Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020

Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020


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Executive Summary

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural and man-made hazards and their impact on the Colombian insurance industry, 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 'Non-Life Insurance in Colombia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Colombian non-life insurance segment, including:

The Colombian non-life segment's detailed outlook by product category

A comprehensive overview of the Colombian economy and demographics

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

The various distribution channels in the Colombian non-life insurance segment

Detailed analysis of natural and man-made hazards and their impact on the Colombian insurance industry

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

Details of regulatory policy applicable to the Colombian insurance industry

Scope

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

It provides historical values for the Colombian non-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 non-life insurance segment, and market forecasts to 2020.

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

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

It analyzes various natural and man-made hazards and their impact on the Colombian insurance industry

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

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

Assess the competitive dynamics in the non-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

The Colombian non-life segment is fragmented, with the 10 leading insurers accounting for 75.2% of the segment's gross written premium in 2015.

Motor insurance was the largest category in the non-life segment during the review period, and accounted for 34.3% of the gross written premium generated in 2015.

In February 2015, the government authorized banks and insurers to sell microinsurance policies through third-party distribution channels.

Tied brokers are a major part of the Colombian insurance industry distribution channel.



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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 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Bancassurance

6.1.4 E-commerce

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Droughts

7.3 Earthquakes

7.4 Volcanic Activity

7.5 Wildfires

7.6 Epidemics

7.7 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Seguros Generales Suramericana SA-company overview

8.1.2 Seguros del Estado SA-company overview

8.1.3 Allianz Seguros SA-Colombia-company overview

8.1.4 Mapfre Seguros Generales de Colombia SA-company overview

8.1.5 Liberty Seguros SA-Colombia-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workers' compensation insurance

9.4.3 Professional indemnity insurance for reinsurance brokers

9.4.4 Personal accident insurance for passengers of public vehicles

9.4.5 Liability insurance for Colombian Stock Exchange brokers

9.4.6 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Financial Superintendence of Colombia

9.5.4 Federacion de Aseguradores Colombianos (Fasecolda)

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxations

9.8.2 Withholding taxes on premium paid overseas.

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 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 Non-Life Insurance Penetration-Regional Comparison (%), 2015

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

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

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

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

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

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

Figure 14: Colombian Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 15: Colombian Non-Life Insurance-Total Assets (COP Trillion), 2011-2020

Figure 16: Colombian Non-Life Insurance-Total Investment Income (COP Trillion), 2011-2020

Figure 17: Colombian Non-Life Insurance-Investment Portfolio (COP Trillion), 2011-2020

Figure 18: Colombian Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 19: Colombian Non-Life Insurance-Direct Written Premium by Category (COP Trillion), 2011-2020

Figure 20: Colombian Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 21: Colombian Property Insurance-Construction Value Output by Category (COP Billion), 2011-2015

Figure 22: Colombian Property Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2011-2020

Figure 23: Colombian Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

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

Figure 25: Colombian Property Insurance-Paid Claims (COP Billion), 2011-2020

Figure 26: Colombian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2011-2020

Figure 27: Colombian Motor Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2011-2020

Figure 28: Colombian Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 29: Colombian Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2020

Figure 30: Colombian Motor Insurance-Paid Claims (COP Trillion), 2011-2020

Figure 31: Colombian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2011-2020

Figure 32: Colombian Liability Insurance-Direct Written Premium (COP Trillion), 2011-2020

Figure 33: Colombian Liability Insurance-Number of Policies Sold (Million), 2011-2020

Figure 34: Colombian Liability Insurance-Paid Claims (COP Trillion), 2011-2020

Figure 35: Colombian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2011-2020

Figure 36: Colombian Marine, Aviation and Transit Insurance-Direct Written Premium (COP Billion), 2011-2020

Figure 37: Colombian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2020

Figure 38: Colombian Marine, Aviation and Transit Insurance-Paid Claims (COP Billion), 2011-2020

Figure 39: Colombian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (COP Billion and %), 2011-2020

Figure 40: Colombia-Frequency of Hazards by Type, 1990-2014

Figure 41: Colombia-Mortality by Hazards Type, 1990-2014

Figure 42: Colombia-Economic Loss by Hazards Type, 1990-2014

Figure 43: Colombian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Figure 44: Columbia-Insurance Supervision and Control at Various Levels

Figure 45: Columbia-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Colombia Non-Life Insurance-Key Facts, 2015

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

Table 3: Colombian Government Credit Ratings

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

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

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

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

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

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

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

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

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

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

Table 14: Colombian Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 15: Colombian Non-Life Insurance-Profitability Ratio (%), 2015-2020

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

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

Table 18: Colombian Non-Life Insurance-Total Investment Income (COP Trillion and US$ Million), 2011-2015

Table 19: Colombian Non-Life Insurance-Total Investment Income (COP Trillion and US$ Million), 2015-2020

Table 20: Colombian Non-Life Insurance-Investment Portfolio (COP Trillion), 2011-2015

Table 21: Colombian Non-Life Insurance-Investment Portfolio (COP Trillion), 2015-2020

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

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

Table 24: Colombian Property Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2011-2015

Table 25: Colombian Property Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2015-2020

Table 26: Colombian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 27: Colombian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 28: Colombian Property Insurance-Paid Claims (COP Billion and US$ Million), 2011-2015

Table 29: Colombian Property Insurance-Paid Claims (COP Billion and US$ Million), 2015-2020

Table 30: Colombian Property Insurance-Loss Ratio (%), 2011-2015

Table 31: Colombian Property Insurance-Loss Ratio (%), 2015-2020

Table 32: Colombian Motor Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2011-2015

Table 33: Colombian Motor Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2015-2020

Table 34: Colombian Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2011-2015

Table 35: Colombian Motor Insurance-Number of Policies Sold by Sub-Category (Million), 2015-2020

Table 36: Colombian Motor Insurance-Paid Claims (COP Trillion and US$ Billion), 2011-2015

Table 37: Colombian Motor Insurance-Paid Claims (COP Trillion and US$ Billion), 2015-2020

Table 38: Colombian Motor Insurance-Loss Ratio (%), 2011-2015

Table 39: Colombian Motor Insurance-Loss Ratio (%), 2015-2020

Table 40: Colombian Liability Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2011-2015

Table 41: Colombian Liability Insurance-Direct Written Premium by Sub-Category (COP Trillion), 2015-2020

Table 42: Colombian Liability Insurance-Number of Policies Sold (Million), 2011-2015

Table 43: Colombian Liability Insurance-Number of Policies Sold (Million), 2015-2020

Table 44: Colombian Liability Insurance-Paid Claims (COP Trillion and US$ Million), 2011-2015

Table 45: Colombian Liability Insurance-Paid Claims (COP Trillion and US$ Million), 2015-2020

Table 46: Colombian Liability Insurance-Loss Ratio (%), 2011-2015

Table 47: Colombian Liability Insurance-Loss Ratio (%), 2015-2020

Table 48: Colombian Transport Network-Global Rankings

Table 49: Colombian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (COP Billion), 2011-2015

Table 50: Colombian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (COP Billion), 2015-2020

Table 51: Colombian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2011-2015

Table 52: Colombian Marine, Aviation and Transit Insurance-Number of Policies Sold (Thousand), 2015-2020

Table 53: Colombian Marine, Aviation and Transit Insurance-Paid Claims (COP Billion and US$ Million), 2011-2015

Table 54: Colombian Marine, Aviation and Transit Insurance-Paid Claims (COP Billion and US$ Million), 2015-2020

Table 55: Colombian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 56: Colombian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 57: Colombian Insurance Industry-Market Shares of Leading Insurers (%), 2015

Table 58: Seguros Generales Suramericana SA-Key Facts

Table 59: Seguros Generales Suramericana SA-Key Financials (COP Billion), 2011-2015

Table 60: Seguros del Estado SA-Key Facts

Table 61: Seguros del Estado SA-Key Financials (COP Billion), 2011-2015

Table 62: Allianz Seguros SA-Colombia-Key Facts

Table 63: Allianz Seguros SA-Colombia-Key Financials (COP Billion), 2011-2015

Table 64: Mapfre Seguros Generales de Colombia SA-Key Facts

Table 65: Mapfre Seguros Generales de Colombia SA-Key Financials (COP Billion), 2011-2015

Table 66: Liberty Seguros SA-Colombia-Key Facts

Table 67: Liberty Seguros SA-Colombia-Key Financials (COP Billion), 2011-2015

Table 68: Colombia-Insurance Regulatory Framework Key Features

Table 69: Colombia-Life Insurance Regulatory Framework

Table 70: Colombia-Property Insurance Regulatory Framework

Table 71: Colombia-Motor Insurance Regulatory Framework

Table 72: Colombia-Liability Insurance Regulatory Framework

Table73: Columbia-Corporate Tax Rates for the Financial Year 2016

Table 74: Colombian Insurance Industry-Policies and Premium, 2011-2015

Table 75: Colombian Insurance Industry-Policies and Premium, 2015-2020

Table 76: Colombian Non-Life Insurance-Claims and Expenses, 2011-2015

Table 77: Colombian Non-Life Insurance-Claims and Expenses, 2015-2020

Table 78: Colombian Non-Life Insurance-Assets and Investments, 2011-2015

Table 79: Colombian Non-Life Insurance-Assets and Investments, 2015-2020

Table 80: Colombian Non-Life Insurance-Property Insurance, 2011-2015

Table 81: Colombian Non-Life Insurance-Property Insurance, 2015-2020

Table 82: Colombian Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 83: Colombian Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 84: Colombian Non-Life Insurance-Motor Insurance, 2011-2015

Table 85: Colombian Non-Life Insurance-Motor Insurance, 2015-2020

Table 86: Colombian Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 87: Colombian Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 88: Colombian Non-Life Insurance-Liability Insurance, 2011-2015

Table 89: Colombian Non-Life Insurance-Liability Insurance, 2015-2020

Table 90: Colombian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 91: Colombian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 92: Insurance Industry Definitions

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Seguros Generales Suramericana SA , Seguros del Estado SA , Allianz Seguros SA-Colombia , Mapfre Seguros Generales de Colombia SA , Liberty Seguros SA-Colombia , Seguros Comerciales Bolivar S.A , La Previsora SA Compania de Seguros , Axa Colpatria Seguros SA , Cardif Colombia Seguros Generales SA , Compania Mundial de Seguros SA

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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