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Life Insurance Positioned Second Largest Segment in Colombia Insurance Industry: Ken Research

Press Release   •   Jan 04, 2017 15:43 IST

Ken Research announced recent publication titled “Life Insurance in Colombia, Key Trends and Opportunities to 2020”. According to the report demand of non-insurance policies is increasing day by day. Experts are assuming that it will reach at a high level up to year 2020. Now a days people are demanding the product of general polices more to reduce their losses due to happen by other heinous things.

Global insurance industry research, Colombia Insurance Sector

The government of Colombia admits that brokers are full filing their important rule to sell general policies to customers. Penetration rates in the Colombian life insurance segment grew during the review period, primarily due to rising consumer awareness with regards to life insurance products. However, this figure is comparatively low when compared with other Latin American countries.

Key Pointers Discussed:

-Unlike other Latin American countries, the Colombian life insurance segment was primarily dominated by group life insurance products.

-The segment’s financial outlook is expected to remain stable due to the conservative investment approach adopted by life insurers.

-Life insurance was the second-largest segment in the Colombian insurance industry in 2015, accounting for 16.1% of the industry’s gross written premium.

Understanding the demand-side dynamics, report provides historical values for the Colombian life insurance segment for the report’s 2011-2015 review period, and projected figures for the 2015-2020 forecast period along with a comparison of the Colombian life insurance segment with its regional counterparts.

And with provision of indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020), the opportunities for year 2023 can be predicted well although their accuracy at the real time cannot be predicted but for sure opportunities are guaranteed since the insurance policy related regulations are changing and improving and this segment of insurance carries a significant proportion of the insurance sector.

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