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Published: Jul, 2017 | Pages:
139 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
Timetric's 'Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Colombian non-life insurance segment, and a comparison of the Colombian insurance industry with its regional counterparts. It provides values for 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, explains the various types of natural hazard and their impact on the Colombian insurance industry, 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 'Non-Life Insurance in Colombia, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Colombian non-life insurance segment, including: • The Colombian non-life segment outlook by product category • A comprehensive overview of the Colombian economy and demographics • A comparison of the Colombian non-life insurance segment with its regional counterparts • The various distribution channels in the Colombian non-life insurance segment • Detailed analysis of natural hazards and their impact on the Colombian insurance industry • Details of the competitive landscape in the non-life insurance segment in Colombia • Details of regulatory policy applicable to the Colombian insurance industry
Scope
This report provides a comprehensive analysis of the non-life insurance segment in Colombia: • It provides historical values for the Colombian non-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 non-life insurance segment, and market forecasts to 2021. • It provides a comparison of the Colombian non-life insurance segment with its regional counterparts • It analyzes the various distribution channels for non-life insurance products in Colombia. • It analyzes various natural hazards and their impact on the Colombian insurance industry • It profiles the top non-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 non-life insurance segment, and each category within it. • Understand the demand-side dynamics, key market trends and growth opportunities in the Colombian non-life insurance segment. • Assess the competitive dynamics in the non-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
• On February 21, 2017, the SFC approved the catastrophe modeling services for earthquake risks developed by a catastrophe risk management firm, Risk Management Solutions, for use by domestic and foreign insurance and reinsurance companies engaged in underwriting earthquake risks. • On November 30, 2016, the Colombian government introduced a catastrophe agricultural insurance model. • On July 13, 2016, the Colombian President approved the Safe Housing Bill. Article Eight of the act mandates the builders of new housing to purchase insurance that protects the property for damages caused to the owners and affected third parties if the building collapses, as a result of deficiencies in the construction process. • For foreign entities which are not permanently established, the tax rate was increased from 33% to 39% from 2015.
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 Property Insurance 5.1.1 Product overview 5.1.2 Premium 5.1.3 Active policies 5.1.4 Claims 5.1.5 Profitability 5.2 Motor Insurance 5.2.1 Product overview 5.2.2 Premium 5.2.3 Active policies 5.2.4 Claims 5.2.5 Profitability 5.3 Liability Insurance 5.3.1 Product overview 5.3.2 Premium 5.3.3 Active policies 5.3.4 Claims 5.3.5 Profitability 5.4 Marine, Aviation and Transit Insurance 5.4.1 Product overview 5.4.2 Premium 5.4.3 Active policies 5.4.4 Claims 5.4.5 Profitability 6 DISTRIBUTION CHANNEL OUTLOOK 6.1 Brokers 6.2 Agencies 6.3 Bancassurance 6.4 E-commerce 6.5 Direct Marketing 7 NATURAL AND MAN-MADE HAZARDS 7.1 Flooding 7.2 Droughts 7.3 Earthquakes 7.4 Wildfires 7.5 Volcanic Activity 7.6 Epidemics 7.7 Exposure 8 COMPETITIVE LANDSCAPE 8.1 Company Profiles 8.1.1 Seguros Generales Suramericana SA - company overview 8.1.2 Seguros del Estado SA - company overview 8.1.3 Mapfre Seguros Generales de Colombia SA - company overview 8.1.4 Liberty Seguros SA - Colombia - company overview 8.1.5 Cardif Colombia Seguros Generales SA - company overview 9 GOVERNANCE, RISK AND COMPLIANCE 9.1 Legislation Overview and Historical Evolution 9.2 Latest Changes in Regulation 9.3 Legislation and Market Practice by Type of Insurance 9.3.1 Life insurance 9.3.2 Property insurance 9.3.3 Motor insurance 9.3.4 Liability insurance 9.3.5 Marine, aviation and transit insurance 9.3.6 Personal accident and health insurance 9.4 Compulsory Insurance 9.4.1 Motor third-party liability insurance 9.4.2 Workers' compensation insurance 9.4.3 Professional indemnity insurance for reinsurance brokers 9.4.4 Personal accident insurance for passengers of public vehicles 9.4.5 Liability insurance for Colombian Stock Exchange brokers 9.4.6 Liability insurance for ships with respect to oil pollution 9.5 Supervision and Control 9.5.1 International Association of Insurance Supervisors 9.5.2 Association of Insurance Supervisors Latin America 9.5.3 Financial Superintendence of Colombia 9.5.4 Federacion de Aseguradores Colombianos (Fasecolda) 9.6 Non-Admitted Insurance Regulations 9.6.1 Overview 9.6.2 Intermediaries 9.6.3 Market practices 9.6.4 Fines and penalties 9.7 Company Registration and Operations 9.7.1 Type of insurance organization 9.7.2 Establishing a local company 9.7.3 Foreign ownership 9.7.4 Types of license 9.7.5 Capital requirements 9.7.6 Solvency margin 9.7.7 Reserve requirements 9.7.8 Investment regulations 9.7.9 Statutory return requirements 9.7.10 Fee structure 9.8 Taxation 9.8.1 Insurance premium or policy taxations 9.8.2 Withholding taxes on premium paid overseas. 9.8.3 Corporate tax 9.8.4 VAT 9.8.5 Captives 9.9 Legal System 9.9.1 Introduction 9.9.2 Access to court 9.9.3 Alternative dispute resolution 10 DATABOOK 10.1 Policies and Premium 10.2 Claims and Expenses 10.3 Assets and Investments 10.4 Property Insurance 10.5 Property Insurance by Product 10.6 Motor Insurance 10.7 Motor Insurance by Product 10.8 Liability Insurance 10.9 Marine, Aviation and Transit Insurance 11 DEFINITIONS AND METHODOLOGY 11.1 Definitions 11.2 Methodology 12 ABOUT TIMETRIC 12.1 Contact Timetric 12.2 About Timetric 12.3 Timetric's Services 12.4 Disclaimer
List of Tables
Table 1: Colombian Non-Life Insurance - Key Facts, 2016 Table 2: Colombian Non-Life Insurance - Segment Shares of the Top Insurers, 2016 Table 3: Colombian Government Credit Ratings Table 4: Colombian Non-Life Insurance - Gross Written Premium (COP Trillion and US$ Billion), 2012-2016 Table 5: Colombian Non-Life Insurance - Penetration (%), 2012-2016 Table 6: Colombian Non-Life Insurance - Gross Written Premium (COP Trillion and US$ Billion), 2016-2021 Table 7: Colombian Non-Life Insurance - Penetration (%), 2016-2021 Table 8: Colombian Non-Life Insurance - Premium per Capita (COP and US$), 2012-2016 Table 9: Colombian Non-Life Insurance - Premium per Capita (COP and US$), 2016-2021 Table 10: Colombian Non-Life Insurance - Number of Active Policies (Million), 2012-2016 Table 11: Colombian Non-Life Insurance - Number of Active Policies (Million), 2016-2021 Table 12: Colombian Non-Life Insurance - Paid Claims (COP Trillion and US$ Billion), 2012-2016 Table 13: Colombian Non-Life Insurance - Paid Claims (COP Trillion and US$ Billion), 2016-2021 Table 14: Colombian Non-Life Insurance - Profitability Ratio (%), 2012-2016 Table 15: Colombian Non-Life Insurance - Profitability Ratio (%), 2016-2021 Table 16: Colombian Non-Life Insurance - Total Assets (COP Trillion and US$ Billion), 2012-2016 Table 17: Colombian Non-Life Insurance - Total Assets (COP Trillion and US$ Billion), 2016-2021 Table 18: Colombian Non-Life Insurance - Total Investment Income (COP Trillion and US$ Billion), 2012-2016 Table 19: Colombian Non-Life Insurance - Total Investment Income (COP Trillion and US$ Billion), 2016-2021 Table 20: Colombian Non-Life Insurance - Investment Portfolio (COP Trillion), 2012-2016 Table 21: Colombian Non-Life Insurance - Investment Portfolio (COP Trillion), 2016-2021 Table 22: Colombian Non-Life Insurance - Direct Written Premium by Category (COP Trillion), 2012-2016 Table 23: Colombian Non-Life Insurance - Direct Written Premium by Category (COP Trillion), 2016-2021 Table 24: Colombian Property Insurance - Direct Written Premium by Sub-Category (COP Trillion), 2012-2016 Table 25: Colombian Property Insurance - Direct Written Premium by Sub-Category (COP Trillion), 2016-2021 Table 26: Colombian Property Insurance - Number of Active Policies by Sub-Category (Thousand), 2012-2016 Table 27: Colombian Property Insurance - Number of Active Policies by Sub-Category (Thousand), 2016-2021 Table 28: Colombian Property Insurance - Paid Claims (COP Billion and US$ Million), 2012-2016 Table 29: Colombian Property Insurance - Paid Claims (COP Billion and US$ Million), 2016-2021 Table 30: Colombian Property Insurance - Loss Ratio (%), 2012-2016 Table 31: Colombian Property Insurance - Loss Ratio (%), 2016-2021 Table 32: Colombian Motor Insurance - Road Accidents, 2011-2015 Table 33: Colombian Motor Insurance - Direct Written Premium by Sub-Category (COP Trillion), 2012-2016 Table 34: Colombian Motor Insurance - Direct Written Premium by Sub-Category (COP Trillion), 2016-2021 Table 35: Colombian Motor Insurance - Number of Active Policies by Sub-Category (Million), 2012-2016 Table 36: Colombian Motor Insurance - Number of Active Policies by Sub-Category (Million), 2016-2021 Table 37: Colombian Motor Insurance - Paid Claims (COP Trillion and US$ Billion), 2012-2016 Table 38: Colombian Motor Insurance - Paid Claims (COP Trillion and US$ Billion), 2016-2021 Table 39: Colombian Motor Insurance - Loss Ratio (%), 2012-2016 Table 40: Colombian Motor Insurance - Loss Ratio (%), 2016-2021 Table 41: Colombian Liability Insurance - Direct Written Premium (COP Trillion and US$ Billion), 2012-2016 Table 42: Colombian Liability Insurance - Direct Written Premium (COP Trillion and US$ Billion), 2016-2021 Table 43: Colombian Liability Insurance - Number of Active Policies (Thousand), 2012-2016 Table 44: Colombian Liability Insurance - Number of Active Policies (Thousand), 2016-2021 Table 45: Colombian Liability Insurance - Paid Claims (COP Trillion and US$ Million), 2012-2016 Table 46: Colombian Liability Insurance - Paid Claims (COP Trillion and US$ Million), 2016-2021 Table 47: Colombian Liability Insurance - Loss Ratio (%), 2012-2016 Table 48: Colombian Liability Insurance - Loss Ratio (%), 2016-2021 Table 49: Colombian Transport Network - Global Rankings Table 50: Colombian Marine, Aviation and Transit Insurance - Passenger and Carrier Traffic, 2012-2016 Table 51: Colombian Marine, Aviation and Transit Insurance - Direct Written Premium (COP Billion and US$ Million), 2012-2016 Table 52: Colombian Marine, Aviation and Transit Insurance - Direct Written Premium (COP Billion and US$ Million), 2016-2021 Table 53: Colombian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2012-2016 Table 54: Colombian Marine, Aviation and Transit Insurance - Number of Active Policies (Thousand), 2016-2021 Table 55: Colombian Marine, Aviation and Transit Insurance - Paid Claims (COP Billion and US$ Million), 2012-2016 Table 56: Colombian Marine, Aviation and Transit Insurance - Paid Claims (COP Billion and US$ Million), 2016-2021 Table 57: Colombian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016 Table 58: Colombian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021 Table 59: Colombian Non-Life Segment - Market Shares of Leading Insurers (%), 2016 Table 60: Insurance Company - Key Facts Table 61: Insurance Company - Key Financials (US$ Million), 2012-2016 Table 62: Seguros del Estado SA - Key Facts Table 63: Insurance Company - Key Financials (US$ Million), 2012-2016 Table 64: Mapfre Seguros Generales de Colombia SA - Key Facts Table 65: Mapfre Seguros Generales de Colombia SA - Key Financials (US$ Million), 2012-2016 Table 66: Liberty Seguros SA - Colombia - Key Facts Table 67: Liberty Seguros SA - Colombia - Key Financials (US$ Million), 2012-2016 Table 68: Cardif Colombia Seguros Generales SA - Key Facts Table 69: Cardif Colombia Seguros Generales SA - Key Financials (US$ Million), 2012-2016 Table 70: Colombia - Insurance Regulatory Framework Key Features Table71: Colombia - Life Insurance Regulatory Framework Table72: Colombia - Property Insurance Regulatory Framework Table73: Colombia - Motor Insurance Regulatory Framework Table74: Colombia - Liability Insurance Regulatory Framework Table 75: Colombia - Ratings Required For Registration Of Reinsurance Business Table76: Colombia - Corporate Tax Rates for the Financial Year 2017 Table 77: Colombian Insurance Industry - Policies and Premium, 2012-2016 Table 78: Colombian Insurance Industry - Policies and Premium, 2016-2021 Table 79: Colombian Non-Life Insurance - Claims and Expenses, 2012-2016 Table 80: Colombian Non-Life Insurance - Claims and Expenses, 2016-2021 Table 81: Colombian Non-Life Insurance - Assets and Investments, 2012-2016 Table 82: Colombian Non-Life Insurance - Assets and Investments, 2016-2021 Table 83: Colombian Non-Life Insurance - Property Insurance, 2012-2016 Table 84: Colombian Non-Life Insurance - Property Insurance, 2016-2021 Table 85: Colombian Non-Life Insurance - Property Insurance by Product, 2012-2016 Table 86: Colombian Non-Life Insurance - Property Insurance by Product, 2016-2021 Table 87: Colombian Non-Life Insurance - Motor Insurance, 2012-2016 Table 88: Colombian Non-Life Insurance - Motor Insurance, 2016-2021 Table 89: Colombian Non-Life Insurance - Motor Insurance by Product, 2012-2016 Table 90: Colombian Non-Life Insurance - Motor Insurance by Product, 2016-2021 Table 91: Colombian Non-Life Insurance - Liability Insurance, 2012-2016 Table 92: Colombian Non-Life Insurance - Liability Insurance, 2016-2021 Table 93: Colombian Non-Life Insurance - Marine, Aviation and Transit Insurance, Table 94: Colombian Non-Life Insurance - Marine, Aviation and Transit Insurance, Table 95: Insurance Industry Definitions
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