Look Towards A New Future

Jun 25, 2012

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2016

The Colombian non-life insurance segment demonstrated strong growth during the review period. This was largely generated from the impressive growth of the motor insurance category, which benefited from the country’s rising automobile sales and compulsory third-party liability motor insurance. The Colombian government is planning to triple its current investment on infrastructure by 2014. This investment will be spent on developing roads, buildings, energy and transportation, and will provide opportunities for commercial property and motor insurance providers to capitalize on over the forecast period.

This report provides a comprehensive analysis of the non-life insurance market in Colombia:
  • It provides historical values for the Colombian non-life insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
  • It offers a detailed analysis of the key sub-segments in the Colombian non-life insurance market, along with market forecasts until 2016
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
  • It analyses the various distribution channels for non-life insurance products in Colombia
  • Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Colombia for the non-life insurance business
  • It provides a detailed analysis of the reinsurance market in Colombia and its growth prospects
  • It profiles the top non-life insurance companies in Colombia and outlines the key regulations affecting them 
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Report Details
Published: June 2012
No. of Pages: 260
Price: Single user License: US$ 1950    Corporate User License: US$ 5850

Key highlights
  • Infrastructure development is essential for Colombia’s economic growth. This has been identified by the country’s government and, as a result, the government increased its focus on infrastructure development during the review period.
  • The rising level of non-life insurance fraud and crimes, especially in the motor insurance category, has constrained the growth of the insurance segment. The problem of insurance fraud is considered to be much greater in Colombia than in other South American countries.
  • The main reason for the large size of the motor insurance category is the country’s robust automobile industry performance and compulsory nature of motor third-party liability insurance. The demand for automobiles increased as Colombians registered rising disposable income levels, some of which was spent on automobiles.
  • Despite these opportunities for growth, there are a few challenges that could adversely affect Colombian non-life insurance development.
  • The Colombian insurance industry is one of the largest in Latin America and it contains both domestic and foreign insurers. In 2011, 25 companies were licensed to conduct non-life insurance business operations in Colombia.
Reasons to buy
  • Make strategic business decisions using in depth historic and forecast market data related to the Colombian non-life insurance market and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Colombian non-life insurance market
  • Assess the competitive dynamics in the non-life insurance market, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Colombian insurance market and its impact on companies and the market's future