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As a result of the annual review of the technical and financial conditions of the Compulsory Insurance of Bodily Injury Caused to People in Traffic Accidents (SOAT), the Financial Superintendence of Colombia reported that rates will be reduced by 0.98% by 2021, compared to 2020 values.
“The 2021 rate reflects the decrease in the accident rate derived from the mobility restrictions adopted by the authorities during the first half of 2020 and the gradual return to the 2019 accident rate,” indicates the superfinancial.
The review was performed based on the information that insurance companies periodically report to the Superfinanciera.
The particular dynamics in terms of the circulation of the vehicle fleet was also taken into account as a result of the measures adopted by the authorities during the first half of 2020 due to the arrival of the pandemic and the gradual return to the accident rates of 2019 as stated they have been modifying these restrictions, among other tariff components.
“For the analysis corresponding to 2020, 8,106,941 exposed policies equivalent to $ 2.3 billion in earned premiums and 533,406 claims reported for $ 1.7 billion were taken into account, yielding a sufficiency of 0.98%,” the entity explains.
Therefore, for next year the rate expressed in Current Legal Minimum Daily Wages (SMDLV) will be reduced by 0.98% for the 36 categories of the vehicle fleet.
According to the results obtained by the technical team of the Superfinanciera, the owners of a new family vehicle between 1,500 cc and 2,500 cc will have a SOAT rate of 8.77 SMDLV for 2021, 0.98% less compared to the rate current for 2020 which was 8.85 SMDLV.
It should be noted that the value in pesos that the owners of motor vehicles will pay will depend on the adjustment of the monthly minimum wage that will govern for 2021.
The superintendency clarified that the adjustment in the SOAT rate that will govern as of January 1, 2021 does not modify the coverage or the amounts defined by the Law for this mandatory insurance.
It should be noted that the SOAT is a Compulsory Insurance for all motor vehicles that transit through the national territory, which covers bodily harm caused to people in traffic accidents, includes foreign vehicles that circulate through the national territory and excludes those that are mobilized by railways and agricultural machinery.
This insurance and its coverage were created by law. It is part of the General System of Social Security in Health of the country and the rates are indicated by the Financial Superintendence of Colombia.
The insured are the people who are injured or with bodily damage in a traffic accident.
The coverage provided is medical, pharmaceutical, hospital or surgical expenses; permanent disability; death, funeral expenses and transportation expenses to mobilize those affected in accordance with the established limits.
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