Synopsis
The report provides in depth market analysis, information and insights into the Colombian reinsurance market, including:
• The Colombian reinsurance market’s growth prospects by reinsurance categories
• The Colombian reinsurance market’s growth prospects by reinsurance ceded from direct insurance segments
• The competitive landscape in the Colombian reinsurance insurance market
Summary
Colombia was adversely affected by severe flooding in 2011, which caused economic losses of approximately US$5.8 billion and generated severe losses to both the insurance and reinsurance companies in Colombia. However, this event was also beneficial to the reinsurance segment in Colombia, as insurance companies started to use reinsurance services more in order to avoid heavy losses from similar incidents in future. This is expected to encourage more domestic and foreign companies to begin reinsurance services in the country, which will make the segment more competitive over the forecast period.
Scope
This report provides a comprehensive analysis of the reinsurance market in Colombia:
• It provides historical values for the Colombian reinsurance market for the review period (2007–2011) and forecast period (2012–2016)
• It offers a detailed analysis of the key sub-segments in the Colombian reinsurance market, along with market forecasts until 2016
• It provides a detailed analysis of the reinsurance ceded from various direct insurance markets in Colombia and its growth prospects
• It profiles the top reinsurance companies in Colombia
Reasons To Buy
• Make strategic business decisions using in depth historic and forecast market data related to the Colombian reinsurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Colombian reinsurance market
• Assess the competitive dynamics in the reinsurance market
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Colombian insurance market and its impact on companies and the market's future
Key Highlights
• The recent severe flooding in Colombia generated huge losses for insurance companies and only a small proportion of the total losses were shared by reinsurance companies.
• A number of Latin American countries, including Brazil and Mexico, have undertaken initiatives with the purpose of encouraging domestic enterprises to participate in reinsurance operations. These initiatives include softened regulatory norms and various other incentives. Colombia is also expected to adopt similar initiatives.
• The Colombian reinsurance segment is highly competitive and contains leading multinational reinsurance companies. Although there is no domestic reinsurance company that operates in the country, the Colombian government allows foreign reinsurance companies to establish representative offices or work through brokers in order to provide reinsurance services in the country.
• Due to the absence of any domestic reinsurance companies, the Colombian reinsurance segment is dominated by foreign multinational companies, such as SCOR Re, Mapfre Re, Hannover Re, Munich Re, AXA Re, Everest Re, Tokio Marine, St Paul Re and Garling Globale Reinsurance.
Reinsurance Industry in Colombia
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Colombian Insurance Industry Attractiveness
3.1 Insurance Industry Market Size, 2007–2016
3.2 Reinsurance Growth Dynamics and Challenges
3.2.1 Reinsurance market size, 2007–2016
3.2.2 Reinsurance market size by insurance segment, 2007–2016
4 Key Industry Trends and Drivers
4.1 Fundamental Business Drivers
4.2 Life Insurance Growth Drivers
4.3 Non-Life Insurance Growth Drivers
4.4 Personal Accident and Health Insurance Growth Drivers
4.5 Recent Market Developments
5 Competitive Landscape and Strategic Insights
5.1 Overview
5.2 Leading Companies in the Colombian Reinsurance Segment
5.3 SCOR Re – Company Overview
5.3.1 SCOR Re – key facts
5.4 Mapfre Re – Company Overview
5.4.1 Mapfre Re – key facts
5.5 Hannover Rückversicherung AG – Company Overview
5.5.1 Hannover Rückversicherung AG – key facts
5.6 Münchener de Colombia SA – Company Overview
5.6.1 Münchener de Colombia SA – key facts
6 Business Environment and Country Risk
6.1 Business Confidence
6.1.1 Market capitalization trend – The Bolsa de Valores de Colombia, Colombia
6.2 Economic Performance
6.2.1 GDP at constant prices (US dollar)
6.2.2 GDP per capita at constant prices (US dollar)
6.2.3 GDP at current prices (US dollar)
6.2.4 GDP per capita at current prices (US dollar)
6.2.5 GDP by key sectors
6.2.6 Agricultural net output at current prices (Colombian peso)
6.2.7 Agricultural net output at current prices (US dollar)
6.2.8 Agricultural net output at current prices as a percentage of GDP
6.2.9 Manufacturing net output at current prices (Colombian peso)
6.2.10 Manufacturing net output at current prices (US dollar)
6.2.11 Manufacturing net output at current prices as a percentage of GDP
6.2.12 Mining, manufacturing and utilities net output at current prices (Colombian peso)
6.2.13 Mining, manufacturing and utilities at current prices (US dollar)
6.2.14 Mining, manufacturing and utilities at current prices as a percentage of GDP
6.2.15 Construction net output at current prices (Colombian peso)
6.2.16 Construction net output at current prices, (US dollar)
6.2.17 Construction net output at current prices as a percentage of GDP
6.2.18 Inflation rate
6.2.19 Current account balance as a percentage of GDP
6.2.20 Exports as a percentage of GDP
6.2.21 Imports as a percentage of GDP
6.2.22 Exports growth
6.2.23 Imports growth
6.2.24 Annual average exchange rate (US$–COP)
6.2.25 End-of-period exchange rate (US$–COP)
6.3 Infrastructure Quality and Availability
6.3.1 Total airports and sea ports
6.3.2 Railways and roadways
6.3.3 Vehicle production volume
6.3.4 Automotive component exports trend
6.3.5 Automotive component imports trend
6.3.6 Passenger car penetration
6.3.7 Healthcare expenditure
6.3.8 Healthcare expenditure as a percentage of GDP
6.3.9 Healthcare expenditure per capita
6.3.10 Total internet subscribers
6.4 Labor Force
6.4.1 Labor force
6.4.2 Unemployment rate
6.5 Demographics
6.5.1 Annual disposable income
6.5.2 Annual per capita disposable income
6.5.3 Total population
6.5.4 Urban and rural population
6.5.5 Female percentage of population
6.5.6 Male percentage of population
6.5.7 Mean age of the population
6.5.8 Median age of population
6.5.9 Population density
6.5.10 Age distribution of the total population
6.5.11 Age distribution of the male population
6.5.12 Age distribution of the female population
6.5.13 Number of households
6.6 Political and Social Risk
6.6.1 Political stability
6.6.2 Terrorism index
6.6.3 Transparency index
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Colombian Insurance Overall Written Premium by Segment (COP Billion), 2007–2011
Table 3: Colombian Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011
Table 4: Colombian Insurance Overall Written Premium by Segment (COP Billion), 2011–2016
Table 5: Colombian Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Colombian Insurance Segmentation (% Share), 2007–2016
Table 7: Colombian Reinsurance Market Size by Category (COP Billion), 2007–2011
Table 8: Colombian Reinsurance Market Size by Category (US$ Billion), 2007–2011
Table 9: Colombian Reinsurance Market Size by Category (COP Billion), 2011–2016
Table 10: Colombian Reinsurance Market Size by Category (US$ Billion), 2011–2016
Table 11: Colombian Reinsurance Premium Ceded by Segment (COP Billion), 2007–2011
Table 12: Colombian Reinsurance Premium Ceded by Segment (US$ Billion), 2007–2011
Table 13: Colombian Reinsurance Premium Ceded by Segment (COP Billion), 2011–2016
Table 14: Colombian Reinsurance Premium Ceded by Segment (US$ Billion), 2011–2016
Table 15: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 16: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 17: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 18: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 19: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 20: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 21: Colombian Leading Reinsurance Companies, 2011
Table 22: SCOR Re, Key Facts
Table 23: Mapfre Re, Key Facts
Table 24: Hannover Rückversicherung AG, Key Facts
Table 25: Münchener de Colombia SA, Key Facts
List of Figures
Figure 1: Colombian Insurance Overall Written Premium by Segment (COP Billion), 2007–2016
Figure 2: Colombian Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Colombian Reinsurance Market Size by Category (COP Billion), 2007–2016
Figure 4: Colombian Reinsurance Market Size by Category (% Share), 2011 and 2016
Figure 5: Colombian Reinsurance Market Dynamics by Category, 2007–2016
Figure 6: Colombian Reinsurance Premium Ceded by Segment (COP Billion), 2007–2016
Figure 7: Reinsurance Market Dynamics by Segment, 2007–2016
Figure 8: Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 9: Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 10: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 11: Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 12: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 13: Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 14: Colombian Market Capitalization on The Bolsa de Valores de Colombia (US$ Billion), 2007–2011
Figure 15: Colombian GDP at Constant Prices (US$ Billion), 2007–2011
Figure 16: Colombian GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 17: Colombian GDP at Current Prices (US$ Billion), 2007–2011
Figure 18: Colombian GDP Per Capita at Current Prices (US$), 2007–2011
Figure 19: Colombian GDP by Key Sectors (% Share), 2009 and 2011
Figure 20: Colombian Agricultural Net Output at Current Prices (COP Billion), 2007–2011
Figure 21: Colombian Agricultural Net Output at Current Prices (US$ Billion), 2007–2011
Figure 22: Colombian Agricultural Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 23: Colombian Manufacturing Net Output at Current Prices (COP Billion), 2007–2011
Figure 24: Colombian Manufacturing Net Output at Current Prices (US$ Billion), 2007–2011
Figure 25: Colombian Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 26: Colombian Mining, Manufacturing and Utilities Net Output at Current Prices (COP Billion), 2007–2011
Figure 27: Colombian Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2007–2011
Figure 28: Colombian Mining, Manufacturing and Utilities Net Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 29: Colombian Construction Net Output at Current Prices (COP Billion), 2007–2011
Figure 30: Colombian Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 31: Colombian Construction Output at Current Prices as a Percentage of GDP (%), 2007–2011
Figure 32: Colombian Inflation Rate (%), 2007–2011
Figure 33: Colombian Current Account Balance as a Percentage of GDP (%), 2007–2011
Figure 34: Colombian Exports as a Percentage of GDP (%), 2007–2011
Figure 35: Colombian Imports as a Percentage of GDP (%), 2007–2011
Figure 36: Colombian Exports Growth (%), 2007–2011
Figure 37: Colombian Imports Growth (%), 2007–2011
Figure 38: Colombian Annual Average Exchange Rate (US$–COP), 2007–2011
Figure 39: Colombian End-of-Period Exchange Rate (US$–COP), 2007–2011
Figure 40: Colombian Total Number of Airports and Sea Ports, 2011
Figure 41: Colombian Total Length of Railways and Roadways (Kilometers), 2011
Figure 42: Colombian Vehicle Production, 2007–2011
Figure 43: Colombian Automotive Component Exports (US$ Million), 2007–2011
Figure 44: Colombian Automotive Component Imports (US$ Million), 2007–2011
Figure 45: Colombian Passenger Car Penetration (per Thousand People), 2007–2011
Figure 46: Colombian Healthcare Expenditure (US$ Billion), 2007–2011
Figure 47: Colombian Healthcare Expenditure as a Percentage of GDP (%), 2007–2011
Figure 48: Colombian Per Capita Healthcare Expenditure (US$), 2007–2011
Figure 49: Colombian Internet Subscriptions (Million), 2007–2011
Figure 50: Colombian Labor Force Size (Million), 2007–2011
Figure 51: Colombian Unemployment Rate (%), 2007–2011
Figure 52: Colombian Annual Disposable Income (US$ Billion), 2007–2011
Figure 53: Colombian Annual Per Capita Disposable Income (US$), 2007–2011
Figure 54: Colombian Total Population (Million), 2007–2011
Figure 55: Colombian Urban and Rural Population (% Share), 2007–2011
Figure 56: Colombian Female as Percentage of Population (%), 2007–2011
Figure 57: Colombian Male as Percentage of Population (%), 2007–2011
Figure 58: Colombian Mean Age of Population (Year), 2007–2011
Figure 59: Colombian Median Age of Population (Year), 2007–2011
Figure 60: Colombian Population Density (per Square Kilometer), 2007–2011
Figure 61: Colombian Population Distribution by Age (% Share), 2007–2011
Figure 62: Colombian Male Population Distribution by Age (% Share), 2007–2011
Figure 63: Colombian Female Population Distribution by Age (% Share), 2007–2011
Figure 64: Colombian Number of Households (Million), 2007–2011
Figure 65: Global Terrorism Heat Map, 2011
Figure 66: Colombian Transparency Index, 2007–2011
