Insurance Market in Colombia: 201909 Overview
Colombia´s insurance industry direct premiums totaled USD 7090 million (2019Q3) with premiums recorded by life/annuity insurers accounting for 49 percent, and premiums by property/casualty (P/C) insurers accounting for 51 percent.
P/C insurance consists primarily of auto, home insurance, fire insurance, earthquake insurance, civil liability and transport. On the other hand, life insurance consists mainly of group life insurance, health insurance and personal accident risks.
There are 45 insurance companies in Colombia. The ten most important insurers together manage 64% of the market volume.
Insurance carriers and related activities will contribute 2.9 percent, to the nation’s gross domestic product (GDP) in 2020 according to the Insurance in Latin America 2019 Report.
Life and P/C Insurance direct premiums, market share
TOP 10 Insurance Companies in Colombia performance summary (USD)
Annual performance, Direct Premiums, COP$ millions
Annual performance, Market Share, %