Colombia Insurance Market Analysis and Growth Report, 2018
Colombia Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘Colombia Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in Colombia - Highlights of the report:

Bancassurance has become a prominent distribution channel for life insurance products after its success in non-life insurance product sales. The convenient government regulations, innovative insurance products and good relationship with affiliated banks are promoting the bancassurance distribution in Colombian markets. Favourable financial conditions support bancassurance in Colombia along with the mutual transfer of information between banks and insurers.

Financial Superintendence governs and regulates the insurance industry of Colombia, which has modified the rules for foreign market players to increase their operations in the local market. Leading international insurers have entered the market due to the changes bringing more expertise and innovation that can enhance the domestic insurance sector. The low insurance penetration in the region offers huge growth potential for insurers.

Insurance premium nominals have accounted closed to $7.2 billion in 2016. At the same time, the insurance claims have inclined to 60% in the share of total premiums. The penetration of market by Colombian insurance industry is higher than Mexico (2.21%), Costa Rica (2.04%), Peru (1.92%) and Guatemala (1.24%) but less than Chile, Brazil and Argentina of Latin America region.

According to the Transactional Report presented by ACH Colombia, 24 million digital transactions took place in Colombia during the first two quarters of 2017. Almost 10% of the population in Colombia prefer online transactions, and around 64 trillion pesos were registered in payments and online transactions.

List of Companies mentioned in the report:

    • Suramericana de Seguros
    • Seguros del Estado 
    • La Previsora
    • Seguros Bolívar
    • Mapfre
    • Liberty Seguros
    • Allianz
    • Seguros Colpatria
    • QBE 
    • Aseguradora Solidaria de Colombia

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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