Insurance

Since the 1990s Colombia’s insurance sector has grown faster than overall GDP, driven by personal lines and social security. The industry recorded 11.3% growth in assets to end 2013 with $21.4bn, up from $19.2bn in 2012, while total written premiums reached $9.45bn, an 18% increase compared to the previous year, which had ended with $8bn. Investments held by the sector also rose from $13.7bn to $15.7bn. Almost two-thirds of the assets and three-quarters of the investments are held by the life insurance division. The market, comprised of 45 insurers, includes a number of global underwriters, with the sector split evenly between domestic and foreign firms. At 2.4%, Colombia’s insurance penetration remains low even by regional standards (compared to Chile’s 5% and Panama’s 4%), suggesting significant room for organic growth in the sector.