'Between 2023 and 2024, private health insurance policies have grown by 41%': Gustavo Morales, president of Fasecolda
The Colombian healthcare system is experiencing a serious crisis that has left it suffering from a terminal illness. The symptoms are evident: hospital units closing due to high costs, hospitals denying services to members of certain health insurance companies due to multimillion-dollar debts, pharmaceutical managers without medication inventories due to nonpayment, and patients protesting because their right to health is not being guaranteed.
But amid this complex landscape—in which the government and stakeholders such as health insurance companies (EPS), private health insurance providers (IPS), academics, and researchers argue over whether or not there are sufficient resources to support the system's operation—patients have opted for the private sector, which has seen sharp increases in the last two years, including the entry of new players and the offering of new health insurance-related products.
In an interview with EL TIEMPO, Gustavo Morales, president of Fasecolda, asserted that the sector is seeing a positive outlook, to the point that, starting in 2023, Colsanitas, Seguros Mundial, and EKG entered the market with new offerings for more user segments. “In the last two years, policies have been growing more rapidly in terms of the number of policyholders, going from 1.2 million in 2023 to nearly 1.7 million in 2024. By 2025, growth is 30%,” Morales asserted.
Gustavo Morales, president of Fasecolda. Photo: Fasecolda
The private health insurance market, which includes health insurance policies, prepaid medicine, supplemental plans, and ambulances, has grown an average of 12% over the last 10 years. Health insurance policies in particular have grown by 14% over the same period.
New players are entering the country to offer private health insurance services. What does this say about the sector? The entry of new players reflects the attractiveness and dynamic nature of the insurance sector, with significant expansion potential in the healthcare sector. Starting in 2023, Colsanitas, Seguros Mundial, and EKG will enter the market with new offerings for more segments.
Today, there are more than 3 million people with private health insurance. Who is most likely to purchase this type of product? Based on information from the Dane Quality of Life Survey (ECV), the people who most purchase private health insurance are formal workers and middle- and high-income households.
Coomeva Medical Center, Prepaid Medicine in Bogotá. Photo: Coomeva
Based on the same surveys, Colombians do not have a dominant preference for either product. However, in the last two years, policies have grown more rapidly in terms of the number of policyholders, rising from 1.2 million in 2023 to nearly 1.7 million in 2024. By 2025, growth is expected to be 30%.
Who is leading in this sector? There are 19 insurance companies offering private health insurance policies, in a competitive environment that promotes innovation, efficiency, and continuous improvement for the benefit of users.
New products are opening up, especially those focused on younger people and at a lower cost. What is the sector offering, and who does it want to attract? The sector is offering simpler and more affordable insurance to appeal to different age groups, as well as to independent workers.
Colombians are increasingly turning to private sector options. Photo: iStock
There is a commitment to continuing to consolidate private health insurance in the Colombian market, always with the importance of complementing the General Social Security System (SGSSS). At Fasecolda, we will continue to strive to foster regulatory stability for our market, as well as a stronger insurance culture among the Colombian population.
Do you expect to continue growing this year? What are your expectations? Health insurance companies project sustained growth this year, as they continue to position themselves as a complement to the General Health Social Security System, offering additional alternatives without replacing its essential function. The insurance sector reaffirms its commitment to strengthening the general system, promoting voluntary solutions that expand access and quality without seeking to replace public coverage.
Environment and Health Journalist
eltiempo
