Life Insurance in Colombia, Key Trends and Opportunities to 2021

Published: Jul, 2017 | Pages: 108 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's '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 (2012-2016) and forecast period (2016-2021).

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 Timetric's 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

Timetric's '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 segment's 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 report's 2012-2016 review period, and projected figures for the 2016-2021 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.

• Colombia's 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 Compan�a de Seguros Bol�var SA - company overview
7.1.4 Seguros de Riesgos Profesionales Suramericana - company overview
7.1.5 Positiva Compan�a 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 Federacion 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), 2012-2016
Table 5: Colombian Life Insurance - Penetration (%), 2012-2016
Table 6: Colombian Life Insurance - Gross Written Premium (COP Trillion and US$ Billion), 2016-2021
Table 7: Colombian Life Insurance - Penetration (%), 2016-2021
Table 8: Colombian Life Insurance - Premium per Capita (COP and US$), 2012-2016
Table 9: Colombian Life Insurance - Premium per Capita (COP and US$), 2016-2021
Table 10: Colombian Life Insurance - Number of Active Policies (Million), 2012-2016
Table 11: Colombian Life Insurance - Number of Active Policies (Million), 2016-2021
Table 12: Colombian Life Insurance - Paid Claims (COP Trillion and US$ Billion), 2012-2016
Table 13: Colombian Life Insurance - Paid Claims (COP Trillion and US$ Billion), 2016-2021
Table 14: Colombian Life Insurance - Total Assets (COP Trillion and US$ Billion), 2012-2016
Table 15: Colombian Life Insurance - Total Assets (COP Trillion and US$ Billion), 2016-2021
Table 16: Colombian Life Insurance - Total Investment Income (COP Trillion and US$ Million), 2012-2016
Table 17: Colombian Life Insurance - Total Investment Income (COP Trillion and US$ Million), 2016-2021
Table 18: Colombian Life Insurance - Investment Portfolio (COP Trillion), 2012-2016
Table 19: Colombian Life Insurance - Investment Portfolio (COP Trillion), 2016-2021
Table 20: Colombian Life Insurance - Direct Written Premium by Sub-Segment (COP Trillion), 2012-2016
Table 21: Colombian Life Insurance - Direct Written Premium by Sub-Segment (COP Trillion), 2016-2021
Table 22: Colombian Individual Life Insurance - Direct Written Premium by Category (COP Billion), 2012-2016
Table 23: Colombian Individual Life Insurance - Direct Written Premium by Category (COP Billion), 2016-2021
Table 24: Colombian Individual Life Insurance - Number of Active Policies by Category (Thousand), 2012-2016
Table 25: Colombian Individual Life Insurance - Number of Active Policies Sold by (Thousand), 2016-2021
Table 26: Colombian Group Life Insurance - Number of Active Policies by Category (Million), 2012-2016
Table 27: Colombian Group Life Insurance - Number of Active Policies by Category (Million), 2016-2021
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), 2012-2016
Table 31: Seguros de Vida Suramericana SA - Key Facts
Table 32: Seguros de Vida Suramericana SA - Key Financials (US$ Million), 2012-2016
Table 33: Compan�a de Seguros Bol�var SA - Key Facts
Table 34: Compan�a de Seguros Bol�var SA - Key Financials (US$ Million), 2012-2016
Table 35: Seguros de Riesgos Profesionales Suramericana - Key Facts
Table 36: Seguros de Riesgos Profesionales Suramericana - Key Financials (US$ Million), 2012-2016
Table 37: Positiva Compan�a de Seguros SA - Key Facts
Table 38: Positiva Compan�a de Seguros SA - Key Financials (US$ Million), 2012-2016
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, 2012-2016
Table 47: Colombian Life Insurance - Policies and Premium, 2016-2021
Table 48: Colombian Life Insurance - Claims and Expenses, 2012-2016
Table 49: Colombian Life Insurance - Claims and Expenses, 2016-2021
Table 50: Colombian Life Insurance - Assets and Investments, 2012-2016
Table 51: Colombian Life Insurance - Assets and Investments, 2016-2021
Table 52: Colombian Life Insurance - Individual Life Insurance, 2012-2016
Table 53: Colombian Life Insurance - Individual Life Insurance, 2016-2021
Table 54: Colombian Life Insurance - Individual Life Insurance by Product, 2012-2016
Table 55: Colombian Life Insurance - Individual Life Insurance by Product, 2016-2021
Table 56: Colombian Life Insurance - Group Life Insurance, 2012-2016
Table 57: Colombian Life Insurance - Group Life Insurance, 2016-2021
Table 58: Insurance Industry Definitions