Boston, MA -- (SBWIRE) -- 07/04/2012 -- The growth of the Colombian insurance industry is primarily driven by the country's economic growth. The industry posted sizeable growth during the review period owing to Colombia's stable economic development during the review period. The Colombian life insurance category achieved growth despite the weak performance of pension insurance products, which struggled to post growth in line with the country's projected GDP. Despite these growth opportunities, Colombia's life insurance segment still faces numerous challenges. For example, the growing number of cases of insurance fraud and increasing loss ratios will present themselves as key challenges over the forecast period.
- The success of the Colombian life insurance segment is directly related to the country's economic growth.
- Industry growth was also supported by the country's favorable regulatory changes in 2010, which amended the regulations for shareholder surplus and institutional investor limits. This encouraged institutional investors to increase their stakes in domestic insurance companies.
- Colombian life insurance penetration as a percentage of GDP still remains low compared to other Latin American countries, which offers positive growth potential going forward.
- Various distribution channels are expected to drive the Colombian life insurance segment over the forecast period as local insurance companies begin focusing on expanding their distribution channels to facilitate rural and semi-urban customers.
- In terms of gross written premium, the Colombian life insurance segment is one of the largest in the Latin American region. As of 2011, there were 19 insurance companies operating in the Colombian life insurance segment. Suramericana de Seguros SA was the largest life insurance company in the Colombian life insurance segment, followed by Compania de Seguros Bolivar SA, Seguros Alfa SA. and Mapfre Colombia Vida Seguros SA.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance market in Colombia:
- It provides historical values for the Colombian life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Colombian life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in Colombia
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Colombia for life insurance business
- It provides a detailed analysis of the reinsurance market in Colombia and its growth prospects
Companies Mentioned in this Report: Suramericana de Seguros SA, Compania de Seguros Bolivar SA, Seguros Alfa SA., Mapfre Colombia Vida Seguros SA., Aseguradora de Vida Colseguros SA, Seguros de Vida Colpatria S.A.,, BBVA Seguros de Vida Colombia, SA
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Financial Services research reports at Fast Market Research
You may also be interested in these related reports:
- Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2016
- Life Insurance in South Africa, Key Trends and Opportunities to 2016: Micro Insurance Programs and Rural Insurance Penetration Key to Market Expansion
- Non-Life Insurance in South Africa, Key Trends and Opportunities to 2016: Introduction of Compulsory Motor Third-Party Liability Insurance to Drive Market Growth
- Life Insurance in the UK, Key Trends and Opportunities to 2016
- Non-Life Insurance in the UK, Key Trends and Opportunities to 2016
- Life Insurance in the Czech Republic, Key Trends and Opportunities to 2016
- Life Insurance in Mexico, Trends and Opportunities to 2016: Tax Incentives to Continue to Encourage Investment in Life Insurance Retirement Products
- Life Insurance in Germany, Key Trends and Opportunities to 2016
- Non-Life Insurance in Vietnam, Trends and Opportunities to 2016: Increase in Minimum Capital Requirements Will Lead to Market Consolidation
- Life Insurance in Malaysia, Key Trends and Opportunities to 2016