The Colombian insurance industry continues to consolidate around a group of leading players, as shown in the most recent edition of the Colombian Insurance Rankings, a study prepared using official information from the Superintendence of Finance of Colombia and the audited financial statements of the country’s insurers. The data, updated through June 2024, highlights the resilience of the market and its growth trajectory despite persistent macroeconomic challenges.
At the close of the first half of 2024, total written premiums in Colombia reached COP 28.8 trillion, underscoring a solid pace of expansion. Based on current performance, the sector is projected to reach COP 61.2 trillion in premiums by the end of 2025, equivalent to approximately USD 14.4 billion. This outlook reinforces the importance of Colombia as one of the most dynamic insurance markets in Latin America, attracting both domestic groups and international players.
The market remains highly concentrated, with the top ten insurers capturing a combined 75.3% of total premiums. At the top of the ranking, Suramericana holds a commanding 20.5% market share, followed by Seguros Alfa with 11.8% and Seguros Bolívar with 10.6%. The next tier of competitors includes Asulado (6.4%), AXA (6.1%), La Previsora (4.9%), and Mapfre (4.4%), each securing a significant foothold in their respective segments. Rounding out the top ten are Mundial and Positiva, both with 3.6%, and Allianz with 3.3%.
This competitive landscape illustrates the coexistence of established Colombian groups alongside multinational insurers, reflecting a market where brand recognition, product diversification, and distribution capacity play critical roles in maintaining and expanding market share. The strong dominance of the top three entities also suggests that while smaller insurers continue to grow, barriers to scaling remain high.
Looking ahead, industry executives are closely monitoring factors such as regulatory adjustments, inflation trends, and consumer demand for digital insurance solutions. With projected growth surpassing USD 14 billion by 2025, the Colombian insurance market is expected to remain an attractive hub for both local and international investment.