Lloyd’s boosts LatAm presence with Colombia office
Lloyd’s, the specialist insurance and reinsurance market, has expanded its presence in the Latin America market with the opening of an office in Bogota, Colombia.
Advent and Brit, two Lloyd’s insurers, will be represented on the Lloyd’s Colombia platform alongside the Lloyd’s representative office.
In 2015, Juan Carlos Realphe, Lloyd’s Colombia country manager, was appointed as the first general representative and Lloyd's received a license to provide onshore reinsurance.
“Colombia is an important part of Lloyd’s future growth strategy, both as a fast-growth market and as a gateway to Latin America, and I am delighted to be opening our office today,” said John Nelson, chairman of Lloyd’s.
“Colombia is a growing economy which is making significant investments for the future. However, insurance penetration is one of the lowest in Latin America, at only 1.6 percent of GDP. As Colombia realises its economic potential, insurance and reinsurance can play a key role in supporting this economic growth by improving resilience, taking risks out of the country, and helping the economy recover after catastrophes,” he said.
According to a Lloyd’s underinsurance report Colombia has an underinsurance gap of $570 million against its natural catastrophe exposures.
Additionally, a recent Lloyd’s study with Cambridge University, the City Risk Index, found that the cities of Bogota and Medellin will generate $2.5 trillion in economic growth over the next decade but could have $44 billion at risk from a series of threats.
Nelson added: “Lloyd’s, as the world’s specialist insurance and reinsurance market, can help to support and protect Colombia’s economic growth by sharing our risk insights and offering solutions to protect businesses and assets.”
Realphe added: “Lloyd’s has been an important provider of reinsurance solutions for complex and specialist risks to the Colombian market for many years, particularly in the property, energy, aviation, financial lines, liability and construction lines.
“The Lloyd’s market brings an innovative approach, specialist knowledge and strong financial security to pay claims and help businesses in Colombia and across Latin America.
“I am delighted to be opening the office today and welcoming Advent and soon Brit, and I look forward to having more Lloyd’s insurers joining us on the platform in time.
“Lloyd’s increased presence in Colombia will contribute to the development of a more diverse reinsurance market, increase insurance penetration and support the future growth of the Colombian economy.”
