Colombian Insurer Aseguradora Solidaria de Colombia Reports Record Growth Amidst A Strong Insurance Market

While the insurance market in Colombia grew at a rate of 5.5% in 2018, Aseguradora Solidaria stood out with a growth rate of 18.8%, led by growth in personal lines.

Carlos Arturo Guzmán, (above) president of the company, revealed: “the truth was a year of very good results, not only from the point of view of premiums, but in general: loss ratio, profit, etc., achieving in premiums to a figure of $ 641 billion COP ($202 million USD)

• Of the $641.7 billion COP in premiums issued, 318 billion were from personal lines; 148 billion of auto coverage; 102 billion general lines; 38 billion of SOAT (basic vehicular liability) and 35 billion of property coverage.
• 80% of transactions were conducted online / digitally
• The underwriter started 2018 with 12 insured credit facilities and ended with 19, with Bogota standing out.
• Aseguradora Solidaria is the tenth largest insurance company in Colombia.
• The company has 47 offices throughout Colombia
• The company invests $2 million USD annually in technology.

He added that “Personal lines grew the most thanks to the series of (mortgage protection policies) that we won in conjunction with different financial institutions, ending with a participation of 51 percent of the total portfolio of the company.”

Guzmán is optimistic with regards to the business climate for the current year, stating that the economy should grow more than it did the previous year and the insurance sector should grow at rates of 10%. “I really have good prospects with what will happen to the economy, as well as our general and life insurance. There’s more penetration and new players. ”

To this, the president of Aseguradora Solidaria emphasizes that the maturation and strengthening of the sector should not be ignored, nor the efforts of industry trade organization Fasecolda, which has been responsible for continuing the education of consumers so the public understands the benefits of having insurance.

“For our part we invested in training of employees and sales force $ 1.5 billion COP, where we also involve our intermediaries, which has allowed us to position ourselves as the second-best company to work for according to Great Place to Work.”

Added to this, Guzmán feels comfortable with what Aseguradora Solidaria is currently offering to the market, confirming its coverage in terms of life, people, patrimonial and general insurance.