Press Release - JUNE 28, 2019
AM BestTV: Growth in Colombia’s Insurance Market Supports Stable Outlook, Says AM Best Associate Director
| ||Lee McDonald|
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
FOR IMMEDIATE RELEASE
OLDWICK - JUNE 28, 2019
In this AM BestTV episode, Eli Sanchez, associate director, AM Best, said Colombia’s national economy continues to grow, which is creating positive growth conditions for the country’s life and non-life sectors. Click on http://www.ambest.com/v.asp?v=colombia_english619 to view the entire program.
AM Best has placed a stable market segment outlook on Colombia’s insurance industry. Sanchez discussed the rationale for that outlook.
“AM Best’s stable outlook is based on the economic growth in Colombia,” said Sanchez. “AM Best expects Colombia’s economy to grow at a rate of 3.3% in 2019. This kind of increase could foster growth in the personal lines segment and further growth in the property/casualty segment.”
Sanchez also addressed the differences between Colombia’s life and non-life markets.
“They are a bit different. In terms of growth, the property/casualty segment has increased by approximately 6.9%, while the life sector has increased by around 4%. In terms of net income, the property/casualty segment increased by around 12% during 2018, while the life segment decreased to approximately 30%. However, going forward, AM Best believes each segment will keep improving its net income, instead of only the property/casualty one.”
To access a copy of this market segment report, titled, “Market Segment Outlook: Colombia Insurance,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=285284 .
Recent AMBestTV episodes:
- Product Penetration Aids Stable Outlook for French Life Insurance Market, Says AM Best Senior Financial Analyst: Pierre Tournier, senior financial analyst, AM Best, said about 40% of French household savings are invested in insurance offerings: http://www.ambest.com/v.asp?v=frenchlife_english519 .
- Germany’s Life Sector Burdened by Product Commitments and Reserving, Says AM Best Financial Analyst: Martina Seydoux, financial analyst, AM Best, said Germany’s life insurers are squeezed by commitments to products that require higher margins, although amended regulations will require them to reserve less against prolonged low interest rates: http://www.ambest.com/v.asp?v=germanlife519 .
- Despite Storms, Outlook for Germany’s Non-Life Sector Stable, Says AM Best Financial Analyst: Konstantin Langowski, financial analyst, AM Best, said that despite a slight deterioration of the combined ratio for Germany’s non-life industry in 2018, the overall sector’s financial condition still supports a stable market segment outlook: http://www.ambest.com/v.asp?v=germannonlife419 .
- To Cover the Biggest Risk Needs, Think Microinsurance: Attendees at the International Insurance Society (IIS) Global Insurance Forum said insurers coming together to create programs and products, along with technology, are helping to bring insurance coverage to developing and impoverished regions: http://www.ambest.com/v.asp?v=iis3619 .
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AM Best is a global rating agency and information provider with a unique focus on the insurance industry.