As of September 2025, the Colombian insurance industry shows a continuing expansion in both premiums issued and underlying business activity. According to the SFC, for the period January–September 2025 total insurance premiums (general + life) reached 44,777 billion pesos, compared with 40,898 billion at the same point in 2024 and 37,130 billion in 2023, representing a growth of roughly 9.5% year-over-year.
Breaking down by segment, the “general” (non-life) segment and “life + social security / pension-type” lines both contributed. The growth is driven significantly by social security and life-related business (with social security representing a substantial portion of the expansion), while personal lines also contributed strongly.
On the cost side, commissions and general expenses relative to premiums show some moderation: commission and operating-expense ratios (as a share of premiums) remain in the mid-teens (around 13–16 %), reflecting stable cost containment relative to revenue.
However, despite the growth in premium volume, the net result for many insurers remains under pressure. The technical result (premium income net of claims and expenses) for the first nine months shows negative figures on a historical basis.
The investment side shows moderate returns: the investment income for general and life portfolios evidences modest yields, and the overall return on investment for 2025 (as of September) is restrained compared with previous years.
In context, the industry’s long-term trends show resilience: in 2024 the sector registered a real growth rate of 5.6%, outperforming the broader economy’s growth rate of 1.7%. The penetration ratio (premiums / GDP 2024) stood at 3.29%, indicating that while the market remains under-penetrated compared with mature economies, it continues to expand in absolute and relative terms.
Overall, the September 2025 figures reflect a market that is growing in volume and breadth, with stable cost ratios, but also facing challenges in profitability, likely tied to claims, expense structure, and investment return pressures.