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Life Insurance in Colombia, Key Trends and Opportunities to 2021

Published By :

Timetric

Published Date : Jul 2017

Category :

Insurance

No. of Pages : 108 Pages

Synopsis
Timetrics 'Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Colombian life insurance segment, and a comparison of the Colombian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (20122016) and forecast period (20162021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Colombian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetrics 'Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Colombian life insurance segment, including:

An overview of the Colombian life insurance segment

The Colombian life insurance segments growth prospects by category

A comprehensive overview of the Colombian economy and demographics

A comparison of the Colombian life insurance segment with its regional counterparts

The various distribution channels in the Colombian life insurance segment

Details of the competitive landscape in the life insurance segment in Colombia

Details of regulatory policy applicable to the Colombian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Colombia:

It provides historical values for the Colombian life insurance segment for the reports 20122016 review period, and projected figures for the 20162021 forecast period.

It offers a detailed analysis of the key categories in the Colombian life insurance segment, and market forecasts to 2021.

It provides a comparison of the Colombian life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Colombia.

It profiles the top life insurance companies in Colombia and outlines the key regulations affecting them.

Reasons To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Colombian life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Colombian life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Colombian insurance industry, and their impact on companies and the industry's future.

Key Highlights
In 2017, the Superintendencia Financiera de Colombia (SFC) proposed Project 03/2017, mandating a change in the reserve requirement calculation for disability and survival insurance.

On December 31, 2015, International Financial Reporting Standards (IFRS) were fully implemented in Colombia.

In February 2015, the Colombian government approved the sale of microinsurance products through third-party channels.

Colombias life segment is concentrated, with the five leading companies accounting for 72.8% of gross written premium in 2016.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Active policies
4.2.3 Claims
4.2.4 Assets and investments
5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Active policies
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Active policies
5.2.2 Penetration
6 DISTRIBUTION CHANNEL OUTLOOK
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Seguros de Vida Alfa SA - company overview
7.1.2 Seguros de Vida Suramericana SA - company overview
7.1.3 Compaa de Seguros Bolvar SA - company overview
7.1.4 Seguros de Riesgos Profesionales Suramericana - company overview
7.1.5 Positiva Compaa de Seguros SA - company overview
8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation insurance
8.4.3 Professional indemnity insurance for reinsurance brokers
8.4.4 Personal accident insurance for passengers of public vehicles
8.4.5 Liability insurance for Colombian Stock Exchange brokers
8.4.6 Liability insurance for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 Financial Superintendence of Colombia
8.5.4 Federacin de Aseguradores Colombianos (Fasecolda)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxations
8.8.2 Withholding taxes on premium paid overseas.
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Category
9.6 Group Life Insurance
10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology
11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables
Table 1: Colombian Life Insurance Key Facts, 2016
Table 2: Colombian Life Insurance Segment Shares of the Top Insurers, 2016
Table 3: Colombian Government Credit Ratings
Table 4: Colombian Life Insurance Gross Written Premium (COP Trillion and US$ Billion), 20122016
Table 5: Colombian Life Insurance Penetration (%), 20122016
Table 6: Colombian Life Insurance Gross Written Premium (COP Trillion and US$ Billion), 20162021
Table 7: Colombian Life Insurance Penetration (%), 20162021
Table 8: Colombian Life Insurance Premium per Capita (COP and US$), 20122016
Table 9: Colombian Life Insurance Premium per Capita (COP and US$), 20162021
Table 10: Colombian Life Insurance Number of Active Policies (Million), 20122016
Table 11: Colombian Life Insurance Number of Active Policies (Million), 20162021
Table 12: Colombian Life Insurance Paid Claims (COP Trillion and US$ Billion), 20122016
Table 13: Colombian Life Insurance Paid Claims (COP Trillion and US$ Billion), 20162021
Table 14: Colombian Life Insurance Total Assets (COP Trillion and US$ Billion), 20122016
Table 15: Colombian Life Insurance Total Assets (COP Trillion and US$ Billion), 20162021
Table 16: Colombian Life Insurance Total Investment Income (COP Trillion and US$ Million), 20122016
Table 17: Colombian Life Insurance Total Investment Income (COP Trillion and US$ Million), 20162021
Table 18: Colombian Life Insurance Investment Portfolio (COP Trillion), 20122016
Table 19: Colombian Life Insurance Investment Portfolio (COP Trillion), 20162021
Table 20: Colombian Life Insurance Direct Written Premium by Sub-Segment (COP Trillion), 20122016
Table 21: Colombian Life Insurance Direct Written Premium by Sub-Segment (COP Trillion), 20162021
Table 22: Colombian Individual Life Insurance Direct Written Premium by Category (COP Billion), 20122016
Table 23: Colombian Individual Life Insurance Direct Written Premium by Category (COP Billion), 20162021
Table 24: Colombian Individual Life Insurance Number of Active Policies by Category (Thousand), 20122016
Table 25: Colombian Individual Life Insurance Number of Active Policies Sold by (Thousand), 20162021
Table 26: Colombian Group Life Insurance Number of Active Policies by Category (Million), 20122016
Table 27: Colombian Group Life Insurance Number of Active Policies by Category (Million), 20162021
Table 28: Colombian Life Segment Market Shares of Leading Insurers (%), 2016
Table 29: Seguros de Vida Alfa SA Key Facts
Table 30: Seguros de Vida Alfa SA Key Financials (US$ Million), 20122016
Table 31: Seguros de Vida Suramericana SA Key Facts
Table 32: Seguros de Vida Suramericana SA Key Financials (US$ Million), 20122016
Table 33: Compaa de Seguros Bolvar SA Key Facts
Table 34: Compaa de Seguros Bolvar SA Key Financials (US$ Million), 20122016
Table 35: Seguros de Riesgos Profesionales Suramericana Key Facts
Table 36: Seguros de Riesgos Profesionales Suramericana Key Financials (US$ Million), 20122016
Table 37: Positiva Compaa de Seguros SA Key Facts
Table 38: Positiva Compaa de Seguros SA Key Financials (US$ Million), 20122016
Table 39: Colombia Insurance Regulatory Framework Key Features
Table40: Colombia Life Insurance Regulatory Framework
Table41: Colombia Property Insurance Regulatory Framework
Table42: Colombia Motor Insurance Regulatory Framework
Table43: Colombia Liability Insurance Regulatory Framework
Table 44: Colombia Ratings Required For Registration Of Reinsurance Business
Table45: Colombia Corporate Tax Rates for the Financial Year 2017
Table 46: Colombian Life Insurance Policies and Premium, 20122016
Table 47: Colombian Life Insurance Policies and Premium, 20162021
Table 48: Colombian Life Insurance Claims and Expenses, 20122016
Table 49: Colombian Life Insurance Claims and Expenses, 20162021
Table 50: Colombian Life Insurance Assets and Investments, 20122016
Table 51: Colombian Life Insurance Assets and Investments, 20162021
Table 52: Colombian Life Insurance Individual Life Insurance, 20122016
Table 53: Colombian Life Insurance Individual Life Insurance, 20162021
Table 54: Colombian Life Insurance Individual Life Insurance by Product, 20122016
Table 55: Colombian Life Insurance Individual Life Insurance by Product, 20162021
Table 56: Colombian Life Insurance Group Life Insurance, 20122016
Table 57: Colombian Life Insurance Group Life Insurance, 20162021
Table 58: Insurance Industry Definitions

List of Figures
Figure 1: Colombian Real GDP (US$ Billion), 20122021
Figure 2: Colombian Current Account Balance as Percentage of GDP (%), 20122016
Figure 3: Colombian Consumer Price Inflation (%), 20122021
Figure 4: Colombian COP-US$ Exchange Rate, 20112020
Figure 5: Colombian Unemployment Rate, 20122021
Figure 6: Colombian Population by Age Group, 19912025
Figure 7: Colombian Life Insurance Penetration Regional Comparison (%), 2015
Figure 8: Colombian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 9: Colombian Life Insurance Gross Written Premium (COP Trillion), 20122021
Figure 10: Colombian Life Insurance Penetration (%), 20122021
Figure 11: Colombian Life Insurance Premium per Capita (COP), 20122021
Figure 12: Colombian Life Insurance Number of Active Policies (Million), 20122021
Figure 13: Colombian Life Insurance Paid Claims (COP Trillion), 20122021
Figure 14: Colombian Life Insurance Total Assets (COP Trillion), 20122021
Figure 15: Colombian Life Insurance Total Investment Income (COP Trillion), 20122021
Figure 16: Colombian Life Insurance Investment Portfolio (COP Trillion), 20122021
Figure 17: Colombian Life Insurance Investment Portfolio Dynamics by Category, 20122021
Figure 18: Colombian Life Insurance Direct Written Premium by Sub-Segment (COP Trillion), 20122021
Figure 19: Colombian Life Insurance Direct Written Premium Share by Sub-Segment, 20122021
Figure 20: Colombian Life Insurance Direct Written Premium Dynamics by Sub-Segment, 20122021
Figure 21: Colombian Individual Life Insurance Direct Written Premium by Category (COP Billion), 20122021
Figure 22: Colombian Individual Life Insurance Direct Written Premium Share by Category, 20122021
Figure 23: Colombian Individual Life Insurance Direct Written Premium Dynamics by Category, 20122021
Figure 24: Colombian Individual Life Insurance Number of Active Policies by Category (Thousand), 20122021
Figure 25: Colombian Individual Life Insurance Penetration (%), 20122016
Figure 26: Colombian Individual Life Insurance Penetration (%), 20162021
Figure 27: Colombian Group Life Insurance Number of Active Policies by Category (Thousand), 20122021
Figure 28: Colombian Group Life Insurance Penetration (%), 20122016
Figure 29: Colombian Group Life Insurance Penetration (%), 20162021
Figure 30: Colombian Life Segment Market Shares of Leading Insurers (%), 2016
Figure 31: Colombia Insurance Supervision and Control at Various Levels
Figure 32: Colombia Insurance Regulatory Frameworks for Company Registration and Operation

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