Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2021

Published: Jul, 2017 | Pages: 110 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Personal Accident and Health 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, combined ratio, 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 'Personal Accident and Health Insurance in Colombia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Colombian personal accident and health insurance segment, including:

• An overview of the Colombian personal accident and health insurance segment

• The Colombian personal accident and health insurance segment's growth prospects by category

• A comprehensive overview of the Colombian economy and demographics

• A comparison of the Colombian personal accident and health insurance segment with its regional counterparts

• The various distribution channels in the Colombian personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in Colombia

• Details of regulatory policy applicable to the Colombian insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Colombia:

• It provides historical values for the Colombian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Colombian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Colombia.

• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Colombian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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

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

• On February 16, 2015, the Statutory Health Law was passed, under which healthcare became a fundamental right of all Colombian citizens. 

• In February 2015, the Colombian government approved banks and insurers to sell microinsurance policies, including personal accident through retailers, drugstores and superstores.

• Colombia's personal accident and health segment is concentrated, with the five leading companies accounting for 78.7% of gross written premium in 2016.

 Table of Contents
1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHY
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 Profitability
4.2.5 Assets and investments
5 OUTLOOK BY CATEGORY
5.1 Personal Accident Insurance
5.1.1 Premium
5.1.2 Active policies
5.1.3 Claims
5.1.4 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Active policies
5.2.3 Claims
5.2.4 Profitability
6 DISTRIBUTION CHANNEL OUTLOOK
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Seguros de Vida Suramericana SA - company overview
7.1.2 Allianz Seguros de Vida SA - company overview
7.1.3 Cardif Colombia Seguros Generales SA - company overview
7.1.4 Bolivar Vida - company overview
7.1.5 Chubb de Colombia 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 Personal Accident Insurance
9.5 Health Insurance
9.6 Health Insurance by Category
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 Personal Accident and Health Insurance - Key Facts, 2016
Table 2: Colombian Personal Accident and Health Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Colombian Government Credit Ratings
Table 4: Colombian Motor Insurance - Road Accidents, 2011-2015
Table 5: Colombian Personal Accident and Health Insurance - Gross Written Premium (COP Trillion and US$ Million), 2012-2016
Table 6: Colombian Personal Accident and Health Insurance - Penetration (%), 2012-2016
Table 7: Colombian Personal Accident and Health Insurance - Gross Written Premium (COP Trillion and US$ Million), 2016-2021
Table 8: Colombian Personal Accident and Health Insurance - Penetration (%), 2016-2021
Table 9: Colombian Personal Accident and Health Insurance - Premium per Capita (COP and US$), 2012-2016
Table 10: Colombian Personal Accident and Health Insurance - Premium per Capita (COP and US$), 2016-2021
Table 11: Colombian Personal Accident and Health Insurance - Number of Active Policies (Million), 2012-2016
Table 12: Colombian Personal Accident and Health Insurance - Number of Active Policies (Million), 2016-2021
Table 13: Colombian Personal Accident and Health Insurance - Paid Claims (COP Billion and US$ Million), 2012-2016
Table 14: Colombian Personal Accident and Health Insurance - Paid Claims (COP Trillion and US$ Million), 2016-2021
Table 15: Colombian Personal Accident and Health Insurance - Profitability Ratio (%), 2012-2016
Table 16: Colombian Personal Accident and Health Insurance - Profitability Ratio (%), 2016-2021
Table 17: Colombian Personal Accident and Health Insurance - Total Assets (COP Trillion and US$ Billion), 2012-2016
Table 18: Colombian Personal Accident and Health Insurance - Total Assets (COP Trillion and US$ Billion), 2016-2021
Table 19: Colombian Personal Accident and Health Insurance - Total Investment Income (COP Billion and US$ Million), 2012-2016
Table 20: Colombian Personal Accident and Health Insurance - Total Investment Income (COP Billion and US$ Million), 2016-2021
Table 21: Colombian Personal Accident and Health Insurance - Investment Portfolio (COP Trillion), 2012-2016
Table 22: Colombian Personal Accident and Health Insurance - Investment Portfolio (COP Trillion), 2016-2021
Table 23: Colombian Personal Accident and Health Insurance - Direct Written Premium by Category (COP Trillion), 2012-2016
Table 24: Colombian Personal Accident and Health Insurance - Direct Written Premium by Category (COP Trillion), 2016-2021
Table 25: Colombian Personal Accident Insurance - Direct Written Premium (COP Billion and US$ Million), 2012-2016
Table 26: Colombian Personal Accident Insurance - Direct Written Premium (COP Trillion and US$ Million), 2016-2021
Table 27: Colombian Personal Accident Insurance - Number of Active Policies (Million), 2012-2016
Table 28: Colombian Personal Accident Insurance - Number of Active Policies (Million), 2016-2021
Table 29: Colombian Personal Accident Insurance - Paid Claims (COP Billion and US$ Million), 2012-2016
Table 30: Colombian Personal Accident Insurance - Paid Claims (COP Billion and US$ Million), 2016-2021
Table 31: Colombian Personal Accident Insurance - Loss Ratio (%), 2012-2016
Table 32: Colombian Personal Accident Insurance - Loss Ratio (%), 2016-2021
Table 33: Colombian Health Insurance - Direct Written Premium by Sub-Category (COP Billion), 2012-2016
Table 34: Colombian Health Insurance - Direct Written Premium by Sub-Category (COP Billion), 2016-2021
Table 35: Colombian Health Insurance - Number of Active Policies by Sub-Category (Million), 2012-2016
Table 36: Colombian Health Insurance - Number of Active Policies by Sub-Category (Million), 2016-2021
Table 37: Colombian Health Insurance - Paid Claims (COP Billion and US$ Million), 2012-2016
Table 38: Colombian Health Insurance - Paid Claims (COP Billion and US$ Million), 2016-2021
Table 39: Colombian Health Insurance - Loss Ratio (%), 2012-2016
Table 40: Colombian Health Insurance - Loss Ratio (%), 2016-2021
Table 41: Colombian Personal Accident and Health Segment - Market Shares of Leading Insurers (%), 2016
Table 42: Seguros de Vida Suramericana SA - Key Facts
Table 43: Allianz Seguros de Vida SA - Key Facts
Table 44: Cardif Colombia Seguros Generales SA - Key Facts
Table 45: Bolivar Vida - Key Facts
Table 46: Chubb de Colombia Compan�a de Seguros SA - Key Facts
Table 47: Colombia - Insurance Regulatory Framework Key Features
Table48: Colombia - Life Insurance Regulatory Framework
Table49: Colombia - Property Insurance Regulatory Framework
Table50: Colombia - Motor Insurance Regulatory Framework
Table51: Colombia - Liability Insurance Regulatory Framework
Table 52: Colombia - Ratings Required For Registration Of Reinsurance Business
Table53: Colombia - Corporate Tax Rates for the Financial Year 2017
Table 54: Colombian Personal Accident and Health Insurance Industry - Policies and Premium, 2012-2016
Table 55: Colombian Personal Accident and Health Insurance Industry - Policies and Premium, 2016-2021
Table 56: Colombian Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 57: Colombian Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 58: Colombian Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 59: Colombian Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 60: Colombian Personal Accident and Health Insurance - Personal Accident Insurance, 2012-2016
Table 61: Colombian Personal Accident and Health Insurance - Personal Accident Insurance, 2016-2021
Table 62: Colombian Personal Accident and Health Insurance - Health Insurance, 2012-2016
Table 63: Colombian Personal Accident and Health Insurance - Health Insurance, 2016-2021
Table 64: Colombian Personal Accident and Health Insurance - Health Insurance by Product, 2012-2016
Table 65: Colombian Personal Accident and Health Insurance - Health Insurance by Product, 2016-2021
Table 66: Insurance Industry Definitions