Colombia Insurance Report Q2 2016
BMI View: The insurance sector in Colombia will continue to develop at a steady pace for the duration ofour medium-term forecast, as positive economic growth and rising levels of household and corporatespending provide a platform for growth in premiums. Local firms currently dominate underwriting activityin the country; however, we expect multinationals to play an increasingly important role as firms look totake advantage of what is a relatively untapped market. Product development and new distributionstrategies will be key to allowing insurers to attract sales among poorer communities.Colombia's life insurance market is an attractive option for multinational insurers given the country'sgrowing middle class, favourable demographics and rising income levels, not to mention low base effectsand low penetration, which provide ample scope for growth. Favourable legislation and growing demandfor retirement income products should lead to further opportunities over the next few years and should leadto further investment and new entrants from overseas.
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