Colombia Life Insurance Market Size, Trends by Line of Business (Pension, General Annuity, Life PA&H and Others), Distribution Channel, Competitive Landscape and Forecast, 2022-2026
The gross written premium of the Colombia life insurance market was COP14.27 trillion ($3.8 billion) in 2021 and is expected to achieve a CAGR of more than 7% during 2021-2026. Digitalization, a customer-centric approach such as personalization, and economic growth coupled with positive regulatory developments are expected to steer steady growth in the life insurance industry in Colombia over the next five years.
The Colombia life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for the Colombia life 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. 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. The report includes details of insurance regulations and recent changes in the regulatory structure.
Colombia Life Insurance Market Overview, 2021 (COP Trillion)
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Colombia Life Insurance Market Trends
The key trends impacting the Colombia life insurance industry are awareness towards mental health, applying environmental, social, and governance (ESG) standards, and rise in usage of wearable devices.
Mental health: The Colombian government is taking measures to improve mental health awareness among individuals. Insurers in the country are also concentrating on the mental well-being of their customers. For instance, Seguros Alfa is conducting mental health improvement sessions with experts and is planning to incorporate this element into the strategic pillars of the current organization.
Environmental, social, and governance (ESG): Insurance companies in Colombia are moving towards sustainable investment and the goal of being carbon neutral by 2050. For instance, Global Seguros de Vida is moving towards sustainability by signing on the Principles of Responsible Investment (PRI).
Wearable device: The Colombian wearable device market is at an early stage, and it has low penetration. However, the sale of wearable technology is expected to grow significantly in the coming years. For this purpose, insurance companies have created new products that adjust to the level of risk of the insured person, with affordable products for low-risk and expensive products for high-risk customers. For instance, United Healthcare Motion insurance company launched a wearable program in 2016. The company allowed its policyholders to save up to COP5.6 million per year, based on their physical activity goals.
Colombia Life Insurance Market Segmentation by Lines of Business
The key lines of business in the Colombia life insurance industry are general annuity, pension, life PA&H, life non-categorized, and other life insurance. Pension insurance was the largest insurance line in 2021. Life non-categorized was the largest contributor to the overall life insurance business in 2021.
General Annuity: The general annuity GWP in the country declined in 2021. The low insurance penetration and lack of private participation were the main reasons for Colombians to have an under-penetrated annuity market.
Pension Insurance: Pension insurance in Colombia grew during the review period and is expected to grow over the forecast period. The Colombian government plans to make changes in the pension system. People earning four times the minimum wage are mandated to have a public pension and propose a few improvements to the Colombian pension system. This will further support the market growth.
Colombia Life Insurance Market Analysis, by Lines of Business, 2021 (%)
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Colombia Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in Colombia are Seguros de Vida Alfa SA, Seguros de Vida Suramericana SA, Bolivar Vida, Allianz Seguros de Vida SA, MetLife Colombia Seguros de Vida SA, Global Seguros de Vida SA, BBVA Seguros de Vida Colombia SA, Mapfre Colombia Vida Seguros SA, Cardif Colombia Seguros Generales SA, and Pan American Life de Colombia Compania De Seguros SA.
Colombia Life Insurance Market Analysis, by Companies, 2021 (%)
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Colombia Life Insurance Market Report Overview
| Market Size (2021) | COP14.27 trillion ($3.8 billion) |
| CAGR (2021-2026) | >7% |
| Forecast Period | 2021-2026 |
| Historical Period | 2017-2021 |
| Key Trends | Mental Health, Environmental, Social, And Governance (ESG), and Wearable Devices |
| Key Lines of Business | General Annuity, Pension, Life PA&H, and Life Non-Categorized |
| Leading Companies | Seguros de Vida Alfa SA, Seguros de Vida Suramericana SA, Bolivar Vida, Allianz Seguros de Vida SA, MetLife Colombia Seguros de Vida SA, Global Seguros de Vida SA, BBVA Seguros de Vida Colombia SA, Mapfre Colombia Vida Seguros SA, Cardif Colombia Seguros Generales SA, and Pan American Life de Colombia Compania De Seguros SA |
Segments Covered in the Report
Colombia Life Insurance Market Lines of Business Outlook ( Value, COP Trillion, 2017-2026)
- General Annuity
- Pension
- Life PA&H
- Life Non-Categorized
Scope
This report provides a comprehensive analysis of the life insurance segment in Colombia –
- It provides historical values for the Colombia life insurance segment for the report’s review period and projected figures for the forecast period.
- It profiles the top life insurance companies in Colombia and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Colombia life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Colombia life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The gross written premium of Colombia life insurance market was COP14.27 trillion ($3.8 billion) in 2021.
The life insurance market in Colombia is expected to achieve a CAGR of more than 7% during 2021-2026.
The key trends in the Colombia life insurance industry are mental health, environmental, social, and governance (ESG), and wearable device.
The key lines of business in the Colombia life insurance market are general annuity, pension, life PA&H, and life non-categorized.
Some of the leading insurance companies in the Colombia life insurance industry are Seguros de Vida Alfa SA, Seguros de Vida Suramericana SA, Bolivar Vida, Allianz Seguros de Vida SA, MetLife Colombia Seguros de Vida SA, Global Seguros de Vida SA, BBVA Seguros de Vida Colombia SA, Mapfre Colombia Vida Seguros SA, Cardif Colombia Seguros Generales SA, and Pan American Life de Colombia Compania De Seguros SA.
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