Bringing down the barriers

Showing promising growth and plenty of opportunities for re/insurers to enter the region, Colombia is an attractive prospect within both the Latin American market and the industry globally. However, a lack of local knowledge and understanding is preventing further interaction between the country and the London Market. Intelligent Insurer reports.

Responsible for 6 percent of the market within Latin America, Colombia is an increasingly attractive market for global re/insurers.

Last year, Colombia generated $8 billion of gross premiums and grew by 8.9 percent. With 42 companies operating in the insurance market—nine of these being local firms—there is plenty of scope for international markets, such as London, to enter the space.

However, as Juan Escobar, vice president of insurance, Suramericana—the country’s largest domestic insurer, in which Munich Re holds an 18.9 percent share—explains, there is work to be done if these partnerships are to be developed, especially with regard to culture and translation.