Life Insurance in Colombia, Key Trends and Opportunities to 2019

Date: 2015-11

“• The Colombian life insurance segment recorded a CAGR of 13.0% in terms of gross written premium during the review period in 2014.

• The segment’s performance was attributed to regulatory changes and the industry’s premium growth, the strong performance of the pension insurance category and the developing group life insurance business.

• 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.

• 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.”

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