Life Insurance in Colombia, Key Trends and Opportunities to 2020

Life Insurance in Colombia, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Life Insurance in Colombia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Colombian life insurance segment, and a comparison of the Colombian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Colombian economy and demographics, 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 'Life Insurance in Colombia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Colombian life insurance segment, including:

An overview of the Colombian life insurance segment

The Colombian life insurance segment's growth prospects by category

A comprehensive overview of the Colombian economy and demographics

A comparison of the Colombian life insurance segment with its regional counterparts

The various distribution channels in the Colombian life insurance segment

Details of the competitive landscape in the life insurance segment in Colombia

Details of regulatory policy applicable to the Colombian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Colombia:

It provides historical values for the Colombian life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Colombian life insurance segment, and market forecasts to 2020.

It provides a comparison of the Colombian life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Colombia.

It profiles the top 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 life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Colombian life insurance segment.

Assess the competitive dynamics in the 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

Life insurance was the second-largest segment in the Colombian insurance industry in 2015, accounting for 16.1% of the industry's gross written premium.

In 2015, life segment's insurance penetration stood at 0.79%.

Colombia's life segment is concentrated, with the five leading companies accounting for 63.4% of the gross written premium in 2015.

Bancassurance is the most popular and trusted distribution channel offering credit life, term insurance, and pension products to middle and low-income groups in Colombia.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies sold

5.1.3 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Policies sold

5.2.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Seguros de Vida Alfa SA-company overview

7.1.2 Suramericana de Seguros de Vida SA-company overview

7.1.3 Seguros de Riesgos Profesionales Suramericana-company overview

7.1.4 Positiva Compania de Seguros SA-company overview

7.1.5 Compania de Seguros Bolivar SA-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Workers' compensation insurance

8.4.3 Professional indemnity insurance for reinsurance brokers

8.4.4 Personal accident insurance for passengers of public vehicles

8.4.5 Liability insurance for Colombian Stock Exchange brokers

8.4.6 Liability insurance for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Association of Insurance Supervisors Latin America

8.5.3 Financial Superintendence of Colombia

8.5.4 Federacion de Aseguradores Colombianos (Fasecolda)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxations

8.8.2 Withholding taxes on premium paid overseas.

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Group Life Insurance

9.7 Group Life Insurance by Product

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer

Figure 1: Colombian Real GDP (COP Trillion), 2011-2020

Figure 2: Colombian Inflation Rate, 2011-2020

Figure 3: Colombian COP-US$ Exchange Rate, 2011-2020

Figure 4: Colombian Current Account Balance, 2011-2020

Figure 5: Colombian Unemployment Rate, 2011-2020

Figure 6: Colombian Population by Age Group, 1991-2025

Figure 7: Colombian Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Colombian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Colombian Life Insurance-Gross Written Premium (COP Trillion), 2011-2020

Figure 10: Colombian Life Insurance-Penetration (%), 2011-2020

Figure 11: Colombian Life Insurance-Premium per Capita (COP), 2011-2020

Figure 12: Colombian Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 13: Colombian Life Insurance-Paid Claims (COP Trillion), 2011-2020

Figure 14: Colombian Life Insurance-Total Assets (COP Trillion), 2011-2020

Figure 15: Colombian Life Insurance-Total Investment Income (COP Trillion), 2011-2020

Figure 16: Colombian Life Insurance-Investment Portfolio (COP Trillion), 2011-2020

Figure 17: Colombian Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Colombian Life Insurance-Direct Written Premium by Sub-Segment (COP Trillion), 2011-2020

Figure 19: Colombian Life Insurance-Direct Written Premium Share by Sub-Segment, 2011-2020

Figure 20: Colombian Life Insurance-Direct Written Premium Dynamics by Sub-Segment, 2011-2020

Figure 21: Colombian Individual Life Insurance-Direct Written Premium by Category (COP Billion), 2011-2020

Figure 22: Colombian Individual Life Insurance-Direct Written Premium Share by Category, 2011-2020

Figure 23: Colombian Individual Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 24: Colombian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2020

Figure 25: Colombian Individual Life Insurance-Penetration (%), 2011-2015

Figure 26: Colombian Individual Life Insurance-Penetration (%), 2015-2020

Figure 27: Colombian Group Life Insurance-Penetration (%), 2011-2015

Figure 28: Colombian Group Life Insurance-Penetration (%), 2015-2020

Figure 29: Colombian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Figure 30: Columbia-Insurance Supervision and Control at Various Levels

Figure 31: Columbia-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Colombian Life Insurance-Key Facts, 2015

Table 2: Colombian Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Colombian Government Credit Ratings

Table 4: Colombian Life Insurance-Gross Written Premium (COP Trillion and US$ Billion), 2011-2015

Table 5: Colombian Life Insurance-Penetration (%), 2011-2015

Table 6: Colombian Life Insurance-Gross Written Premium (COP Trillion and US$ Billion), 2015-2020

Table 7: Colombian Life Insurance-Penetration (%), 2015-2020

Table 8: Colombian Life Insurance-Premium per Capita (COP and US$), 2011-2015

Table 9: Colombian Life Insurance-Premium per Capita (COP and US$), 2015-2020

Table 10: Colombian Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 11: Colombian Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 12: Colombian Life Insurance-Paid Claims (COP Trillion and US$ Billion), 2011-2015

Table 13: Colombian Life Insurance-Paid Claims (COP Trillion and US$ Billion), 2015-2020

Table 14: Colombian Life Insurance-Total Assets (COP Trillion and US$ Billion), 2011-2015

Table 15: Colombian Life Insurance-Total Assets (COP Trillion and US$ Billion), 2015-2020

Table 16: Colombian Life Insurance-Total Investment Income (COP Trillion and US$ Billion), 2011-2015

Table 17: Colombian Life Insurance-Total Investment Income (COP Trillion and US$ Billion), 2015-2020

Table 18: Colombian Life Insurance-Investment Portfolio (COP Trillion), 2011-2015

Table 19: Colombian Life Insurance-Investment Portfolio (COP Trillion), 2015-2020

Table 20: Colombian Life Insurance-Direct Written Premium by Sub-Segment (COP Trillion),2011-2015

Table 21: Colombian Life Insurance-Direct Written Premium by Sub-Segment (COP Trillion), 2015-2020

Table 22: Colombian Individual Life Insurance-Direct Written Premium by Category (COP Billion), 2011-2015

Table 23: Colombian Individual Life Insurance-Direct Written Premium by Category (COP Billion), 2015-2020

Table 24: Colombian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2011-2015

Table 25: Colombian Individual Life Insurance-Number of Policies Sold by Category (Thousand), 2015-2020

Table 26: Colombian Group Life Insurance-Direct Written Premium by Category (COP Trillion), 2011-2015

Table 27: Colombian Group Life Insurance-Direct Written Premium by Category (COP Trillion), 2015-2020

Table 28: Colombian Group Life Insurance-Number of Policies Sold by Category (Million), 2011-2015

Table 29: Colombian Group Life Insurance-Number of Policies Sold by Category (Million), 2015-2020

Table 30: Colombian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Table 31: Seguros de Vida Alfa SA-Key Facts

Table 32: Seguros de Vida Alfa SA-Key Financials (COP Billion), 2011-2015

Table 33: Suramericana de Seguros de Vida SA-Key Facts

Table 34: Seguros de Riesgos Profesionales Suramericana-Key Facts

Table 35: Seguros de Riesgos Profesionales Suramericana-Key Financials (COP Billion), 2011-2015

Table 36: Positiva Compania de Seguros SA-Key Facts

Table 37: Positiva Compania de Seguros SA-Key Financials (COP Million and Trillion), 2011-2015

Table 38: Compania de Seguros Bolivar SA-Key Facts

Table 39: Compania de Seguros Bolivar SA-Key Financials (COP Million), 2011-2015

Table 40: Colombia-Insurance Regulatory Framework Key Features

Table 41: Colombia-Life Insurance Regulatory Framework

Table 42: Colombia-Property Insurance Regulatory Framework

Table 43: Colombia-Motor Insurance Regulatory Framework

Table 44: Colombia-Liability Insurance Regulatory Framework

Table45: Columbia-Corporate Tax Rates for the Financial Year 2016

Table 46: Colombian Life Insurance-Policies and Premium, 2011-2015

Table 47: Colombian Life Insurance-Policies and Premium, 2015-2020

Table 48: Colombian Life Insurance-Claims and Expenses, 2011-2015

Table 49: Colombian Life Insurance-Claims and Expenses, 2015-2020

Table 50: Colombian Life Insurance-Assets and Investments, 2011-2015

Table 51: Colombian Life Insurance-Assets and Investments, 2015-2020

Table 52: Colombian Life Insurance-Individual Life Insurance, 2011-2015

Table 53: Colombian Life Insurance-Individual Life Insurance, 2015-2020

Table 54: Colombian Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 55: Colombian Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 56: Colombian Life Insurance-Group Life Insurance, 2011-2015

Table 57: Colombian Life Insurance-Group Life Insurance, 2015-2020

Table 58: Colombian Life Insurance-Group Life Insurance by Product, 2011-2015

Table 59: Colombian Life Insurance-Group Life Insurance by Product, 2015-2020

Table 60: Insurance Industry Definitions

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Seguros de Vida Alfa SA , Seguros de Vida Suramericana SA , Seguros de Riesgos Profesionales Suramericana , Positiva Compania de Seguros SA , Compania de Seguros Bolivar SA , Axa Colpatria Seguros de Vida SA , Compania de Seguros de Vida Colmena S.A , Mapfre Colombia Vida Seguros SA , Cardif Colombia Seguros Generales SA , BBVA Seguros de Vida Colombia SA

Life insurance, Economy and Demographics, Regional comparison, Individual life insurance, Group life insurance, Distribution channels, Bancassurance, Agencies, Direct marketing, Brokers, E-commerce, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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