Top Insurer to Leave Colombia’s Public System Amid Petro Squeeze
Live Mint-- One of Colombia’s biggest health insurers will gradually cease operations in the country’s public system to avoid further deterioration in its finances. Grupo de Inversiones Suramericana SA’s public insurance unit, which is known as EPS Sura and serves more than 5 million people, announced its decision in a statement Tuesday, noting it still requires approval from Colombia’s health watchdog. President Gustavo Petro’s government moved last month to take over another big player, EPS Sanitas, after the unit of health group Keralty SAS failed to meet financial reserve requirements. The decision to leave the public system doesn’t risk Suramericana’s solvency or liquidity given EPS Sura doesn’t generate dividends or cash flow for the company, it said. Ana Maria Vesga, who leads the industry group that represents private health insurer, said damage to the nation’s health system is “irreversible.” “We are witnessing the destruction of the country’s greatest social advance in its entire history,” Vesga said in a post on her X account.
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