Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2019

Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2019

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Published on Oct 31, 2015 - 120 pages

Timetric's 'Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Colombian personal accident and health insurance segment, including:
  • The Colombian personal accident and health insurance segment's growth prospects by insurance category
  • Key trends, drivers and challenges for the personal accident and health insurance segment
  • A comprehensive overview of the Colombian economy and demographics
  • Details of the competitive landscape in the personal accident and health insurance segment in Colombia
  • Details of regulatory policy applicable to the Colombian insurance industry
Report Highlights
  • The Colombian personal accident and health segment's gross written premium increased at a review-period CAGR of 14.7%.
  • During the review period, factors such as regulatory changes, a rise in the number of fatal road traffic accidents and sustainable economic development had a favorable impact on the growth of the personal accident and health segment.
  • A rise in the number of outbound travelers and increasing medical expenses also contributed to the segment's growth.
  • Health insurance was one of the segment's fastest-growing categories, with a review-period CAGR of 25.2%.
  • On February 16, 2015, the Statutory Health Law; Law 1751 was passed, under which the "right to healthcare" became a fundamental right of all Colombian citizens.
  • This is expected to generate demand for healthcare insurance over the forecast period.
Report 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 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 personal accident and health insurance segment, along with market forecasts until 2019.
  • It profiles the top personal accident and health 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 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.


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 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Health insurance
5.4.3 Non-life health insurance
5.4.4 Life health insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Colombian Personal Accident and Health Insurance Segment
7.2.1 Suramericana de Seguros de Vida SA - company overview
7.2.2 Allianz Seguros de Vida SA - company overview
7.2.3 Ace Seguros SA (Colombia) - company overview
7.2.4 Compania de Seguros Bolivar SA - company overview
7.2.5 Cardif Colombia Seguros Generales SA - company overview
7.2.6 MetLife Colombia Seguros de Vida SA - company overview
7.2.7 Liberty Seguros SA - company overview
7.2.8 Mapfre Colombia Vida Seguros SA - company overview
7.2.9 Axa Colpatria Seguros De Vida SA - company overview
7.2.10 Seguros de Vida Alfa SA - 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 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables

Table 1: Colombian Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Colombian Government Credit Ratings
Table 4: Colombian Personal Accident and Health Insurance - Gross Written Premium by Category (COP Billion), 2010-2014
Table 5: Colombian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Colombian Personal Accident and Health Insurance - Gross Written Premium by Category (COP Billion), 2014-2019
Table 7: Colombian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019


Companies Mentioned:

Suramericana de Seguros de Vida SA
Allianz Seguros de Vida SA
Ace Seguros SA (Colombia)
Compania de Seguros Bolivar SA
Cardif Colombia Seguros Generales SA
MetLife Colombia Seguros de Vida SA
Liberty Seguros SA
Mapfre Colombia Vida Seguros SA
Axa Colpatria Seguros De Vida SA
Seguros de Vida Alfa SA