At the close of the first quarter of 2024, the Colombian insurance market saw direct premiums totaling 13.345 billion Colombian pesos. This represents a nominal year-on-year increase of 5.3%. In terms of market share for direct premiums issued, the leading insurance groups were SURAMERICANA with 21.7%, followed by SEGUROS ALFA at 11.0%, and BOLIVAR at 10.1%.
The groups that experienced the most significant growth in market share included ASULADO, which gained 2.13 points, AXA with an increase of 0.65 percentage points, and SURAMERICANA with a rise of 0.43 percentage points. Additionally, LA PREVISORA and MUNDIAL saw their market shares grow by 0.36 and 0.32 percentage points, respectively.
The sector's financial results presented a mixed picture. The technical result was a loss of 1.716 billion pesos. However, the sector recorded a pre-tax profit of 1.342 billion pesos and a final profit of 1.051 billion pesos.
Analyzing the proportion of direct premiums issued, claims accounted for 42.7%, the technical result was (-12.9%), pre-tax profits stood at 10.1%, and the final profit constituted 7.9%. This data highlights the challenges faced by the Colombian insurance market, particularly in managing claims and achieving a positive technical result, while still securing profitability before and after taxes.
The groups that experienced the most significant growth in market share included ASULADO, which gained 2.13 points, AXA with an increase of 0.65 percentage points, and SURAMERICANA with a rise of 0.43 percentage points. Additionally, LA PREVISORA and MUNDIAL saw their market shares grow by 0.36 and 0.32 percentage points, respectively.
The sector's financial results presented a mixed picture. The technical result was a loss of 1.716 billion pesos. However, the sector recorded a pre-tax profit of 1.342 billion pesos and a final profit of 1.051 billion pesos.
Analyzing the proportion of direct premiums issued, claims accounted for 42.7%, the technical result was (-12.9%), pre-tax profits stood at 10.1%, and the final profit constituted 7.9%. This data highlights the challenges faced by the Colombian insurance market, particularly in managing claims and achieving a positive technical result, while still securing profitability before and after taxes.
