Colombia Life and Non-Life Insurance Market Share & Repot (2022-27)

 

Market Overview:

The COVID-19 outbreak’s unfavourable effects have increased the number of health, travel, and business interruption claims. Due to decreased business activity and less use of face-to-face channels, it also put pressure on sales. The coronavirus (COVID-19) pandemic undoubtedly had an impact on the insurance sector in Colombia.

Colombia has a high demand for insurance of vehicles, property, health, and other insurances, which is what drives the country’s insurance companies’ revenues. Customers across all insurance segments are being further encouraged by programmes and projects like rising life expectancy, tax incentives on insurance products, and favourable savings associated with insurance. Through various distribution channels, insurance companies in Colombia offer a wide range of products with varying degrees of complexity that are created for various types of businesses, people, and other organisations. This will give ways to satisfy the changing needs of each end-user client and boost net sales. The pressure on household finances will decrease as private consumption picks up and fiscal stimulus programmes continue. As a result, people will no longer view life insurance as a means of making investments. Demand for both mandatory and optional policies will increase in the non-life insurance market, especially in the sub-sector of health insurance, which is quickly becoming a third core line.

Scope of the report:

An agreement known as an insurance policy provides financial protection or reimbursement against losses from an insurance company to a person or an organisation. In order to make payments to the insured more affordable, the company pools client risk. The Colombian life and non-life insurance market is divided into two categories: distribution channel and insurance type (fire, motor, marine, health, and others for non-life insurance and individual and group life insurance, respectively) (direct, agency, banks, and other distribution channels).

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