Regulation tightens as Colombia's insurance market grows and matures

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<title>Regulation tightens as Colombia's insurance market grows and matures</title>
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<namePart>A.M. Best Company</namePart>
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<dateIssued>2012</dateIssued>
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<abstract displayLabel="Summary">The report finds that the Colombian insurance industry's gross premium increased by 15% to COP 14.2 trillion (USD 7.3 billion) in 2011, according to BestLink data A.M. Best projects that total premium will reach COP 20.3 trillion in 2016. The level of insurance penetration in Colombia has held steady at 2.3% in each of the past three years, but A.M. Best expects this to increase if overall economic growth keeps unemployment stable, consumer spending power subsequently elevates and more individuals join the formal economy as banking customers</abstract>
<note type="statement of responsibility">Al Slavin</note>
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<topic>Mercado de seguros</topic>
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<topic>Perspectivas del seguro</topic>
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<topic>Penetración del seguro</topic>
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<topic>Ranking</topic>
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<topic>Grupos aseguradores</topic>
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