Life Insurance in Colombia, Key Trends and Opportunities to 2019

Life Insurance in Colombia, Key Trends and Opportunities to 2019

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Published on Oct 31, 2015 - 116 pages

Timetric's 'Life Insurance in Colombia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Colombian life insurance segment, including:
  • The Colombian life insurance segment's growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Colombian economy and demographics
  • The various distribution channels in the Colombian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Colombia
  • Details of regulatory policy applicable to the Colombian insurance industry
Report Highlights
  • The Colombian life insurance segment recorded a CAGR of 13.0% in terms of gross written premium during the review period in 2014.
  • The segment's performance was attributed to regulatory changes and the industry's premium growth, the strong performance of the pension insurance category and the developing group life insurance business.
  • Penetration rates in the Colombian life insurance segment grew during the review period, primarily due to rising consumer awareness with regards to life insurance products. However, this figure is comparatively low when compared with other Latin American countries.
  • Unlike other Latin American countries, the Colombian life insurance segment was primarily dominated by group life insurance products.
  • The segment's financial outlook is expected to remain stable due to the conservative investment approach adopted by life insurers.
Report 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 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the Colombian life insurance segment, along with market forecasts until 2019.
  • It analyses 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.
Reasons to Get this Report
  • 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.


Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual whole life insurance
5.5.2 Individual general annuity insurance
5.5.3 Individual pension insurance
5.5.4 Other individual life insurance
5.6 Group Life Insurance
5.6.1 Group whole life insurance
5.6.2 Group superannuation insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Colombian Life Insurance Segment
7.2.1 Suramericana de Seguros de Vida SA - company overview
7.2.2 Seguros de Vida Alfa SA - company overview
7.2.3 Mapfre Colombia Vida Seguros SA - company overview
7.2.4 Seguros de Riesgos Profesionales Suramericana - company overview
7.2.5 Positiva Compania de Seguros SA - company overview
7.2.6 Compania de Seguros Bolivar SA - company overview
7.2.7 Axa Colpatria Seguros De Vida SA - company overview
7.2.8 Riesgos Profesionales Colmena SA - company overview
7.2.9 BBVA Seguros de Vida Colombia, SA - company overview
7.2.10 La Equidad Seguros de Vida - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurances
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
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 Financial Superintendence of Colombia (SFC)
8.5.4 Federacion 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 Types 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 margins
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 taxation
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 (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Colombian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Colombian Government Credit Ratings
Table 4: Colombian Life Insurance - Gross Written Premium by Category (COP Billion), 2010-2014
Table 5: Colombian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Colombian Life Insurance - Gross Written Premium by Category (COP Billion), 2014-2019
Table 7: Colombian Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 8: Colombian Life Insurance - Net Earned Premium (COP Trillion), 2010-2014


Companies Mentioned:

Suramericana de Seguros de Vida SA
Seguros de Vida Alfa SA
Mapfre Colombia Vida Seguros SA
Seguros de Riesgos Profesionales Suramericana
Positiva Compania de Seguros SA
Compania de Seguros Bolivar SA
Axa Colpatria Seguros De Vida SA
Riesgos Profesionales Colmena SA
BBVA Seguros de Vida Colombia SA
La Equidad Seguros de Vida