Reinsurance in Colombia, Key Trends and Opportunities to 2019

Date: 2015-11

“• Although the Colombian reinsurance segment recorded a robust CAGR of 53.0% during the review period, it is still in the 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.

• In June 2013, the government permitted domestic companies to make reinsurance arrangements with international companies who are not operating or established in Colombia. This is likely to make the reinsurance segment more competitive, as it will provide insurers with more options.

• According to the World Bank, 85% of the Colombian population and assets are exposed to at least two or more natural catastrophes.

• Frequent natural disasters force reinsurers to review pricing strategies and increase property reinsurance renewal prices; this is projected to fuel growth in reinsurance over the forecast period.”

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