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Columbia Insurance Market Intelligence: 2011 Edition
Koncept Analytics, Jan 2011, Pages: 19
Colombia is the third most populated country in Latin America after Brazil and Mexico. High unemployment and tax increases continue to diminish personal consumption yet the Latin America countries are populous, young and rapidly growing, which is a good combination for long-term financial services growth. The national economy of Colombia has experienced a notable growth over the past few years as a result of increasing foreign investment.
The year 2009 was satisfactory in terms of performance for the Colombian insurance industry. Life insurance, which acquires approximately 48.5% of the total insurance industry, successfully recorded growth during the weak economic conditions in 2009. Strong economic growth, rising savings rate, declining rate of unemployment are some of the leading factors to drive the insurance industry of Colombia.
The recent past years have seen a strong surge in the demand for insurance in Colombia because of the ongoing launch of innovative products by insurers and the rising awareness among the population about the benefits of insurance products.
Health insurance helps to reduce catastrophic expenses, but not all schemes reach out to the poorest people. By making this insurance easily accessible to the poor population of the country, the insurers can increase their market share in addition to providing good health condition to the country.
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