As of the end of 2023, Colombia's insurance market experienced significant growth, with direct premium volumes totaling 52,9 billion Colombian pesos. This represents a nominal year-on-year increase of 12%, indicating a robust expansion in the insurance sector, driven by heightened demand.
In terms of market share for direct premiums, SURAMERICANA led the field with a commanding 22.5%, establishing itself as the market leader. SEGUROS ALFA followed with 11.5%, while BOLIVAR secured the third position with a 10.3% share. These three groups collectively dominate a substantial portion of the market, highlighting their strong competitive positions and strategic market engagements.
Regarding growth in market share, SURAMERICANA not only maintained its lead but also saw the largest increase, gaining 1.51 percentage points. This growth underscores SURAMERICANA's effective strategies in capturing additional market segments. ALLIANZ also exhibited significant growth, increasing its market share by 1.22 percentage points, reflecting its successful expansion efforts and competitive edge.
Other notable performers included LA PREVISORA, which gained 0.71 percentage points, BOLIVAR with an increase of 0.62 percentage points, and AXA, which saw its market share rise by 0.58 percentage points. These gains, while varied, collectively demonstrate a dynamic and competitive landscape where several insurers are expanding their market presence.
