From The Report: Colombia 2017
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Colombia is the fifth-largest insurance market in Latin America by premiums collected. However, it features weak penetration and density – measures of premiums compared to the size of the economy and the population, respectively – compared to other large markets in the region. Nonetheless, the fact that the country has been able to weather the recent economic storms better than many in the region, by avoiding an outright recession, for example, leave it well placed to start narrowing the gap over the coming years. Over the longer term, a bigger growth opportunity lies in increasing the penetration rate – currently a little over half the level of that in leading Latin American countries such as Chile – while the eventual ageing of the country’s still relatively young population bodes well for demand for the whole range of insurance products, particularly life and pensions. This chapter contains interviews with John Nelson, Chairman, Lloyd’s; and Gonzalo Pérez, CEO, Suramericana.