What is Fasecolda?
Fasecolda is a trade association that represents insurance, reinsurance, and capitalization companies operating in Colombia. It is neither an insurer nor a workers’ compensation administrator; rather, it is the organization that brings together these companies, including the ARLs (Occupational Risk Administrators), and acts on their behalf before public authorities and industry stakeholders.
Its origins date back to 1976, the year it was formed through the merger of two pre-existing associations in the Colombian insurance sector. It is headquartered in Bogotá.
Its historical and most widely used name is Federación de Aseguradores Colombianos (Colombian Federation of Insurers), from which the acronym Fasecolda itself originates. In its most recent institutional communication, the entity also presents itself as Federación de Aseguradores de Colombia (Colombian Federation of Insurers); this document includes both variants without specifying which is the current statutory name.
Purpose and scope of action
Fasecolda’s stated purpose is to contribute to the development of the insurance industry in Colombia by representing the sector in public policy formulation and promoting an insurance culture. Its scope of action is national and covers all the lines of business in which its affiliated companies operate: life, general, health, workers’ compensation, among others.
Functions and main lines of work
Fasecolda’s activity is organized into several stable lines.
- Trade association representation. It acts as the interlocutor of the insurance sector before the Government, Congress and other Colombian authorities in the regulatory processes that affect the insurance activity.
- Production of sectoral statistics. It compiles and publishes figures on premiums, claims and activity by branch, organized in technical chambers, including the occupational risk chamber.
- Market research and analysis. Conducts research on the behavior of the Colombian insurance market and proposes initiatives for its development.
- Promoting insurance culture. It promotes education and outreach programs aimed at policyholders and the general public.
Contribution to safety and health at work
Fasecolda’s contribution to occupational safety and health (OSH) is indirect and of a statistical and institutional nature: it does not manage coverage or provide prevention services, functions that correspond to each individual occupational risk insurer (ARL). Its occupational risk chamber brings together insurers in this sector and publishes sector-specific figures that serve as a benchmark for analyzing workplace accident rates in Colombia, a use comparable to that of publicly or officially sourced accident rates in other countries.
The framework in which the ARLs grouped by Fasecolda operate is that of the Colombian General System of Occupational Risks, regulated among other norms by Decree 1072 of 2015. Fasecolda does not dictate these regulations nor does it have sanctioning power over companies or workers: its role is limited to the trade representation of the insurers and the production of sector information.
Relationship with the ORP International Foundation
Fasecolda represents the entire Colombian insurance sector on the ORP International Foundation’s institutional advisory committee, not just occupational risk insurance. It is the association that brings together insurance companies operating in the country, including occupational risk administrators, and produces the sector’s benchmark statistics. Its scope is therefore broader than that of other members focused exclusively on prevention.
Practical application
For a prevention professional or risk manager operating in Colombia, the occupational risk statistics published by Fasecolda serve as a benchmark for contextualizing the accident rate of a sector or region in relation to the overall behavior of the insurance market. It is important not to confuse this statistical and professional association function with the direct management of insurance, which is the responsibility of each individual ARL (Occupational Risk Administrator), nor with the oversight of the General System of Occupational Risks, which falls under the purview of Colombian public authorities.
