Life Insurance in Colombia, Key Trends and Opportunities to 2021

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Published: July 19, 2017 Report Code: GD-IS1520MR-ST

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GlobalData’s 'Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Colombian life insurance segment, and a comparison of the Colombian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Colombian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Colombia:

• It provides historical values for the Colombian life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Colombian life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Colombian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Colombia.

• It profiles the top life insurance companies in Colombia and outlines the key regulations affecting them.

Key Highlights

• In 2017, the Superintendencia Financiera de Colombia (SFC) proposed Project 03/2017, mandating a change in the reserve requirement calculation for disability and survival insurance.

• On December 31, 2015, International Financial Reporting Standards (IFRS) were fully implemented in Colombia.

• In February 2015, the Colombian government approved the sale of microinsurance products through third-party channels.

• Colombia’s life segment is concentrated, with the five leading companies accounting for 72.8% of gross written premium in 2016.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Colombian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Colombian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Colombian insurance industry, and their impact on companies and the industry's future.

Seguros de Vida Alfa SA
Seguros de Vida Suramericana SA
Seguros de Riesgos Profesionales Suramericana
Positiva Compañía de Seguros SA
Compañía de Seguros Bolívar SA
Grupo de Inversiones Suramericana SA
Chubb Seguros Colombia SA
Suramericana SA
Grupo Mercantil Colpatria

Table of Contents

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Active policies

4.2.3 Claims

4.2.4 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Active policies

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Active policies

5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Seguros de Vida Alfa SA – company overview

7.1.2 Seguros de Vida Suramericana SA – company overview

7.1.3 Compañía de Seguros Bolívar SA – company overview

7.1.4 Seguros de Riesgos Profesionales Suramericana – company overview

7.1.5 Positiva Compañía de Seguros SA – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Workers' compensation insurance

8.4.3 Professional indemnity insurance for reinsurance brokers

8.4.4 Personal accident insurance for passengers of public vehicles

8.4.5 Liability insurance for Colombian Stock Exchange brokers

8.4.6 Liability insurance for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Association of Insurance Supervisors Latin America

8.5.3 Financial Superintendence of Colombia

8.5.4 Federación de Aseguradores Colombianos (Fasecolda)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxations

8.8.2 Withholding taxes on premium paid overseas.

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Category

9.6 Group Life Insurance

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData's Services

11.4 Disclaimer

Table

Table 1: Colombian Life Insurance – Key Facts, 2016

Table 2: Colombian Life Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Colombian Government Credit Ratings

Table 4: Colombian Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2012–2016

Table 5: Colombian Life Insurance – Penetration (%), 2012–2016

Table 6: Colombian Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2016–2021

Table 7: Colombian Life Insurance – Penetration (%), 2016–2021

Table 8: Colombian Life Insurance – Premium per Capita (COP and US$), 2012–2016

Table 9: Colombian Life Insurance – Premium per Capita (COP and US$), 2016–2021

Table 10: Colombian Life Insurance – Number of Active Policies (Million), 2012–2016

Table 11: Colombian Life Insurance – Number of Active Policies (Million), 2016–2021

Table 12: Colombian Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2012–2016

Table 13: Colombian Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2016–2021

Table 14: Colombian Life Insurance – Total Assets (COP Trillion and US$ Billion), 2012–2016

Table 15: Colombian Life Insurance – Total Assets (COP Trillion and US$ Billion), 2016–2021

Table 16: Colombian Life Insurance – Total Investment Income (COP Trillion and US$ Million), 2012–2016

Table 17: Colombian Life Insurance – Total Investment Income (COP Trillion and US$ Million), 2016–2021

Table 18: Colombian Life Insurance – Investment Portfolio (COP Trillion), 2012–2016

Table 19: Colombian Life Insurance – Investment Portfolio (COP Trillion), 2016–2021

Table 20: Colombian Life Insurance – Direct Written Premium by Sub-Segment (COP Trillion), 2012–2016

Table 21: Colombian Life Insurance – Direct Written Premium by Sub-Segment (COP Trillion), 2016–2021

Table 22: Colombian Individual Life Insurance – Direct Written Premium by Category (COP Billion), 2012–2016

Table 23: Colombian Individual Life Insurance – Direct Written Premium by Category (COP Billion), 2016–2021

Table 24: Colombian Individual Life Insurance – Number of Active Policies by Category (Thousand), 2012–2016

Table 25: Colombian Individual Life Insurance – Number of Active Policies Sold by (Thousand), 2016–2021

Table 26: Colombian Group Life Insurance – Number of Active Policies by Category (Million), 2012–2016

Table 27: Colombian Group Life Insurance – Number of Active Policies by Category (Million), 2016–2021

Table 28: Colombian Life Segment – Market Shares of Leading Insurers (%), 2016

Table 29: Seguros de Vida Alfa SA – Key Facts

Table 30: Seguros de Vida Alfa SA – Key Financials (US$ Million), 2012–2016

Table 31: Seguros de Vida Suramericana SA – Key Facts

Table 32: Seguros de Vida Suramericana SA – Key Financials (US$ Million), 2012–2016

Table 33: Compañía de Seguros Bolívar SA – Key Facts

Table 34: Compañía de Seguros Bolívar SA – Key Financials (US$ Million), 2012–2016

Table 35: Seguros de Riesgos Profesionales Suramericana – Key Facts

Table 36: Seguros de Riesgos Profesionales Suramericana – Key Financials (US$ Million), 2012–2016

Table 37: Positiva Compañía de Seguros SA – Key Facts

Table 38: Positiva Compañía de Seguros SA – Key Financials (US$ Million), 2012–2016

Table 39: Colombia – Insurance Regulatory Framework Key Features

Table40: Colombia – Life Insurance Regulatory Framework

Table41: Colombia – Property Insurance Regulatory Framework

Table42: Colombia – Motor Insurance Regulatory Framework

Table43: Colombia – Liability Insurance Regulatory Framework

Table 44: Colombia – Ratings Required For Registration Of Reinsurance Business

Table45: Colombia – Corporate Tax Rates for the Financial Year 2017

Table 46: Colombian Life Insurance – Policies and Premium, 2012–2016

Table 47: Colombian Life Insurance – Policies and Premium, 2016–2021

Table 48: Colombian Life Insurance – Claims and Expenses, 2012–2016

Table 49: Colombian Life Insurance – Claims and Expenses, 2016–2021

Table 50: Colombian Life Insurance – Assets and Investments, 2012–2016

Table 51: Colombian Life Insurance – Assets and Investments, 2016–2021

Table 52: Colombian Life Insurance – Individual Life Insurance, 2012–2016

Table 53: Colombian Life Insurance – Individual Life Insurance, 2016–2021

Table 54: Colombian Life Insurance – Individual Life Insurance by Product, 2012–2016

Table 55: Colombian Life Insurance – Individual Life Insurance by Product, 2016–2021

Table 56: Colombian Life Insurance – Group Life Insurance, 2012–2016

Table 57: Colombian Life Insurance – Group Life Insurance, 2016–2021

Table 58: Insurance Industry Definitions

Figures

Figure 1: Colombian Real GDP (US$ Billion), 2012–2021

Figure 2: Colombian Current Account Balance as Percentage of GDP (%), 2012–2016

Figure 3: Colombian Consumer Price Inflation (%), 2012–2021

Figure 4: Colombian COP-US$ Exchange Rate, 2011–2020

Figure 5: Colombian Unemployment Rate, 2012–2021

Figure 6: Colombian Population by Age Group, 1991–2025

Figure 7: Colombian Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Colombian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Colombian Life Insurance – Gross Written Premium (COP Trillion), 2012–2021

Figure 10: Colombian Life Insurance – Penetration (%), 2012–2021

Figure 11: Colombian Life Insurance – Premium per Capita (COP), 2012–2021

Figure 12: Colombian Life Insurance – Number of Active Policies (Million), 2012–2021

Figure 13: Colombian Life Insurance – Paid Claims (COP Trillion), 2012–2021

Figure 14: Colombian Life Insurance – Total Assets (COP Trillion), 2012–2021

Figure 15: Colombian Life Insurance – Total Investment Income (COP Trillion), 2012–2021

Figure 16: Colombian Life Insurance – Investment Portfolio (COP Trillion), 2012–2021

Figure 17: Colombian Life Insurance – Investment Portfolio Dynamics by Category, 2012–2021

Figure 18: Colombian Life Insurance – Direct Written Premium by Sub-Segment (COP Trillion), 2012–2021

Figure 19: Colombian Life Insurance – Direct Written Premium Share by Sub-Segment, 2012–2021

Figure 20: Colombian Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2012–2021

Figure 21: Colombian Individual Life Insurance – Direct Written Premium by Category (COP Billion), 2012–2021

Figure 22: Colombian Individual Life Insurance – Direct Written Premium Share by Category, 2012–2021

Figure 23: Colombian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 24: Colombian Individual Life Insurance – Number of Active Policies by Category (Thousand), 2012–2021

Figure 25: Colombian Individual Life Insurance – Penetration (%), 2012–2016

Figure 26: Colombian Individual Life Insurance – Penetration (%), 2016–2021

Figure 27: Colombian Group Life Insurance – Number of Active Policies by Category (Thousand), 2012–2021

Figure 28: Colombian Group Life Insurance – Penetration (%), 2012–2016

Figure 29: Colombian Group Life Insurance – Penetration (%), 2016–2021

Figure 30: Colombian Life Segment – Market Shares of Leading Insurers (%), 2016

Figure 31: Colombia – Insurance Supervision and Control at Various Levels

Figure 32: Colombia – Insurance Regulatory Frameworks for Company Registration and Operation

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