Non-Life Insurance in Colombia, Key Trends and Opportunities to 2019

Date: 2015-11

“• Colombia’s non-life insurance segment posted a review-period CAGR of 10.6%.

• It was driven by the presence of compulsory insurance classes, government efforts to support infrastructural development and a demand for foreign automobiles.

• Rising automobile sales remained the key growth driver of the motor insurance category during the review period.

• More than 50 types of insurance classes are compulsory in Colombia.

• The telematics market is emerging in Colombia, and a number of foreign telematics service providers have consequently tied up with domestic insurers.

• The segment is projected to post a CAGR of 8.4% over the forecast period, due in part to an increase in the number of motor vehicles sold and the risk of natural disasters.”

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