At the close of 2024, commissions paid to insurance intermediaries in Colombia reached COP 7.33 trillion, reflecting a year-over-year growth of 12%. Life insurance led the market with commissions amounting to COP 3.71 trillion, a 13.5% increase from the previous year. Non-life insurance followed with COP 3.12 trillion in commissions, growing 7.5% annually. Occupational risk insurance showed the strongest expansion, surging by 35.6% to COP 479 billion. Pension and annuity products generated COP 19.4 billion in intermediary commissions, increasing 8.3% compared to the previous year. Suramericana maintained its position as the market leader, distributing nearly COP 2 trillion in commissions across all coverage types, significantly ahead of competitors such as AXA, Seguros Alfa, and Bolívar.
Key Insights
Suramericana continues to dominate the insurance distribution landscape in Colombia, capturing the highest intermediary commissions across all major coverage lines. In life insurance, it generated COP 1.32 trillion in commissions, far surpassing Seguros Alfa and AXA.
The occupational risks segment recorded the highest growth rate, with intermediary commissions expanding by 35.6%. This reflects a strong demand for labor-related insurance products and an increasing reliance on brokers and agents to distribute these policies.
Non-life insurance commissions grew by 7.5%, with the strongest increases in compliance (17.2%) and earthquake insurance (16.1%), while unemployment insurance declined by 10.6%. This highlights shifting risk perceptions and evolving coverage needs in the market.
The health insurance segment within life insurance experienced substantial growth, with commissions surging 25.8%. Funeral insurance also saw a sharp increase of 36%, indicating changing consumer preferences.
Among pension insurance providers, Skandia led with COP 8.92 billion in commissions, followed closely by Suramericana. However, the overall size of this segment remains relatively small compared to life and non-life insurance.
Market Overview
The Colombian insurance industry continues to rely heavily on intermediaries, with total commissions growing 12% year-over-year. Life insurance remains the largest segment in terms of intermediary commissions, surpassing non-life insurance by a significant margin. Within life insurance, the group life and individual life subcategories posted strong growth, increasing by 12.6% and 14.9%, respectively. Health insurance experienced a notable surge of 25.8%, while funeral insurance commissions grew by 36%, underscoring evolving consumer preferences.
In non-life insurance, automobile insurance commissions increased by 11.1%, maintaining its position as a critical driver of intermediary earnings. Compliance insurance showed an even stronger performance with a 17.2% rise, indicating a growing emphasis on regulatory and contractual guarantees. Earthquake insurance also recorded a robust increase of 16.1%, while liability insurance commissions posted a more moderate 6.7% expansion. Unemployment insurance was the only segment that contracted, with a 10.6% decline, reflecting adjustments in the labor market and reduced demand for this type of coverage.
Among insurers, Suramericana solidified its leadership across all major categories, paying the highest commissions in life, non-life, and occupational risk insurance. In life insurance, it led with COP 1.32 trillion in commissions, followed by Seguros Alfa with COP 439 billion. In the non-life segment, Suramericana again ranked first, generating COP 517 billion in commissions, ahead of AXA and Seguros del Estado. The occupational risks segment saw Suramericana leading with COP 147 billion in commissions, followed by AXA and Positiva. Meanwhile, in the pensions category, Skandia edged out Suramericana, capturing the highest volume of intermediary commissions with COP 8.92 billion.
The continued growth in intermediary commissions across most segments underscores the vital role of brokers and agents in the Colombian insurance market. With insurers increasingly depending on their distribution networks, the competitive landscape for intermediary partnerships remains intense. Moving forward, firms that can enhance their advisory capabilities, leverage technology for improved service delivery, and adapt to evolving client needs will likely strengthen their market positions.