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Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Colombian non-life insurance segment, and a comparison of the Colombian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Colombian insurance industry, 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 'Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Colombian non-life insurance segment, including:

  • The Colombian non-life segment outlook by product category
  • A comprehensive overview of the Colombian economy and demographics
  • A comparison of the Colombian non-life insurance segment with its regional counterparts
  • The various distribution channels in the Colombian non-life insurance segment
  • Detailed analysis of natural hazards and their impact on the Colombian insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Colombia
  • Details of regulatory policy applicable to the Colombian insurance industry
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 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 non-life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Colombian non-life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for non-life insurance products in Colombia.
  • It analyzes various natural hazards and their impact on the Colombian insurance industry
  • It profiles the top non-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 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.
Key Highlights
  • On February 21, 2017, the SFC approved the catastrophe modeling services for earthquake risks developed by a catastrophe risk management firm, Risk Management Solutions, for use by domestic and foreign insurance and reinsurance companies engaged in underwriting earthquake risks.
  • On November 30, 2016, the Colombian government introduced a catastrophe agricultural insurance model.
  • On July 13, 2016, the Colombian President approved the Safe Housing Bill. Article Eight of the act mandates the builders of new housing to purchase insurance that protects the property for damages caused to the owners and affected third parties if the building collapses, as a result of deficiencies in the construction process.
  • For foreign entities which are not permanently established, the tax rate was increased from 33% to 39% from 2015.


  • Key Facts and Highlights
    • Table Colombian Non-Life Insurance – Key Facts, 2016
    • Table Colombian Non-Life Insurance – Segment Shares of the Top Insurers, 2016
  • Executive Summary
  • Economy and Demography
    • Table Colombian Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Colombian Non-Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Non-Life Insurance – Penetration (%), 2012–2016
        • Table Colombian Non-Life Insurance – Gross Written Premium (COP Trillion and US$ Billion), 2016–2021
        • Table Colombian Non-Life Insurance – Penetration (%), 2016–2021
        • Table Colombian Non-Life Insurance – Premium per Capita (COP and US$), 2012–2016
        • Table Colombian Non-Life Insurance – Premium per Capita (COP and US$), 2016–2021
      • Active policies
        • Table Colombian Non-Life Insurance – Number of Active Policies (Million), 2012–2016
        • Table Colombian Non-Life Insurance – Number of Active Policies (Million), 2016–2021
      • Claims
        • Table Colombian Non-Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Non-Life Insurance – Paid Claims (COP Trillion and US$ Billion), 2016–2021
      • Profitability
        • Table Colombian Non-Life Insurance – Profitability Ratio (%), 2012–2016
        • Table Colombian Non-Life Insurance – Profitability Ratio (%), 2016–2021
      • Assets and investments
        • Table Colombian Non-Life Insurance – Total Assets (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Non-Life Insurance – Total Assets (COP Trillion and US$ Billion), 2016–2021
        • Table Colombian Non-Life Insurance – Total Investment Income (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Non-Life Insurance – Total Investment Income (COP Trillion and US$ Billion), 2016–2021
        • Table Colombian Non-Life Insurance – Investment Portfolio (COP Trillion), 2012–2016
        • Table Colombian Non-Life Insurance – Investment Portfolio (COP Trillion), 2016–2021
  • Outlook by Category
    • Table Colombian Non-Life Insurance – Direct Written Premium by Category (COP Trillion), 2012–2016
    • Table Colombian Non-Life Insurance – Direct Written Premium by Category (COP Trillion), 2016–2021
    • Property Insurance
      • Product overview
      • Premium
        • Table Colombian Property Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012–2016
        • Table Colombian Property Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2016–2021
      • Active policies
        • Table Colombian Property Insurance – Number of Active Policies by Sub-Category (Thousand), 2012–2016
        • Table Colombian Property Insurance – Number of Active Policies by Sub-Category (Thousand), 2016–2021
      • Claims
        • Table Colombian Property Insurance – Paid Claims (COP Billion and US$ Million), 2012–2016
        • Table Colombian Property Insurance – Paid Claims (COP Billion and US$ Million), 2016–2021
      • Profitability
        • Table Colombian Property Insurance – Loss Ratio (%), 2012–2016
        • Table Colombian Property Insurance – Loss Ratio (%), 2016–2021
    • Motor Insurance
      • Product overview
        • Table Colombian Motor Insurance – Road Accidents, 2011–2015
      • Premium
        • Table Colombian Motor Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2012–2016
        • Table Colombian Motor Insurance – Direct Written Premium by Sub-Category (COP Trillion), 2016–2021
      • Active policies
        • Table Colombian Motor Insurance – Number of Active Policies by Sub-Category (Million), 2012–2016
        • Table Colombian Motor Insurance – Number of Active Policies by Sub-Category (Million), 2016–2021
      • Claims
        • Table Colombian Motor Insurance – Paid Claims (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Motor Insurance – Paid Claims (COP Trillion and US$ Billion), 2016–2021
      • Profitability
        • Table Colombian Motor Insurance – Loss Ratio (%), 2012–2016
        • Table Colombian Motor Insurance – Loss Ratio (%), 2016–2021
    • Liability Insurance
      • Product overview
      • Premium
        • Table Colombian Liability Insurance – Direct Written Premium (COP Trillion and US$ Billion), 2012–2016
        • Table Colombian Liability Insurance – Direct Written Premium (COP Trillion and US$ Billion), 2016–2021
      • Active policies
        • Table Colombian Liability Insurance – Number of Active Policies (Thousand), 2012–2016
        • Table Colombian Liability Insurance – Number of Active Policies (Thousand), 2016–2021
      • Claims
        • Table Colombian Liability Insurance – Paid Claims (COP Trillion and US$ Million), 2012–2016
        • Table Colombian Liability Insurance – Paid Claims (COP Trillion and US$ Million), 2016–2021
      • Profitability
        • Table Colombian Liability Insurance – Loss Ratio (%), 2012–2016
        • Table Colombian Liability Insurance – Loss Ratio (%), 2016–2021
    • Marine, Aviation and Transit Insurance
      • Product overview
        • Table Colombian Transport Network – Global Rankings
        • Table Colombian Marine, Aviation and Transit Insurance – Passenger and Carrier Traffic, 2012–2016
      • Premium
        • Table Colombian Marine, Aviation and Transit Insurance – Direct Written Premium (COP Billion and US$ Million), 2012–2016
        • Table Colombian Marine, Aviation and Transit Insurance – Direct Written Premium (COP Billion and US$ Million), 2016–2021
      • Active policies
        • Table Colombian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2012–2016
        • Table Colombian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2016–2021
      • Claims
        • Table Colombian Marine, Aviation and Transit Insurance – Paid Claims (COP Billion and US$ Million), 2012–2016
        • Table Colombian Marine, Aviation and Transit Insurance – Paid Claims (COP Billion and US$ Million), 2016–2021
      • Profitability
        • Table Colombian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016
        • Table Colombian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021
  • Distribution Channel Outlook
    • Brokers
    • Agencies
    • Bancassurance
    • E-commerce
    • Direct Marketing
  • Natural and Man-Made Hazards
    • Flooding
    • Droughts
    • Earthquakes
    • Wildfires
    • Volcanic Activity
    • Epidemics
    • Exposure
  • Competitive Landscape
    • Table Colombian Non-Life Segment – Market Shares of Leading Insurers (%), 2016
    • Company Profiles
      • Seguros Generales Suramericana SA – company overview
        • Table Insurance Company – Key Facts
        • Table Insurance Company – Key Financials (US$ Million), 2012–2016
      • Seguros del Estado SA – company overview
        • Table Seguros del Estado SA – Key Facts
        • Table Insurance Company – Key Financials (US$ Million), 2012–2016
      • Mapfre Seguros Generales de Colombia SA – company overview
        • Table Mapfre Seguros Generales de Colombia SA – Key Facts
        • Table Mapfre Seguros Generales de Colombia SA – Key Financials (US$ Million), 2012–2016
      • Liberty Seguros SA - Colombia – company overview
        • Table Liberty Seguros SA - Colombia – Key Facts
        • Table Liberty Seguros SA - Colombia – Key Financials (US$ Million), 2012–2016
      • Cardif Colombia Seguros Generales SA – company overview
        • Table Cardif Colombia Seguros Generales SA – Key Facts
        • Table Cardif Colombia Seguros Generales 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 Insurance Industry – Policies and Premium, 2012–2016
      • Table Colombian Insurance Industry – Policies and Premium, 2016–2021
    • Claims and Expenses
      • Table Colombian Non-Life Insurance – Claims and Expenses, 2012–2016
      • Table Colombian Non-Life Insurance – Claims and Expenses, 2016–2021
    • Assets and Investments
      • Table Colombian Non-Life Insurance – Assets and Investments, 2012–2016
      • Table Colombian Non-Life Insurance – Assets and Investments, 2016–2021
    • Property Insurance
      • Table Colombian Non-Life Insurance – Property Insurance, 2012–2016
      • Table Colombian Non-Life Insurance – Property Insurance, 2016–2021
    • Property Insurance by Product
      • Table Colombian Non-Life Insurance – Property Insurance by Product, 2012–2016
      • Table Colombian Non-Life Insurance – Property Insurance by Product, 2016–2021
    • Motor Insurance
      • Table Colombian Non-Life Insurance – Motor Insurance, 2012–2016
      • Table Colombian Non-Life Insurance – Motor Insurance, 2016–2021
    • Motor Insurance by Product
      • Table Colombian Non-Life Insurance – Motor Insurance by Product, 2012–2016
      • Table Colombian Non-Life Insurance – Motor Insurance by Product, 2016–2021
    • Liability Insurance
      • Table Colombian Non-Life Insurance – Liability Insurance, 2012–2016
      • Table Colombian Non-Life Insurance – Liability Insurance, 2016–2021
    • Marine, Aviation and Transit Insurance
      • Table Colombian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016
      • Table Colombian Non-Life Insurance – Marine, Aviation and Transit 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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