Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2021

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Published: July 19, 2017 Report Code: GD-IS1522MR-ST

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GlobalData’s 'Personal Accident and Health 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, 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, 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 personal accident and health insurance segment in Colombia:

• It provides historical values for the Colombian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Colombian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Colombia.

• It profiles the top personal accident and health insurance companies in Colombia, and outlines the key regulations affecting them.

Key Highlights

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

• On February 16, 2015, the Statutory Health Law was passed, under which healthcare became a fundamental right of all Colombian citizens.

• In February 2015, the Colombian government approved banks and insurers to sell microinsurance policies, including personal accident through retailers, drugstores and superstores.

• Colombia’s personal accident and health segment is concentrated, with the five leading companies accounting for 78.7% 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 personal accident and health insurance segment, and each category within it.

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

• Assess the competitive dynamics in the personal accident and health 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 Suramericana SA
Allianz Seguros de Vida SA
Bolivar Vida
Chubb de Colombia Compañía de Seguros SA
Ace Seguros SA Colombia
Cardif Colombia Seguros Generales SA
Seguros de Vida Alfa SA
Liberty Seguros SA Colombia
Mapfre Colombia Vida Seguros SA
Seguros de Vida del Estado SA

Table of Contents

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 Personal Accident Insurance

5.1.1 Premium

5.1.2 Active policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Active policies

5.2.3 Claims

5.2.4 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Seguros de Vida Suramericana SA – company overview

7.1.2 Allianz Seguros de Vida SA – company overview

7.1.3 Cardif Colombia Seguros Generales SA – company overview

7.1.4 Bolivar Vida – company overview

7.1.5 Chubb de Colombia 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 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Category

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 Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Colombian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Colombian Government Credit Ratings

Table 4: Colombian Motor Insurance – Road Accidents, 2011-2015

Table 5: Colombian Personal Accident and Health Insurance – Gross Written Premium (COP Trillion and US$ Million), 2012-2016

Table 6: Colombian Personal Accident and Health Insurance – Penetration (%), 2012-2016

Table 7: Colombian Personal Accident and Health Insurance – Gross Written Premium (COP Trillion and US$ Million), 2016-2021

Table 8: Colombian Personal Accident and Health Insurance – Penetration (%), 2016-2021

Table 9: Colombian Personal Accident and Health Insurance – Premium per Capita (COP and US$), 2012-2016

Table 10: Colombian Personal Accident and Health Insurance – Premium per Capita (COP and US$), 2016-2021

Table 11: Colombian Personal Accident and Health Insurance – Number of Active Policies (Million), 2012-2016

Table 12: Colombian Personal Accident and Health Insurance – Number of Active Policies (Million), 2016-2021

Table 13: Colombian Personal Accident and Health Insurance – Paid Claims (COP Billion and US$ Million), 2012-2016

Table 14: Colombian Personal Accident and Health Insurance – Paid Claims (COP Trillion and US$ Million), 2016-2021

Table 15: Colombian Personal Accident and Health Insurance – Profitability Ratio (%), 2012-2016

Table 16: Colombian Personal Accident and Health Insurance – Profitability Ratio (%), 2016-2021

Table 17: Colombian Personal Accident and Health Insurance – Total Assets (COP Trillion and US$ Billion), 2012-2016

Table 18: Colombian Personal Accident and Health Insurance – Total Assets (COP Trillion and US$ Billion), 2016-2021

Table 19: Colombian Personal Accident and Health Insurance – Total Investment Income (COP Billion and US$ Million), 2012-2016

Table 20: Colombian Personal Accident and Health Insurance – Total Investment Income (COP Billion and US$ Million), 2016-2021

Table 21: Colombian Personal Accident and Health Insurance – Investment Portfolio (COP Trillion), 2012-2016

Table 22: Colombian Personal Accident and Health Insurance – Investment Portfolio (COP Trillion), 2016-2021

Table 23: Colombian Personal Accident and Health Insurance – Direct Written Premium by Category (COP Trillion), 2012-2016

Table 24: Colombian Personal Accident and Health Insurance – Direct Written Premium by Category (COP Trillion), 2016-2021

Table 25: Colombian Personal Accident Insurance – Direct Written Premium (COP Billion and US$ Million), 2012-2016

Table 26: Colombian Personal Accident Insurance – Direct Written Premium (COP Trillion and US$ Million), 2016-2021

Table 27: Colombian Personal Accident Insurance – Number of Active Policies (Million), 2012-2016

Table 28: Colombian Personal Accident Insurance – Number of Active Policies (Million), 2016-2021

Table 29: Colombian Personal Accident Insurance – Paid Claims (COP Billion and US$ Million), 2012-2016

Table 30: Colombian Personal Accident Insurance – Paid Claims (COP Billion and US$ Million), 2016-2021

Table 31: Colombian Personal Accident Insurance – Loss Ratio (%), 2012-2016

Table 32: Colombian Personal Accident Insurance – Loss Ratio (%), 2016-2021

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

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

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

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

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

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

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

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

Table 41: Colombian Personal Accident and Health Segment – Market Shares of Leading Insurers (%), 2016

Table 42: Seguros de Vida Suramericana SA – Key Facts

Table 43: Allianz Seguros de Vida SA – Key Facts

Table 44: Cardif Colombia Seguros Generales SA – Key Facts

Table 45: Bolivar Vida – Key Facts

Table 46: Chubb de Colombia Compañía de Seguros SA – Key Facts

Table 47: Colombia – Insurance Regulatory Framework Key Features

Table48: Colombia – Life Insurance Regulatory Framework

Table49: Colombia – Property Insurance Regulatory Framework

Table50: Colombia – Motor Insurance Regulatory Framework

Table51: Colombia – Liability Insurance Regulatory Framework

Table 52: Colombia – Ratings Required For Registration Of Reinsurance Business

Table53: Colombia – Corporate Tax Rates for the Financial Year 2017

Table 54: Colombian Personal Accident and Health Insurance Industry – Policies and Premium, 2012-2016

Table 55: Colombian Personal Accident and Health Insurance Industry – Policies and Premium, 2016-2021

Table 56: Colombian Personal Accident and Health Insurance – Claims and Expenses, 2012-2016

Table 57: Colombian Personal Accident and Health Insurance – Claims and Expenses, 2016-2021

Table 58: Colombian Personal Accident and Health Insurance – Assets and Investments, 2012-2016

Table 59: Colombian Personal Accident and Health Insurance – Assets and Investments, 2016-2021

Table 60: Colombian Personal Accident and Health Insurance – Personal Accident Insurance, 2012-2016

Table 61: Colombian Personal Accident and Health Insurance – Personal Accident Insurance, 2016-2021

Table 62: Colombian Personal Accident and Health Insurance – Health Insurance, 2012-2016

Table 63: Colombian Personal Accident and Health Insurance – Health Insurance, 2016-2021

Table 64: Colombian Personal Accident and Health Insurance – Health Insurance by Product, 2012-2016

Table 65: Colombian Personal Accident and Health Insurance – Health Insurance by Product, 2016-2021

Table 66: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 9: Colombian Personal Accident and Health Insurance – Gross Written Premium (COP Trillion), 2012-2021

Figure 10: Colombian Personal Accident and Health Insurance – Penetration (%), 2012-2021

Figure 11: Colombian Personal Accident and Health Insurance – Premium per Capita (COP), 2012-2021

Figure 12: Colombian Personal Accident and Health Insurance – Number of Active Policies (Million), 2012-2021

Figure 13: Colombian Personal Accident and Health Insurance – Paid Claims (COP Billion), 2012-2021

Figure 14: Colombian Personal Accident and Health Insurance – Profitability Ratio (%), 2012-2021

Figure 15: Colombian Personal Accident and Health Insurance – Total Assets (COP Trillion), 2012-2021

Figure 16: Colombian Personal Accident and Health Insurance – Total Investment Income (COP Billion), 2012-2021

Figure 17: Colombian Personal Accident and Health Insurance – Investment Portfolio (COP Trillion), 2012-2021

Figure 18: Colombian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Types of Investment, 2012-2021

Figure 19: Colombian Personal Accident and Health Insurance – Direct Written Premium by Category (COP Trillion), 2012-2021

Figure 20: Colombian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2012-2021

Figure 21: Colombian Personal Accident Insurance – Direct Written Premium (COP Billion), 2012-2021

Figure 22: Colombian Personal Accident Insurance – Number of Active Policies (Million), 2012-2021

Figure 23: Colombian Personal Accident Insurance – Paid Claims (COP Billion), 2012-2021

Figure 24: Colombian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2012-2021

Figure 25: Colombian Health Insurance – Direct Written Premium by Sub-Category (COP Billion), 2012-2021

Figure 26: Colombian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2012-2021

Figure 27: Colombian Health Insurance – Number of Active Policies by Sub-Category (Million), 2012-2021

Figure 28: Colombian Health Insurance – Paid Claims (COP Billion), 2012-2021

Figure 29: Colombian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2012-2021

Figure 30: Colombian Personal Accident and Health 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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