The Colombia general insurance market witnessed an increase at a compound annual growth rate (CAGR) of 3.9% from $4.8bn in 2016 to $5.8bn in 2021.

As per the data, the leading companies occupied 41.7% of Colombia’s total general insurance market.

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1. Seguros Generales Suramericana(Colombia)

Seguros Generales Suramericana(Colombia) ranked number one in the country, reporting a growth of 5.9% compared with the previous year’s premium. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

2. Seguros del Estado

Ranking number two in Colombia’s general insurance market was Seguros del Estado. The company registered a 14.7% growth compared with the premium in 2020. Among the leading general insurance companies, its position remained unchanged when compared with its previous years ranking.

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3. Seguros de Vida Suramericana

Seguros de Vida Suramericana ranked number three in Colombia’s general insurance market. Compared with previous year’s premium, the company registered a growth 15.9%. Its position among the leading general insurance companies remained unchanged over its ranking in the previous year.

4. La PrevisoraCompania De Seguros

La PrevisoraCompania De Seguros, which ranked number four in Colombia’s general insurance market, registered a 29.4% growth compared with last year’s premium. Its ranking among the leading general insurance companies in the previous year was six, which now improved to number four.

5. Compania Mundial De Seguros

Compania Mundial De Seguros ranked number five in Colombia’s general insurance market. The company registered a growth of 18.2% compared with last year’s premium. From number four position in the previous year, the company’s ranking among the leading general insurance slipped to number five.

Methodology

This analysis is drawn from GlobalData’s Company LoB Breakdowns Database, which tracks key insurance metrics across segments, categories, and line of businesses for more than 150 markets, globally. The data is sourced from regulatory authority/industry association/company SFCR. This data is mapped to segments and categories as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.