Insurance Market in Colombia: 2019Q3 Overview
Colombia´s insurance industry net premiums written totaled USD 6326 million, with premiums recorded by life/annuity insurers accounting for 54 percent, and premiums by property/casualty (P/C) insurers accounting for 46 percent.
P/C insurance consists primarily of auto, civil liability and fire insurance. On the other hand, life insurance consists mainly of group life insurance, professional risks and pensions.
There are 45 insurance companies in Colombia. The ten most important insurers together manage 64% of the market volume.
Lower economic growth will limit growth of insurance premiums and Insurance products will continue to grow, but at a slower pace. Insurance carriers and related activities will contribute 2.9 percent, to the nation’s gross domestic product (GDP) in 2019 according to the Insurance in Latin America 2019 Report.
Life and P/C Insurance issued premiums volume, market share
TOP 10 Insurance Companies in Colombia performance summary
Annual performance, Premium Volume, COP millions
Annual performance, Market Share, %