Ken Research has released report on the growth estimates of Non-Life Insurance in Colombia, in the global market titled, “Non-Life Insurance in Colombia, Key Trends and Opportunities to 2020″. The report proclaims over the key trends and growth prospects of the Colombian non-life insurance segment ushered by its detailed outlook on product categories, comparison with its regional counterparts, various distribution channels, top non-life insurance profiles and a variety of natural and man-made hazards having an impact on the Columbian insurance industry.
Incorporated with the in depth market analysis provided with the help of Timetric’s contribution, it has been facile to concentrate on the modeling and analysis expertise, providing insurers access to insurance dynamics and competitive changes, growth prospects by category, overview of the Colombian economy and demographics and the details regarding the regulatory policy applicable for the insurance industry accompanied with the recent changes. It also provides historical values during 2011-2015 review period along with the predicted figures for the 2015-2020 forecast period.
Non-Life insurance or general insurance cover is an absolute essential for every family. This is a necessity to overcome uncertainties and risks prevalent in life. Non-Life insurance envelops insurance of property against fire, burglary, theft; personal insurance covering, travel and accidents; and liability insurance covering legal liabilities. In essence, it covers all types of insurances except life. The tenure of these general insurances is normally for the duration of a particular economic activity or for a given period of time, but not that of a lifetime like provided in life insurances. Apart from standard covers, General insurance companies also offer customized or tailor-made policies based on the personal requirements of the customer.
The Columbian market for the Non-Life insurance segment can be quantified as one of the most outgrowing insurance markets in the global arena. Sophisticated with insurance structure and preferences, and a more focused approach towards solvency and liquidity of the players, international companies cover more than half of the market share of the non-life insurance industry. The market analysis also reveals key performance indicators working during the review period (2011-2015) such as the written premium, loss ratio, commissions and expenses, total investment income and retentions, alongside providing the figures for the forecast period (2015-2020) as well. With being the most populated country in the whole of Latin America, containing a population of 47 million with 65% of its populace lying between the ages of 15-64 years and only 5.5% above the age of 65, Columbia has accomplished to stand being the 40th largest insurance market in the world, with a significant portion being devoted to the non-life insurance segment.
The non-life insurance segment of Columbia can be fathomed as highly disintegrated, accompanied with 10 leading insurers accounting for major portion of the segment’s gross written premium in 2015. Amongst the 10 leading insurers, the motor insurance emerged to be the largest category during the review period, and accounted for about 34.3% of the gross written premium generated in the year of 2015.
REASONS FOR GROWTH AND SCOPE
With the mounting age of consumerism, insurance requirements have inflated over the life insurances in order to keep pace with the increasing risks. With dilating factors such as affluence and increased spending capacity of the consumers has resulted in a growing trend to fulfill needs, deal with responsibilities and secure one’s possessions, be it good health or worldly wealth through non-life insurance policies. Further assisted with the nation’s rise in per capita annual disposable income, the non-life insurance segment has witnessed tremendous growth and continues to flourish business over the forecast period of 2015-2020. As an initiative by the governmental bodies, it has been authorized to banks and insurers to sell micro insurance policies through third-party distribution channels, in February 2015.
There exists a groups of significant market players contributing to the growth of the non-life insurance industry, such as Seguros Generales Suramericana SA , Seguros del Estado SA , Allianz Seguros SA-Colombia , Mapfre Seguros Generales de Colombia SA , Liberty Seguros SA-Colombia , Seguros Comerciales Bolivar S.A , La Previsora SA Compania de Seguros , Axa Colpatria Seguros SA , Cardif Colombia Seguros Generales SA , Compania Mundial de Seguros SA along with the Tied Brokers being a major part of Colombian insurance industry distribution channel.
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Ankur Gupta, Head Marketing & Communications