colombia Unrest Exceeds $62 Million USD

Fasecolda, Colombia’s insurance industry group reports that property damage claims from April 28 to July 15 due to vandalism associated with civil unrest has already exceeded $241 billion Colombian pesos, or approximately $62 million USD. The amount represents claims for 5,158 insured risks, including real estate, public transport, private goods, vehicles, and cargo.

Damages in the city of Cali add up to about 48.21% of insurance claims, by value.

Cali, Colombia’s third largest city was hit especially hard by vandalism and claims from the city represent 48.21% of the total amount. According to Fasecolda, insurers expect to pay $154.7 billion pesos on 1,850 private risks, and $60.7 billion on 347 public-sector risks.

“By responding to claims payment requests, insurers are honoring their commitment to assume the risks of their policyholders. At this time, insurance takes on all its meaning. By responding to claims, insurance fulfills its missionary role in the economy,” said Fasecolda President Miguel Gómez Martínez (above). “These assets represent the heritage of Colombians, and the transfer of risks is achieved thanks to everyone’s taxes. To affect them is to attack ourselves.”

Following figures in Colombian Pesos:

Perils by City

Bogotá

• Damage to public property: $8,783 million; 96 risks covered the industry, equivalent to 19.96% of the insured.
• Damage to private property: $6,755 million; 385 risks covered the industry, equivalent to 80.04% of the insured.

Cali

• Damage to public property: $28,194 million; 78 risks covered the industry, equivalent to 12.64% of the insured.
• Damages to private property: $75,656 million; 539 risks covered the industry, equivalent to 87.36% of the insured.

Medellín

• Damage to public property: $3,608 million; 43 risks covered the industry, equivalent to 20.48% of the insured.
• Damage to private property: $9,857 million;167 risks covered the industry, equivalent to 79.52% of the insured.

Rest of Colombia

• Damage to public property: $20,137 million;130 risks covered the industry, equivalent to 14.62% of the insured.
• Damage to private property: $52,401 million; 759 risks covered the industry, equivalent to 85.38% of the insured.

Damages to vehicles and cargo

The insurance industry has received 2,772 claims in the country for damages to automobiles during acts of vandalism from May to July, for which it has paid $18.707 million.

• Of 692 claims in the country for damages to private vehicles, Bogotá registers the highest number, with 186 claims.
• Of 2,080 claims in the country for damages to public vehicles, Bogotá once again leads the list, with $1,533 million.
• For cargo transportation, the insurance sector has received 175 claims, for which it has paid $6,986 million.