Life and Non-Life Insurance in Colombia Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Life and Non-Life Insurance in Colombia Market Analysis
The adverse results of the COVID-19 outbreak lead to a surge in health, travel and business interuption claims. It also caused pressure on sales due to reduced business activity and less use of face to face channels. The Colombia insurance industry has been undoubtedly impacted by the coronavirus (COVID-19) pandemic.
The insurance companies in the country face strong demand for insurance of vehicles, property, health and other insurances across Colombia which are driving the revenues. Programmes and projects such as growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments. Insurance companies in Colombia are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations, through different distribution channels. This will provide ways to meet the emerging demands of every end-use customer and propel net sales. A recovery in private consumption, combined with continued fiscal stimulus measures will release the pressure on household finances. As a result, there will be a change in attitude towards seeing life insurance as an investment vehicle. The non-life insurance sector will see demand for both mandatory and non-mandatory policies rise, particularly in the health insurance sub-sector, which is fast establishing itself as a third core line within the non-life market.
Life and Non-Life Insurance in Colombia Market Trends
This section covers the major market trends shaping the Colombia Life & Non-life Insurance Market according to our research experts:
Growth of Financial Sector and Foreign Penetration into the Insurance Market
Mirroring the efforts of Colombia's leading financial conglomerates at expansion into Latin American and Central American markets in recent years by acquiring banking assets, the same pattern is beginning to emerge in the insurance sector. With relatively low formal barriers to accessing the market, a large number of foreign players have entered the Colombian insurance sector in recent years. Foreign entrants have typically targeted particular segments or niches, rather than competing across all business lines with the biggest market players. Typically, foreign firms have entered through the acquisition of a domestic firm, but there are also some examples of greenfield entries, again usually with a focus on particular niches or segments. A notable example is the 2014 acquisition of a controlling share in Confianza. Confianza was the leading surety writer in Colombia, with a particular focus on insurance related to infrastructure projects, such as the 4G road-building programme.
Increased Consumer Awareness about Insurance Products is Driving the Market
Growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are encouraging the customers across insurance segments.The government's policy of insuring the uninsured has progressively pushed the insurance penetration in Colombia and the proliferation of insurance schemes. The increasing number of digital distribution channels is favoring the insurers to easily obtain insurance policies. Insurtech, messaging platforms, and online sales channels are contributing to the insurance landscape in the country. A recovery in private consumption, combined with continued fiscal stimulus measures will release the pressure on household finances. As a result, there will be a change in attitude towards seeing life insurance as an investment vehicle.
Life and Non-Life Insurance in Colombia Industry Overview
The life and non-life insurance market in Colombia is moderatly consolidated in nature. Colombia's insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance. The companies generally compete mainly based on two factors including the quality of the services and price that they provide.
Life and Non-Life Insurance in Colombia Market Leaders
-
Grupo Sura
-
Seguros Alfa
-
GEB’s Seguros Bolívar
-
Axa
-
Allianz
*Disclaimer: Major Players sorted in no particular order
Life and Non-Life Insurance in Colombia Market News
- On 26th October 2021, Micro Insurance Company, a global end-to-end microinsurance platform, which offers custom insurance solutions, partnered with CrediOrbe based in Colombia. CrediOrbe is a fintech firm headquartered in Colombia. The partnership is aimed to create an insurance product for customers who are unable to get loans by CrediOrbe.
- On 30th September 2021, Generali Employee Benefits has announced a new, strategic partnership with BUPA Global that is designed to provide International Private Medical Insurance (IPMI) and international employee benefits to the GEB's new and existing customers. A premiere international health insurer, BUPA Global brings quality, expertise and a comprehensive health and wellbeing offering to the partnership.
Life and Non-Life Insurance in Colombia Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights into Latest Technologies Used in the Industry
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurance
5.1.2.1 Fire
5.1.2.2 Motor
5.1.2.3 Marine
5.1.2.4 Health
5.1.2.5 Others
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agents
5.2.3 Banks
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Grupo Sura
6.2.2 Seguros Alfa
6.2.3 Seguros Bolivar
6.2.4 Axa
6.2.5 Allianz
6.2.6 Mapfre
6.2.7 Suramericana
6.2.8 Alfa Vida
6.2.9 Bolivar
6.2.10 Cardif*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Life and Non-Life Insurance in Colombia Industry Segmentation
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients risk to make payments more affordable for the insured. The Colombia Life and Non-Life Insurance market is segmented by insurance type (life Insurance (individual and group), and non-life insurance (fire, motor, marine, health, and others)), and by distribution channel (direct, agency, banks, and other distribution channels).
| By Insurance Type | |||||||
| |||||||
|
| By Distribution Channel | |
| Direct | |
| Agents | |
| Banks | |
| Other Distribution Channels |
Life and Non-Life Insurance in Colombia Market Research FAQs
What is the current Colombia Life & Non-Life Insurance Market size?
The Colombia Life & Non-Life Insurance Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Colombia Life & Non-Life Insurance Market?
Grupo Sura, Seguros Alfa, GEB’s Seguros Bolívar, Axa and Allianz are the major companies operating in the Colombia Life & Non-Life Insurance Market.
What years does this Colombia Life & Non-Life Insurance Market cover?
The report covers the Colombia Life & Non-Life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Colombia Life & Non-Life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Colombia Life & Non-life Insurance Industry Report
Statistics for the 2024 Colombia Life & Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Colombia Life & Non-life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
