Colombia Life & Non-Life Insurance Market Size

Life and Non-Life Insurance in Colombia Market Analysis

The adverse results of the COVID-19 outbreak lead to a surge in health, travel and business interuption claims. It also caused pressure on sales due to reduced business activity and less use of face to face channels. The Colombia insurance industry has been undoubtedly impacted by the coronavirus (COVID-19) pandemic.

The insurance companies in the country face strong demand for insurance of vehicles, property, health and other insurances across Colombia which are driving the revenues. Programmes and projects such as growing life expectancy, tax incentives on insurance products, favorable savings associated with insurance are further encouraging the customers across insurance segments. Insurance companies in Colombia are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organizations, through different distribution channels. This will provide ways to meet the emerging demands of every end-use customer and propel net sales. A recovery in private consumption, combined with continued fiscal stimulus measures will release the pressure on household finances. As a result, there will be a change in attitude towards seeing life insurance as an investment vehicle. The non-life insurance sector will see demand for both mandatory and non-mandatory policies rise, particularly in the health insurance sub-sector, which is fast establishing itself as a third core line within the non-life market.