Colombia General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Colombia General Insurance Market Report Overview
The gross written premium of the Colombia general insurance market was COP26.2 trillion ($6.6 billion) in 2022. The market is expected to achieve a CAGR of more than 8% during 2023-2027. The Colombia general insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Colombian general insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
Colombia General Insurance Market Outlook, 2022-2027 (COP Trillion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of Colombia’s economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | COP26.2 trillion ($6.6 billion) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · General Insurance PA&H · Miscellaneous |
Key Distribution Channels | · Direct from Insurer
· Insurance Broker · Bank · Financial Advisor · Online Aggregator |
Leading Companies | · Seguros Generales Suramericana
· Seguros de Vida Suramericana · Seguros del Estado · La Previsora · Compania De Seguros Bolivar |
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Colombia General Insurance Market Trends
Parametric insurance, Electric Vehicles (EV), Environment, Social, and Governance (ESG), and inflation are some of the market trends impacting the Colombian GI industry.
The Colombian government is in the final stages to approve a framework and commercial authorization of parametric insurance which forms a part of the National Development Plan approved by Colombia’s Senate and House of Representatives in May 2023. The authorization will provide significance to parametric insurance over 2023-2027 with more public-private partnerships serving as guidance for the regulatory framework.
Additionally, the Colombian government announced incentives and discounts on electric vehicle (EV) ownership and usage to achieve sustainability targets to develop sustainable transport. For this purpose, Bogota, the capital city of Colombia, targets electric bus purchases of 10% by 2025 and 100% by 2035. As per a study by the Asociacion Nacional de Movilidad Sostenible (ANDEMOS).
Colombia General Insurance Market Segmentation by Line of Business
The key lines of business in the Colombia general insurance market are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Motor insurance had the highest market share in the Colombian general insurance market in 2022 and is expected to record a CAGR of more than 6% during the forecast period. Motor insurance is driven by the compulsory class of third-party liability in traffic accidents—SOAT. The aim of the policy is to aid the victims of traffic accidents with immediate medical attention in addition to compensation for death or disability. The SOAT applies to all vehicles in transit in the country.
Colombia General Insurance Market Analysis by Lines of Business, 2022 (%)
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Colombia General Insurance Market Segmentation by Distribution Channels
The key distribution channels in the Colombian general insurance market are direct from insurer, insurance broker, bank, financial advisor, and online aggregator, among others. Purchasing insurance directly from insurers was the most preferred channel for customers. The second most preferred channel was the insurance brokers. Purchasing insurance products face-to-face was the most preferred method for buying all types of insurance products.
Colombia General Insurance Market Analysis by Distribution Channels, 2022 (%)
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Colombia General Insurance Market - Competitive Landscape
Some of the leading insurers in Colombia are Seguros Generales Suramericana, Seguros de Vida Suramericana, Seguros del Estado, La Previsora Compania De Seguros, and Compania De Seguros Bolivar, among others. Seguros Generales Suramericana was the largest insurer and La Previsora Compania De Seguros was the fastest-growing insurer. The competitive landscape of Colombia benefitted from the rise in digitalization and the development of insurtech.
Colombia General Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Colombia General Insurance Market Lines of Business Outlook (Value, COP Trillion, 2018-2027)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
- Miscellaneous
Colombia General Insurance Distribution Channel Outlook (Value, COP Trillion, 2018-2027)
- Direct from Insurer
- Insurance Broker
- Bank
- Financial Advisor
- Online Aggregator
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Colombia.
- Historical values for the Colombian general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of the top general insurance companies in Colombia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Colombia’s general insurance segment.
- A comprehensive overview of Colombia’s economy, government initiatives, and investment opportunities.
- Colombia’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Colombia’s general insurance industry’s market structure gives details of lines of business.
- Colombia’s general reinsurance business market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Colombia’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Colombian general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Colombian general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Compania Mundial De Seguros
Seguros del Estado
AXA Colpatria
Seguros de Vida Suramericana
Mapfre
La Previsora
Compania De Seguros Bolivar
Table of Contents
Frequently asked questions
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What was the Colombia general insurance market gross written premium in 2022?
The gross written premium of the Colombian general insurance market was COP26.2 trillion ($6.6 billion) in 2022.
-
What is the Colombia general insurance market growth rate?
The general insurance market in Colombia is expected to achieve a CAGR of more than 8% during 2023-2027.
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Which line of business holds the largest share of the Colombia general insurance market?
Motor was the leading general insurance line of business in the Colombian general insurance market in 2022.
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Which distribution channel holds the highest share in the Colombia general insurance market?
Purchasing insurance directly from insurers was the leading distribution channel in the Colombian general insurance market in 2022.
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Which are the key companies operating in the Colombia general insurance market?
Some of the leading insurers in Colombia are Seguros Generales Suramericana, Seguros de Vida Suramericana, Seguros del Estado, La Previsora Compania De Seguros, and Compania De Seguros Bolivar, among others.
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