Boston, MA -- (SBWIRE) -- 08/21/2012 -- Colombia was adversely affected by severe flooding in 2011, which caused economic losses of approximately US$5.8 billion and generated severe losses to both the insurance and reinsurance companies in Colombia. However, this event was also beneficial to the reinsurance segment in Colombia, as insurance companies started to use reinsurance services more in order to avoid heavy losses from similar incidents in future. This is expected to encourage more domestic and foreign companies to begin reinsurance services in the country, which will make the segment more competitive over the forecast period.
- The recent severe flooding in Colombia generated huge losses for insurance companies and only a small proportion of the total losses were shared by reinsurance companies.
- A number of Latin American countries, including Brazil and Mexico, have undertaken initiatives with the purpose of encouraging domestic enterprises to participate in reinsurance operations. These initiatives include softened regulatory norms and various other incentives. Colombia is also expected to adopt similar initiatives.
- The Colombian reinsurance segment is highly competitive and contains leading multinational reinsurance companies. Although there is no domestic reinsurance company that operates in the country, the Colombian government allows foreign reinsurance companies to establish representative offices or work through brokers in order to provide reinsurance services in the country.
- Due to the absence of any domestic reinsurance companies, the Colombian reinsurance segment is dominated by foreign multinational companies, such as SCOR Re, Mapfre Re, Hannover Re, Munich Re, AXA Re, Everest Re, Tokio Marine, St Paul Re and Garling Globale Reinsurance.
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This report provides a comprehensive analysis of the reinsurance market in Colombia:
- It provides historical values for the Colombian reinsurance market for the review period (2007-2011) and forecast period (2012-2016)
- It offers a detailed analysis of the key sub-segments in the Colombian reinsurance market, along with market forecasts until 2016
- It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Colombia and its growth prospects
- It profiles the top reinsurance companies in Colombia
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the Colombian reinsurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Colombian reinsurance market
- Assess the competitive dynamics in the reinsurance market
- Identify the growth opportunities and market dynamics within key product categories
Companies Mentioned in this Report: SCOR Re, Mapfre Re, Hannover Ruckversicherung AG, Munchener de Colombia SA
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