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Life Insurance in Colombia, Key Trends and Opportunities to 2021

Life Insurance in Colombia, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Life 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, 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 Timetric’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.

Summary

Timetric’s 'Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Colombian life insurance segment, including:

  • An overview of the Colombian life insurance segment
  • The Colombian life insurance segment’s growth prospects by category
  • A comprehensive overview of the Colombian economy and demographics
  • A comparison of the Colombian life insurance segment with its regional counterparts
  • 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
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 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 life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Colombian life insurance segment with its regional counterparts
  • It analyzes 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 Buy
  • 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.
Key Highlights
  • In 2017, the Superintendencia Financiera de Colombia (SFC) proposed Project 03/2017, mandating a change in the reserve requirement calculation for disability and survival insurance.
  • On December 31, 2015, International Financial Reporting Standards (IFRS) were fully implemented in Colombia.
  • In February 2015, the Colombian government approved the sale of microinsurance products through third-party channels.
  • Colombia’s life segment is concentrated, with the five leading companies accounting for 72.8% of gross written premium in 2016.


  • Key Facts and Highlights
    • Table Colombian Life Insurance – Key Facts, 2016
    • Table Colombian Life Insurance – Segment Shares of the Top Insurers, 2016
  • Executive Summary
  • Economy and Demographics
    • Table Colombian Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Colombian Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Life Insurance – Penetration (%), 2012–2016
        • Table Colombian Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2016–2021
        • Table Colombian Life Insurance – Penetration (%), 2016–2021
        • Table Colombian Life Insurance – Premium per Capita (COP and US$), 2012–2016
        • Table Colombian Life Insurance – Premium per Capita (COP and US$), 2016–2021
      • Active policies
        • Table Colombian Life Insurance – Number of Active Policies (Million), 2012–2016
        • Table Colombian Life Insurance – Number of Active Policies (Million), 2016–2021
      • Claims
        • Table Colombian Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2016–2021
      • Assets and investments
        • Table Colombian Life Insurance – Total Assets (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Life Insurance – Total Assets (COP Trillion and US$ Billion), 2016–2021
        • Table Colombian Life Insurance – Total Investment Income (COP Trillion and US$ Million), 2012–2016
        • Table Colombian Life Insurance – Total Investment Income (COP Trillion and US$ Million), 2016–2021
        • Table Colombian Life Insurance – Investment Portfolio (COP Trillion), 2012–2016
        • Table Colombian Life Insurance – Investment Portfolio (COP Trillion), 2016–2021
  • Outlook by Sub-Segment
    • Table Colombian Life Insurance – Direct Written Premium by Sub-Segment (COP Trillion), 2012–2016
    • Table Colombian Life Insurance – Direct Written Premium by Sub-Segment (COP Trillion), 2016–2021
    • Individual Life Insurance
      • Premium
        • Table Colombian Individual Life Insurance – Direct Written Premium by Category (COP Billion), 2012–2016
        • Table Colombian Individual Life Insurance – Direct Written Premium by Category (COP Billion), 2016–2021
      • Active policies
        • Table Colombian Individual Life Insurance – Number of Active Policies by Category (Thousand), 2012–2016
        • Table Colombian Individual Life Insurance – Number of Active Policies Sold by (Thousand), 2016–2021
      • Penetration
    • Group Life Insurance
      • Active policies
        • Table Colombian Group Life Insurance – Number of Active Policies by Category (Million), 2012–2016
        • Table Colombian Group Life Insurance – Number of Active Policies by Category (Million), 2016–2021
      • Penetration
  • Distribution Channel Outlook
  • Competitive Landscape
    • Table Colombian Life Segment – Market Shares of Leading Insurers (%), 2016
    • Company Profiles
      • Seguros de Vida Alfa SA – company overview
        • Table Seguros de Vida Alfa SA – Key Facts
        • Table Seguros de Vida Alfa SA – Key Financials (US$ Million), 2012–2016
      • Seguros de Vida Suramericana SA – company overview
        • Table Seguros de Vida Suramericana SA – Key Facts
        • Table Seguros de Vida Suramericana SA – Key Financials (US$ Million), 2012–2016
      • Compañí a de Seguros Bolívar SA – company overview
        • Table Compañí a de Seguros Bolívar SA – Key Facts
        • Table Compañí a de Seguros Bolívar SA – Key Financials (US$ Million), 2012–2016
      • Seguros de Riesgos Profesionales Suramericana – company overview
        • Table Seguros de Riesgos Profesionales Suramericana – Key Facts
        • Table Seguros de Riesgos Profesionales Suramericana – Key Financials (US$ Million), 2012–2016
      • Positiva Compañí a de Seguros SA – company overview
        • Table Positiva Compañí a de Seguros SA – Key Facts
        • Table Positiva Compañí a de Seguros SA – Key Financials (US$ Million), 2012–2016
  • Governance, Risk and Compliance
    • Table Colombia – Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Colombia – Life Insurance Regulatory Framework
      • Property insurance
        • Table Colombia – Property Insurance Regulatory Framework
      • Motor insurance
        • Table Colombia – Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Colombia – Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workers' compensation insurance
      • Professional indemnity insurance for reinsurance brokers
      • Personal accident insurance for passengers of public vehicles
      • Liability insurance for Colombian Stock Exchange brokers
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Association of Insurance Supervisors Latin America
      • Financial Superintendence of Colombia
      • Federación de Aseguradores Colombianos (Fasecolda)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
        • Table Colombia – Ratings Required For Registration Of Reinsurance Business
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxations
      • Withholding taxes on premium paid overseas.
      • Corporate tax
        • Table Colombia – Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Colombian Life Insurance – Policies and Premium, 2012–2016
      • Table Colombian Life Insurance – Policies and Premium, 2016–2021
    • Claims and Expenses
      • Table Colombian Life Insurance – Claims and Expenses, 2012–2016
      • Table Colombian Life Insurance – Claims and Expenses, 2016–2021
    • Assets and Investments
      • Table Colombian Life Insurance – Assets and Investments, 2012–2016
      • Table Colombian Life Insurance – Assets and Investments, 2016–2021
    • Individual Life Insurance
      • Table Colombian Life Insurance – Individual Life Insurance, 2012–2016
      • Table Colombian Life Insurance – Individual Life Insurance, 2016–2021
    • Individual Life Insurance by Category
      • Table Colombian Life Insurance – Individual Life Insurance by Product, 2012–2016
      • Table Colombian Life Insurance – Individual Life Insurance by Product, 2016–2021
    • Group Life Insurance
      • Table Colombian Life Insurance – Group Life Insurance, 2012–2016
      • Table Colombian Life Insurance – Group Life Insurance, 2016–2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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