Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021

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Published: July 19, 2017 Report Code: GD-IS1521MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Colombian insurance industry, 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 non-life insurance segment in Colombia:

• It provides historical values for the Colombian non-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 non-life insurance segment, and market forecasts to 2021.

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

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

• It analyzes various natural hazards and their impact on the Colombian insurance industry

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

Key Highlights

• On February 21, 2017, the SFC approved the catastrophe modeling services for earthquake risks developed by a catastrophe risk management firm, Risk Management Solutions, for use by domestic and foreign insurance and reinsurance companies engaged in underwriting earthquake risks.

• On November 30, 2016, the Colombian government introduced a catastrophe agricultural insurance model.

• On July 13, 2016, the Colombian President approved the Safe Housing Bill. Article Eight of the act mandates the builders of new housing to purchase insurance that protects the property for damages caused to the owners and affected third parties if the building collapses, as a result of deficiencies in the construction process.

• For foreign entities which are not permanently established, the tax rate was increased from 33% to 39% from 2015.

Reasons to Buy

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

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

• Assess the competitive dynamics in the non-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 Generales Suramericana SA
Seguros del Estado SA
Allianz Seguros SA - Colombia
Mapfre Seguros Generales de Colombia SA
Liberty Seguros SA - Colombia
Seguros Comerciales Bolívar S.A
Axa Colpatria Seguros SA
Cardif Colombia Seguros Generales SA
Compañía Mundial de Seguros SA
Ace Seguros
AIG Seguros

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHY

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 Profitability

4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Active policies

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Active policies

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Active policies

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Active policies

5.4.4 Claims

5.4.5 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Brokers

6.2 Agencies

6.3 Bancassurance

6.4 E-commerce

6.5 Direct Marketing

7 NATURAL AND MAN-MADE HAZARDS

7.1 Flooding

7.2 Droughts

7.3 Earthquakes

7.4 Wildfires

7.5 Volcanic Activity

7.6 Epidemics

7.7 Exposure

8 COMPETITIVE LANDSCAPE

8.1 Company Profiles

8.1.1 Seguros Generales Suramericana SA – company overview

8.1.2 Seguros del Estado SA – company overview

8.1.3 Mapfre Seguros Generales de Colombia SA – company overview

8.1.4 Liberty Seguros SA – Colombia – company overview

8.1.5 Cardif Colombia Seguros Generales SA – company overview

9 GOVERNANCE, RISK AND COMPLIANCE

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workers' compensation insurance

9.4.3 Professional indemnity insurance for reinsurance brokers

9.4.4 Personal accident insurance for passengers of public vehicles

9.4.5 Liability insurance for Colombian Stock Exchange brokers

9.4.6 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Financial Superintendence of Colombia

9.5.4 Federación de Aseguradores Colombianos (Fasecolda)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxations

9.8.2 Withholding taxes on premium paid overseas.

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 DATABOOK

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY

11.1 Definitions

11.2 Methodology

12 ABOUT TIMETRIC

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData's Services

12.4 Disclaimer

Table

Table 1: Colombian Non-Life Insurance – Key Facts, 2016

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

Table 3: Colombian Government Credit Ratings

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

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

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

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

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

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

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

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

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

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

Table 14: Colombian Non-Life Insurance – Profitability Ratio (%), 2012-2016

Table 15: Colombian Non-Life Insurance – Profitability Ratio (%), 2016-2021

Table 16: Colombian Non-Life Insurance – Total Assets (COP Trillion and US$ Billion), 2012-2016

Table 17: Colombian Non-Life Insurance – Total Assets (COP Trillion and US$ Billion), 2016-2021

Table 18: Colombian Non-Life Insurance – Total Investment Income (COP Trillion and US$ Billion), 2012-2016

Table 19: Colombian Non-Life Insurance – Total Investment Income (COP Trillion and US$ Billion), 2016-2021

Table 20: Colombian Non-Life Insurance – Investment Portfolio (COP Trillion), 2012-2016

Table 21: Colombian Non-Life Insurance – Investment Portfolio (COP Trillion), 2016-2021

Table 22: Colombian Non-Life Insurance – Direct Written Premium by Category (COP Trillion), 2012-2016

Table 23: Colombian Non-Life Insurance – Direct Written Premium by Category (COP Trillion), 2016-2021

Table 24: Colombian Property Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012-2016

Table 25: Colombian Property Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2016-2021

Table 26: Colombian Property Insurance – Number of Active Policies by Sub-Category (Thousand), 2012-2016

Table 27: Colombian Property Insurance – Number of Active Policies by Sub-Category (Thousand), 2016-2021

Table 28: Colombian Property Insurance – Paid Claims (COP Billion and US$ Million), 2012-2016

Table 29: Colombian Property Insurance – Paid Claims (COP Billion and US$ Million), 2016-2021

Table 30: Colombian Property Insurance – Loss Ratio (%), 2012-2016

Table 31: Colombian Property Insurance – Loss Ratio (%), 2016-2021

Table 32: Colombian Motor Insurance – Road Accidents, 2011-2015

Table 33: Colombian Motor Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012-2016

Table 34: Colombian Motor Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2016-2021

Table 35: Colombian Motor Insurance – Number of Active Policies by Sub-Category (Million), 2012-2016

Table 36: Colombian Motor Insurance – Number of Active Policies by Sub-Category (Million), 2016-2021

Table 37: Colombian Motor Insurance – Paid Claims (COP Trillion and US$ Billion), 2012-2016

Table 38: Colombian Motor Insurance – Paid Claims (COP Trillion and US$ Billion), 2016-2021

Table 39: Colombian Motor Insurance – Loss Ratio (%), 2012-2016

Table 40: Colombian Motor Insurance – Loss Ratio (%), 2016-2021

Table 41: Colombian Liability Insurance – Direct Written Premium (COP Trillion and US$ Billion), 2012-2016

Table 42: Colombian Liability Insurance – Direct Written Premium (COP Trillion and US$ Billion), 2016-2021

Table 43: Colombian Liability Insurance – Number of Active Policies (Thousand), 2012-2016

Table 44: Colombian Liability Insurance – Number of Active Policies (Thousand), 2016-2021

Table 45: Colombian Liability Insurance – Paid Claims (COP Trillion and US$ Million), 2012-2016

Table 46: Colombian Liability Insurance – Paid Claims (COP Trillion and US$ Million), 2016-2021

Table 47: Colombian Liability Insurance – Loss Ratio (%), 2012-2016

Table 48: Colombian Liability Insurance – Loss Ratio (%), 2016-2021

Table 49: Colombian Transport Network – Global Rankings

Table 50: Colombian Marine, Aviation and Transit Insurance – Passenger and Carrier Traffic, 2012-2016

Table 51: Colombian Marine, Aviation and Transit Insurance – Direct Written Premium (COP Billion and US$ Million), 2012-2016

Table 52: Colombian Marine, Aviation and Transit Insurance – Direct Written Premium (COP Billion and US$ Million), 2016-2021

Table 53: Colombian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2012-2016

Table 54: Colombian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2016-2021

Table 55: Colombian Marine, Aviation and Transit Insurance – Paid Claims (COP Billion and US$ Million), 2012-2016

Table 56: Colombian Marine, Aviation and Transit Insurance – Paid Claims (COP Billion and US$ Million), 2016-2021

Table 57: Colombian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012-2016

Table 58: Colombian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016-2021

Table 59: Colombian Non-Life Segment – Market Shares of Leading Insurers (%), 2016

Table 60: Insurance Company – Key Facts

Table 61: Insurance Company – Key Financials (US$ Million), 2012-2016

Table 62: Seguros del Estado SA – Key Facts

Table 63: Insurance Company – Key Financials (US$ Million), 2012-2016

Table 64: Mapfre Seguros Generales de Colombia SA – Key Facts

Table 65: Mapfre Seguros Generales de Colombia SA – Key Financials (US$ Million), 2012-2016

Table 66: Liberty Seguros SA – Colombia – Key Facts

Table 67: Liberty Seguros SA – Colombia – Key Financials (US$ Million), 2012-2016

Table 68: Cardif Colombia Seguros Generales SA – Key Facts

Table 69: Cardif Colombia Seguros Generales SA – Key Financials (US$ Million), 2012-2016

Table 70: Colombia – Insurance Regulatory Framework Key Features

Table71: Colombia – Life Insurance Regulatory Framework

Table72: Colombia – Property Insurance Regulatory Framework

Table73: Colombia – Motor Insurance Regulatory Framework

Table74: Colombia – Liability Insurance Regulatory Framework

Table 75: Colombia – Ratings Required For Registration Of Reinsurance Business

Table76: Colombia – Corporate Tax Rates for the Financial Year 2017

Table 77: Colombian Insurance Industry – Policies and Premium, 2012-2016

Table 78: Colombian Insurance Industry – Policies and Premium, 2016-2021

Table 79: Colombian Non-Life Insurance – Claims and Expenses, 2012-2016

Table 80: Colombian Non-Life Insurance – Claims and Expenses, 2016-2021

Table 81: Colombian Non-Life Insurance – Assets and Investments, 2012-2016

Table 82: Colombian Non-Life Insurance – Assets and Investments, 2016-2021

Table 83: Colombian Non-Life Insurance – Property Insurance, 2012-2016

Table 84: Colombian Non-Life Insurance – Property Insurance, 2016-2021

Table 85: Colombian Non-Life Insurance – Property Insurance by Product, 2012-2016

Table 86: Colombian Non-Life Insurance – Property Insurance by Product, 2016-2021

Table 87: Colombian Non-Life Insurance – Motor Insurance, 2012-2016

Table 88: Colombian Non-Life Insurance – Motor Insurance, 2016-2021

Table 89: Colombian Non-Life Insurance – Motor Insurance by Product, 2012-2016

Table 90: Colombian Non-Life Insurance – Motor Insurance by Product, 2016-2021

Table 91: Colombian Non-Life Insurance – Liability Insurance, 2012-2016

Table 92: Colombian Non-Life Insurance – Liability Insurance, 2016-2021

Table 93: Colombian Non-Life Insurance – Marine, Aviation and Transit Insurance,

Table 94: Colombian Non-Life Insurance – Marine, Aviation and Transit Insurance,

Table 95: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015

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

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

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

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

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

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

Figure 14: Colombian Non-Life Insurance – Profitability Ratio (%), 2012-2021

Figure 15: Colombian Non-Life Insurance – Total Assets (COP Trillion), 2012-2021

Figure 16: Colombian Non-Life Insurance – Total Investment Income (COP Trillion), 2012-2021

Figure 17: Colombian Non-Life Insurance – Investment Portfolio (COP Trillion), 2012-2021

Figure 18: Colombian Non-Life Insurance – Investment Portfolio Dynamics by Types of Investment, 2012-2021

Figure 19: Colombian Non-Life Insurance – Direct Written Premium by Category (COP Trillion), 2012-2021

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

Figure 21: Colombian Property Insurance – Construction Value Output by Category (COP Billion), 2012-2016

Figure 22: Colombian Property Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012-2021

Figure 23: Colombian Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2012-2021

Figure 24: Colombian Property Insurance – Number of Active Policies by Sub-Category (Thousand), 2012-2021

Figure 25: Colombian Property Insurance – Paid Claims (COP Billion), 2012-2021

Figure 26: Colombian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2012-2021

Figure 27: Colombian Motor Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012-2021

Figure 28: Colombian Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2012-2021

Figure 29: Colombian Motor Insurance – Number of Active Policies by Sub-Category (Million), 2012-2021

Figure 30: Colombian Motor Insurance – Paid Claims (COP Trillion), 2012-2021

Figure 31: Colombian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Trillion and %), 2012-2021

Figure 32: Colombian Liability Insurance – Direct Written Premium (COP Billion), 2012-2021

Figure 33: Colombian Liability Insurance – Number of Active Policies (Thousand), 2012-2021

Figure 34: Colombian Liability Insurance – Paid Claims (COP Trillion), 2012-2021

Figure 35: Colombian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2012-2021

Figure 36: Colombian Marine, Aviation and Transit Insurance – Imports and Exports (COP Trillion), 2012-2016

Figure 37: Colombian Marine, Aviation and Transit Insurance – Direct Written Premium (COP Billion), 2012-2021

Figure 38: Colombian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2012-2021

Figure 39: Colombian Marine, Aviation and Transit Insurance – Paid Claims (COP Billion), 2012-2021

Figure 40: Colombian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2012-2021

Figure 41: Colombia – Frequency of Hazards by Type, 1990-2015

Figure 42: Colombian Mortality by Hazards Type, 1990-2015

Figure 43: Colombian Economic Loss by Hazards Type, 1990-2015

Figure 44: Colombian Non-Life Segment – Market Shares of Leading Insurers (%), 2016

Figure 45: Colombia – Insurance Supervision and Control at Various Levels

Figure 46: Colombia – Insurance Regulatory Frameworks for Company Registration and Operation

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