[ad_1]
For the second consecutive year, the rate of the Mandatory Traffic Accident Insurance (Soat) will have a lower value, this time, due to the lower accident rate derived from the covid-19 pandemic.
(Read also: Minimum wage increase will be known on Tuesday)
According to the Financial Superintendence, the rate of said policy for 2021 will have a reduction of 0.98 percent for the 36 categories of the vehicle fleet that circulates on the country’s roads.
(Read also: This is how the minimum wage and that of congressmen have risen, in 10 years)
And it is that in the midst of the strong measures to restrict mobility decreed in the country to contain the expansion of the covid-19, the accident rate of this policy fell to levels of 50 percent, compared to the premiums issued, from an average of 80 percent observed in the first two months of 2020.
Soat rates in 2019 remained the same as in 2018, but this year they were reduced 4.89 percent, compared to 2019 and by 2021 they were reduced 0.98 percent.
The announced reduction will take effect in Soat policies that are issued as of January 1, 2021.
As it is recalled, the cost of Soat is expressed in current legal minimum daily wages (smdlv) and, consequently, its value will be adjusted in line with the increase in salary decreed for next year.
Thus, according to the results obtained by the technical team of the Superfinanciera, for owners of a new family vehicle between 1,500 cubic centimeters (cc) and 2,500 cc, the applicable Soat rate will be 8.77 smdlv in 2021, a 0 , 98 percent less compared to the current rate this year, which was 8.85 smdlv
For the analysis corresponding to 2020, 8,106,941 exposed policies equivalent to 2.3 billion pesos in earned premiums and 533,406 claims reported for 1.7 billion were taken into account, yielding a sufficiency of 0.98 percent.
As explained by the Superfinancial, this review was made based on the information that the insurers report to the surveillance and control entity, the particular dynamics regarding the circulation of the vehicle fleet as a result of the measures adopted by the authorities during the first semester of 2020 and the gradual return to the 2019 accident rates as said restrictions have been modified, among other rate components.
The control body also warned that the adjustment in the Soat rate that will be in force as of January 1, 2021 does not modify the coverage or the amounts defined by law for this mandatory insurance.
Consequently, this policy will recognize for medical, surgical, pharmaceutical and hospital expenses derived from a traffic accident up to 800 smdlv; 180 smdlv for permanent disability; for death and funeral expenses up to 750 smdlv, and for transportation and mobilization expenses of the injured up to 10 smdlv
Despite the fundamental role that this policy fulfills in the vehicular accident rate in the country, the number of motor vehicles that travel on Colombian roads is high.
Data from the Federation of Insurers of Colombia (Fasecolda) indicate that evasion of this insurance reached historical highs this year, reaching 49 percent.
“About 7.6 million vehicles, of the 15.6 million of the vehicle fleet registered in the Runt, do not have the current Soat. For this reason, the health system stops receiving around $ 1.6 trillion annually ”, they point out in said union.
This year, due to the lower vehicle accident rate registered by the pandemic, insurers must transfer to the Resource Manager of the General Social Security System in Health (Adres) the equivalent of the lower value of these accidents (decree 800 of June 4, 2020).
Thus, for Soat policyholders, the lower loss in the branch will be reflected in greater resources for the health system (202,000 million) and not in return of premium.
According to industry figures, November has been one of the months with the highest vehicle accidents, as the index stood at 120 percent
(Continue reading: Change the order for personal income tax return in 2021)
By: Economy and Business
