Reinsurance in Colombia, Key Trends and Opportunities to 2018

Date: 2015-09

Although the Colombian reinsurance segment recorded a robust compound annual growth rate (CAGR) of 46.2% during the review period (2009−2013), it is still in its early stages of development. In the absence of domestic insurers, the segment is dominated by foreign reinsurers such as Scor Re, Mapfre Re, Hannover Re, Munich Re and Axa Re. These companies function through brokers and their representative offices. Hannover Re and Munich Re operate through representative offices in Bogotá , while Swiss Re entered the country by acquiring a Colombian insurance company. On February 24, 2014, Swiss Re signed an agreement with specialty insurer Seguros Confianza, based in Bogotá, to acquire a 51% stake in the company. Through this partnership, the corporate clients of Confianza can gain access to commercial insurance products offered by Swiss Re. In June 2013, the government made financial regulations that permitted domestic companies to purchase insurance and make reinsurance arrangements with international companies not operating or established within Colombia. This will make the segment more competitive over the forecast period (2013−2018).


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