Colombia's insurance market : life segment leads growth as non-life faces rising leverage risks

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      <subfield code="a">Market Segment Report: Colombia Non-life Insurance -- Exhibit 1: Insurance Penetration Rates in Latin America -- Exhibit 2: Colombia: Gross Written Premiums -- Exhibit 3: Colombia Non-life Insurance: Net Investment Income & Pretax Operating Gains -- Exhibit 4: Colombia Life Insurance: Net Investment Income & Pretax Operating Gains -- Exhibit 5: Colombia Non-life Insurance: Debt to Capital -- Exhibit 6: Colombia Life Insurance: Debt-to-Capital -- Exhibit 7: Colombia Non-Life Insurance: Average Combined Ratio</subfield>
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      <subfield code="a">The report provides an analysis of Colombia's insurance industry, highlighting the life segment as the main driver of growth, with premiums surpassing COL 30 trillion in 2024 and rebounding strongly after a slowdown in 2023. Despite severe investment losses in 2023-2024 due to market volatility, both life and non-life insurers maintained solid pretax operating gains, underscoring strong underwriting fundamentals. Non-life insurers improved profitability significantly, reducing combined ratios from 118% in 2020 to 74% in 2024, but face rising financial leverage risks as debt-to-capital ratios approach 100%, prompting potential regulatory concerns. Life insurers remain more conservatively leveraged, supported by stronger capital buffers. Looking ahead, continued underwriting strength, potential recovery in investment income, and growing demandparticularly in health, cyber, and climate-related coverage position Colombia's insurance market for moderate, stable growth, though non-life players must balance expansion with financial risk management</subfield>
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