Non-Life Insurance in Colombia, Key Trends and Opportunities to 2019

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2019

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Published on Oct 31, 2015 - 100 pages

Timetric's 'Non-Life Insurance in Colombia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Colombian non-life insurance segment, including:
  • The Colombian non-life insurance segment's detailed outlook by product category
  • A comprehensive overview of the Colombian economy and demographics
  • A comparison of the Colombian insurance industry with its regional counterparts
  • Detailed analysis of natural hazards and their impact on the Colombian insurance industry
  • Details of the competitive landscape in the life insurance segment in Colombia
  • Details of regulatory policy applicable to the Colombian insurance industry
Report Highlights
  • Colombia's non-life insurance segment posted a review-period CAGR of 10.6%.
  • It was driven by the presence of compulsory insurance classes, government efforts to support infrastructural development and a demand for foreign automobiles.
  • Rising automobile sales remained the key growth driver of the motor insurance category during the review period.
  • More than 50 types of insurance classes are compulsory in Colombia.
  • The telematics market is emerging in Colombia, and a number of foreign telematics service providers have consequently tied up with domestic insurers.
  • The segment is projected to post a CAGR of 8.4% over the forecast period, due in part to an increase in the number of motor vehicles sold and the risk of natural disasters.
Report 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 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 non-life insurance segment, along with market forecasts until 2019.
  • It profiles the top non-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 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.

Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Agencies and brokers
6.1.2 Direct marketing and e-commerce
6.1.3 Bancassurance
7 Natural Hazards
7.1 Floods
7.2 Earthquakes
7.3 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Suramericana de Seguros SA
8.3.2 Seguros del Estado SA
8.3.3 Allianz Seguros SA
8.3.4 Axa Colpatria Seguros SA
8.3.5 Liberty Seguros SA
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurances
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
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 Financial Superintendence of Colombia (SFC)
9.5.4 Federacion 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 Types 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 margins
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 taxation
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 (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Colombian Non-Life Insurance - Key Facts, 2014
Table 2: Colombian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Colombian Government Credit Ratings
Table 4: Colombian Non-Life Insurance - Gross Written Premium (COP Trillion and US$ Billion), 2010-2014
Table 5: Colombian Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Colombian Non-Life Insurance - Gross Written Premium (COP Trillion and US$ Billion), 2014-2019
Table 7: Colombian Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Colombian Non-Life Insurance - Premium per Capita (COP and US$), 2010-2014
Table 9: Colombian Non-Life Insurance - Premium per Capita (COP and US$), 2014-2019

Companies Mentioned:

Suramericana de Seguros SA
Seguros del Estado SA
Allianz Seguros SA
Axa Colpatria Seguros SA
Liberty Seguros SA
Bolivar SA
QBE Seguros SA
Cardif Colombia Seg Generales SA