Life insurance: A key growth driver in Colombia
Life insurance is the main driver behind sector growth in Colombia, local business portal Sectorial reported.
Overall, in 2016 Colombians spent on average 489,000 pesos (US$168) on insurance, it said.
The sector posted 23.8tn pesos in premiums written last year, up 10.7%.
Premiums corresponding to life insurance and personal lines totaled 1.7tn in the first quarter, up 13% year-on-year, it said. Sectorial said the outlook for plans associated with pensions and annuities is also positive.
"The arrival of insurers to the country and the merger of others indicates the panorama for the industry this year is a positive one," it added. "In January, for example, BMI Financial Group received authorization from the commerce and industry watchdog SIC to establish a life insurance company in the country, with capital of 28bn pesos and a head office in [capital] Bogotá."
BMI was this month given extra time to launch operations in the country.
ALSO READ: At a glance: The top 5 insurers in Colombia
Latin America's life segment holds plenty of promise, Claudio Correa, CEO of US financial services firm Ohio National's Chilean life insurance unit, told BNamericas recently.
A key growth product is life insurance with savings, he said.
Last year in Latin America life premiums grew by an inflation-adjusted 5%, down from 7.6% in 2015 and below the 8.9% average annual growth rate seen in the last decade, according to 2016 data from reinsurance giant Swiss Re.
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