The Colombian insurance sector is in the eye of foreign investors due to its strong fundamentals and positive regulations. According to the EMIS DealWatch database, between January 2015 and March 2019, the Colombian insurance sector saw a total of 15 M&A deals. In 2018, the most relevant deal was the acquisition of South African QBE Insurance Group’s Latin American operations in February by Zurich Insurance Group, for USD 409mn. New players also enter the sector through greenfield developments, such as BMI Seguros, the local subsidiary of US-based insurance company BMI, which launched its operations in the life segment in May 2018. However, as local incumbents dominate the industry, international companies are usually starting from a reduced market position, targeting niche segments not yet exploited by the main players. In 2018, mid-sized foreign companies with a market share lower than 4% as of the end of the year reported the highest growth rate in terms of written premiums across both the life and non-life segments. In spite of this positive performance, local companies still have the advantage of their long-standing associations with the largest banks and financial conglomerates in Colombia. As a result, foreign companies had a share of only 32% of written premiums in 2018, and the sector remained highly concentrated, with the main three players, all local companies, accounting for 40% of written premiums in 2018.

01 EXECUTIVE SUMMARY 

02 SECTOR IN FOCUS 

03 COMPETITIVE LANDSCAPE 

04 COMPANIES IN FOCUS

05 REGULATORY ENVIRONMENT 

06 LIFE INSURANCE 

07 NON-LIFE INSURANCE 

08 REINSURANCE 

09 RETAIL CHANNELS