Newsletter: Free reports downloads and rankings. Subscribe today.

Insurance Sales Channels in Colombia: Analysis of intermediary commissions and leading insurers - Rankings 2024.09


By September 2024, the Colombian insurance market showcased notable growth in intermediary commissions, underpinned by strong performances across various coverage types. The total volume of commissions paid to intermediaries reached COP 5.4 trillion, reflecting a 12.3% year-on-year increase. The most significant growth came from the Labor Risk segment, which surged by 36.2% to COP 347.2 billion. This category's robust performance underscores its growing importance within the insurance landscape. Meanwhile, commissions for Life insurance policies amounted to COP 2.73 trillion, representing a 13.6% growth, the second-highest increase among all categories. Non-life insurance and Pensions and annuities segments also exhibited steady expansion. Non-Life commissions grew by 8.0% year-on-year to COP 2.30 trillion, while P&A recorded a 7.9% increase, reaching COP 12.6 billion. These figures illustrate consistent, albeit varied, growth trajectories across different insurance lines.
  
Market Leadership in Intermediary Commissions
  
The competitive landscape among insurers remains concentrated, with Suramericana dominating the market. The company recorded COP 1.41 trillion in total commissions paid, consolidating its position as the leading insurer across all coverage types. AXA followed with COP 465.5 billion, while Seguros Alfa ranked third with COP 418.3 billion. Bolívar and Cardif Colombia completed the top five, with respective totals of COP 344.2 billion and COP 314.9 billion.
INSURANCE COMMISSIONS IN COLOMBIA - RESEARCH REPORT
Breaking down the data by coverage type, Suramericana led in every category except pensions, where Skandia secured the top spot with COP 6.15 billion. In the Life segment, Suramericana accounted for COP 915.4 billion in commissions, significantly ahead of Seguros Alfa (COP 328.3 billion) and AXA (COP 204.8 billion). Cardif Colombia and Mapfre also played notable roles in this market, with commissions of COP 191.7 billion and COP 163.6 billion, respectively.
  
In the Non-Life category, Suramericana’s leadership was again evident, with COP 387.5 billion in commissions, followed by AXA at COP 190.2 billion and Liberty at COP 179.9 billion. Seguros del Estado and Bolívar also maintained strong positions, reflecting the diverse dynamics within this segment.
  
The Labor Risks segment saw a competitive yet hierarchical distribution. Suramericana led with COP 104 billion, trailed by AXA (COP 70.4 billion) and Positiva (COP 66.6 billion). Bolívar and Colmena rounded out the top five with figures slightly above COP 49 billion. These results highlight the growing prominence of this segment and its contribution to the overall growth of intermediary commissions.
In Pensions, Skandia’s dominance was clear, capturing nearly half of the total commissions. Suramericana followed with COP 5.0 billion, while Global, Allianz, and AXA posted considerably smaller figures. This category remains a niche segment, albeit with steady growth potential.
  
Insights into Market Dynamics
  
The Colombian insurance market's intermediary structure continues to reflect strong reliance on brokers and agents, particularly in high-growth segments like RL and Life. Suramericana's market dominance underscores its comprehensive strategy across all major insurance lines, solidifying its position as a key player in intermediary-driven sales channels. The growth observed across all segments also suggests a healthy demand for intermediary services, driven by both individual and corporate clients.
  
This snapshot of the Colombian market at the close of Q3 2024 not only highlights the overall expansion in intermediary commissions but also offers a clear view of the competitive dynamics shaping the industry. The data emphasizes the importance of targeted strategies for insurers aiming to leverage intermediary networks effectively, particularly in the most rapidly growing segments.