Colombia Quake Insurance Claims Triple as Court Weighs Pension Reform
Colombia · ECONOMY
Key Facts
- —What happened Insurers received 36,415 claims from the 10 August 2026 earthquake, Fasecolda reported on 24 August 2026.
- —How big The Colombia earthquake insurance settlement cost is estimated at COP 1.2 trillion, roughly US$394 million.
- —The trend Claims rose 248% in a week, from 10,465 in the first balance of 14 August to 36,415.
- —The gap Only one in ten Colombian homes carries fire and earthquake coverage.
- —What comes next The Constitutional Court had the pension reform on its agenda for 25 August 2026; the decision was pending at publication.
Fasecolda’s second balance shows claims up 248% in a week, as the Constitutional Court takes up the suspended pension reform.
Colombian insurers have received 36,415 claims from the 10 August 2026 earthquake at an estimated settlement cost of COP 1.2 trillion, about US$394 million, the insurers’ federation Fasecolda reported on 24 August 2026. The Colombia earthquake insurance tally more than tripled in a week, as the Constitutional Court separately weighed the fate of the government’s pension reform.
Colombia Earthquake Insurance Claims More Than Triple in a Week
Fasecolda, the federation of Colombian insurers, published its second balance of the 10 August 2026 earthquake on 24 August 2026, with a data cutoff of Friday 21 August. Insurers had received 36,415 claims, with an estimated settlement cost of COP 1.2 trillion, about US$394 million.
The count more than tripled in a single week. The new balance added 25,950 claims to the 10,465 recorded in the first balance of 14 August, a rise of 248% in the number of cases.
The money estimate grew even faster. Semana reported on 18 August an initial estimate of COP 281 billion, about US$92 million; the new figure of COP 1.2 trillion, about US$394 million, is roughly 4.3 times higher.
The federation’s balance is the most complete picture so far of the financial toll the earthquake has taken on Colombian policyholders.
The quake struck just two weeks before the second balance, and the claims count has risen sharply with each update the federation has published.
Fire and Earthquake Policies Drive the Bill
The fire and earthquake line accounts for the overwhelming share: 29,736 claims, with an estimated cost of COP 1.09 trillion, about US$358 million.
Home insurance follows with 4,696 claims, while auto policies recorded 931. Together, the home and auto categories account for roughly COP 94 billion, about US$31 million.
Insurers have so far paid out COP 11,104 million, about US$3.6 million, a small fraction of the estimated final bill as claims continue to be processed.
The figures expose a deep protection gap: only one in ten Colombian homes has fire and earthquake coverage, meaning most affected families must absorb their losses without insurance.
The gap between payouts so far and the estimated cost underscores how early the settlement process remains.
Insurers Pledge Commitment to Reconstruction
Gustavo Morales, president of Fasecolda, sought to reassure policyholders as the balance was released: ‘El sector asegurador tiene el mayor compromiso con la reconstrucción del país’ — ‘The insurance sector has the greatest commitment to the reconstruction of the country.’
The statement came as the Colombia earthquake insurance bill climbed to levels far above the first estimates published in the week after the quake.
Payments made so far represent only a small share of the projected cost, and the claims count has continued to climb with each balance the federation publishes.
With cover held by just one household in ten, the quake has renewed attention on how few Colombians are protected against seismic risk.
Constitutional Court Takes Up the Pension Reform
While insurers counted earthquake claims, the Constitutional Court prepared to decide the fate of the pension reform, Law 2381 of 2024, approved by Congress on 16 July 2024.
The law has been suspended since June 2025, when the Court issued Auto 841 of 2025 over procedural flaws in its approval. The Chamber of Representatives re-approved the text on 27 and 28 June 2025 in an effort to cure those defects.
According to El Colombiano, the Sala Plena, the Court’s full bench, had the case on its agenda for Tuesday 25 August 2026.
The stakes are wide: around 25 million Colombians are affected by the reform, which includes a threshold of 2.3 minimum wages for affiliation with the state fund Colpensiones.
The reform’s fate is one of the most consequential pending decisions before the Court, with millions of workers and pensioners awaiting the Sala Plena’s move.
Three Possible Rulings, Decision Still Pending
The Court has three options before it: declare the reform constitutional, strike it down, or — according to El Tiempo’s reporting on the ponencia, the draft ruling by Court president Paola Andrea Meneses — return it to the Chamber a second time over unresolved procedural defects.
The case has a history of deadlock. In 2025 the Sala Plena split 4-4, forcing the appointment of conjuez Carlos Pablo Márquez as a tiebreaker.
The Court’s decision was still pending at the time of publication, leaving the future of one of the government’s flagship reforms unresolved.
For millions of workers and pensioners, the ruling will determine whether the system created by Law 2381 of 2024 survives, falls, or returns to Congress once more.
Until the ruling is announced, Law 2381 of 2024 remains suspended, and the pension system continues to operate under the prior framework.
Frequently Asked Questions
How much will the Colombia earthquake insurance claims cost?
Fasecolda estimates the settlement cost at COP 1.2 trillion, about US$394 million, based on 36,415 claims received with a cutoff of 21 August 2026. The fire and earthquake line alone accounts for COP 1.09 trillion, about US$358 million.
How many Colombian homes have earthquake insurance?
Only one in ten Colombian homes has fire and earthquake coverage, according to Fasecolda. That means most families affected by the 10 August 2026 quake have no insurance to cover their losses. The Colombia earthquake insurance bill has surged even as payouts remain a small fraction of the total.
What is the status of Colombia’s pension reform?
Law 2381 of 2024 has been suspended since June 2025 under Auto 841 of 2025 over procedural flaws. The Constitutional Court’s Sala Plena had the case on its agenda for 25 August 2026, but the decision was pending at publication time.
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