Insurance agents, Brokers, Bancassurance and other channels (Commissions)
The Colombian insurance landscape is experiencing remarkable growth, evident in the substantial increase in commissions to insurance intermediaries and alternative channels. According to recent data, the total commissions to insurance intermediaries in September 2023 amounted to 2.672 billion Colombian Pesos, showcasing a notable 13% year-over-year growth from the 2.355 billion recorded in September 2022.
Notably, commissions to bancassurance and other sales channels also saw a substantial rise, reaching 2.133 billion Colombian Pesos in September 2023, reflecting a 9% increase compared to the 1.957 billion recorded in the same period last year. This growth highlights the diversification and effectiveness of various distribution channels within the Colombian insurance market.
Examining market share, key players in commissions to intermediaries include Suramericana, leading the pack with 25.4%, followed by Mapfre (8.2%) and Bolivar (7.6%). Similarly, Suramericana dominates commissions to bancassurance and other alliances, commanding a 28.5% market share, followed by Alfa (18.9%) and Cardif Colombia (15.4%).
The competitive landscape is further completed by rankings showcasing the top five insurers gaining market share in commissions to agents and brokers, where Bolivar leads with a remarkable 2.3% gain, followed by Colmena (1.5%), Allianz (0.60%), SBS Seguros Colombia (0.46%), and HDI (0.45%). Meanwhile, in commissions to banks and other alliances, AXA takes the lead with a 1.93% gain, trailed by Suramericana (0.65%), HDI (0.34%), Colmena (0.28%), and Equidad (0.20%).
As a result, the top five insurers with the highest interannual market share gains in commissions across all channels provide additional insights into the evolving dynamics of the Colombian insurance sector: Bolivar maintains its lead, securing a 1.02% gain, reinforcing its strategic position in the market. Colmena closely follows with a commendable 0.95% increase, while AXA, HDI, and Allianz continue to demonstrate steady growth with gains of 0.58%, 0.42%, and 0.37%, respectively.
