OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV 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.
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