New Market Report: Life Insurance in Colombia, Key Trends and Opportunities to 2016
New Financial Services research report from Timetric is now available from Fast Market Research
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.
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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
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