Colombia discusses disaster insurance models and emergency funding

In Colombia, the insurance industry association Fasecolda has proposed a public-private insurance scheme to the government to protect the national economy from natural disasters. During the 2026 International Insurance Convention, Fasecolda President Gustavo Morales suggested a layered responsibility model: private insurers would cover commercial losses up to their capital limits, while the state would act as a backstop for catastrophic events that exceed market capacity. This model aims to utilize international reinsurance markets to provide liquidity for recovery and reduce pressure on public finances.

Separately, President Abelardo de la Espriella announced 140 billion pesos for the department of Sucre to address damages caused by a cold front in February 2026. This amount represents 14% of a larger fund allocated to affected departments. The emergency in Sucre impacted nearly 40,000 people and resulted in thousands of damaged or destroyed homes. The government stated that these funds will be subject to technical oversight to ensure they are used for infrastructure and community solutions rather than bureaucracy.