Colombia
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Population & Scope
Population & Scope Statistical population Statistical populationGeneral remarks:
Insurance companies are classified in: (i) non-life insurance companies, and (ii) life insurance companies. However, some personal insurance lines of business may be underwritten by both life and non-life insurance companies, such as group life, unemployment, personal accidents, health, etc.
Branches of foreign insurance companies are admitted in Colombia but currently there is none that is operating.
The Workers' compensation line of business (LOB) is offered by life companies and all data of this LOB are included in the life segment. Workers' compensation insurance covers occupational injury and diseases but also pays retirement pensions derived from disability due to occupational diseases. Because of this, it is not possible to differentiate data for coverage.
As from the year 2015, insurance companies prepare their financial statements based on the International Financial Reporting Standards (IFRS), in accordance with the financial reporting standards accepted in Colombia, established in Law 1314 of 2009, regulated by Decree 2420 of 2015, as amended (among others) by Decree 2496 Of 2015 and Decree 2131 of 2016.
Definition of foreign-controlled companies:
Insurance companies incorporated in Colombia but controlled by entities or persons incorporated or located outside Colombia, in accordance with the definition of control set forth by Colombian law.
A company will be deemed controlled by another person or group of persons (the “parent” or “controller”) when its decision-making powers are subject, directly or indirectly, to the latter.
Control is presumed to exist when more than fifty per cent (50%) of the voting capital is directly or beneficially owned by the parent; when the parent and/or its controlled companies have the right to cast the majority of the votes at the shareholders’ meeting or the required votes to elect the majority of the members of the board of directors; and when the parent exercises dominant influence, directly and/or through its controlled companies.
1.1.3 Life insurance payments, by class, gross premiums:
Annuities include those derived from education insurance, mandatory pensions (Law 100), voluntary pensions, pension commutation insurance, voluntary annuities and matching contribution scheme denominated BEPS (acronym in Spanish for beneficios económicos periódicos).
1.4 Gross operating expenses:
Gross operating expenses cover all types of costs. To avoid duplication of data, for the calculation of the expense ratio and the combined ratio only the gross operating expenses must be considered and commissions must not be added to gross operating expenses.
Commission data only include intermediaries’ fee.
Asset allocation:
Data on land and buildings include real estate (property for own use and others directly held) from 2020 onwards.
From 2022 onwards, American Depositary Receipts (ADR) are reported within the information reported on investments in equity, and securitisations are reported within the information reported in other investments.
Insurance companies are classified in: (i) non-life insurance companies, and (ii) life insurance companies. However, some personal insurance lines of business may be underwritten by both life and non-life insurance companies, such as group life, unemployment, personal accidents, health, etc.
Branches of foreign insurance companies are admitted in Colombia but currently there is none that is operating.
The Workers' compensation line of business (LOB) is offered by life companies and all data of this LOB are included in the life segment. Workers' compensation insurance covers occupational injury and diseases but also pays retirement pensions derived from disability due to occupational diseases. Because of this, it is not possible to differentiate data for coverage.
As from the year 2015, insurance companies prepare their financial statements based on the International Financial Reporting Standards (IFRS), in accordance with the financial reporting standards accepted in Colombia, established in Law 1314 of 2009, regulated by Decree 2420 of 2015, as amended (among others) by Decree 2496 Of 2015 and Decree 2131 of 2016.
Definition of foreign-controlled companies:
Insurance companies incorporated in Colombia but controlled by entities or persons incorporated or located outside Colombia, in accordance with the definition of control set forth by Colombian law.
A company will be deemed controlled by another person or group of persons (the “parent” or “controller”) when its decision-making powers are subject, directly or indirectly, to the latter.
Control is presumed to exist when more than fifty per cent (50%) of the voting capital is directly or beneficially owned by the parent; when the parent and/or its controlled companies have the right to cast the majority of the votes at the shareholders’ meeting or the required votes to elect the majority of the members of the board of directors; and when the parent exercises dominant influence, directly and/or through its controlled companies.
1.1.3 Life insurance payments, by class, gross premiums:
Annuities include those derived from education insurance, mandatory pensions (Law 100), voluntary pensions, pension commutation insurance, voluntary annuities and matching contribution scheme denominated BEPS (acronym in Spanish for beneficios económicos periódicos).
1.4 Gross operating expenses:
Gross operating expenses cover all types of costs. To avoid duplication of data, for the calculation of the expense ratio and the combined ratio only the gross operating expenses must be considered and commissions must not be added to gross operating expenses.
Commission data only include intermediaries’ fee.
Asset allocation:
Data on land and buildings include real estate (property for own use and others directly held) from 2020 onwards.
From 2022 onwards, American Depositary Receipts (ADR) are reported within the information reported on investments in equity, and securitisations are reported within the information reported in other investments.
General remarks:
Insurance companies are classified in: (i) non-life insurance companies, and (ii) life insurance companies. However, some personal insurance lines of business may be underwritten by both life and non-life insurance companies, such as group life, unemployment, personal accidents, health, etc.
Branches of foreign insurance companies are admitted in Colombia but currently there is none that is operating.
The Workers' compensation line of business (LOB) is offered by life companies and all data of this LOB are included in the life segment. Workers' compensation insurance covers occupational injury and diseases but also pays retirement pensions derived from disability due to occupational diseases. Because of this, it is not possible to differentiate data for coverage.
As from the year 2015, insurance companies prepare their financial statements based on the International Financial Reporting Standards (IFRS), in accordance with the financial reporting standards accepted in Colombia, established in Law 1314 of 2009, regulated by Decree 2420 of 2015, as amended (among others) by Decree 2496 Of 2015 and Decree 2131 of 2016.
Definition of foreign-controlled companies:
Insurance companies incorporated in Colombia but controlled by entities or persons incorporated or located outside Colombia, in accordance with the definition of control set forth by Colombian law.
A company will be deemed controlled by another person or group of persons (the “parent” or “controller”) when its decision-making powers are subject, directly or indirectly, to the latter.
Control is presumed to exist when more than fifty per cent (50%) of the voting capital is directly or beneficially owned by the parent; when the parent and/or its controlled companies have the right to cast the majority of the votes at the shareholders’ meeting or the required votes to elect the majority of the members of the board of directors; and when the parent exercises dominant influence, directly and/or through its controlled companies.
1.1.3 Life insurance payments, by class, gross premiums:
Annuities include those derived from education insurance, mandatory pensions (Law 100), voluntary pensions, pension commutation insurance, voluntary annuities and matching contribution scheme denominated BEPS (acronym in Spanish for beneficios económicos periódicos).
1.4 Gross operating expenses:
Gross operating expenses cover all types of costs. To avoid duplication of data, for the calculation of the expense ratio and the combined ratio only the gross operating expenses must be considered and commissions must not be added to gross operating expenses.
Commission data only include intermediaries’ fee.
Asset allocation:
Data on land and buildings include real estate (property for own use and others directly held) from 2020 onwards.
From 2022 onwards, American Depositary Receipts (ADR) are reported within the information reported on investments in equity, and securitisations are reported within the information reported in other investments.
Insurance companies are classified in: (i) non-life insurance companies, and (ii) life insurance companies. However, some personal insurance lines of business may be underwritten by both life and non-life insurance companies, such as group life, unemployment, personal accidents, health, etc.
Branches of foreign insurance companies are admitted in Colombia but currently there is none that is operating.
The Workers' compensation line of business (LOB) is offered by life companies and all data of this LOB are included in the life segment. Workers' compensation insurance covers occupational injury and diseases but also pays retirement pensions derived from disability due to occupational diseases. Because of this, it is not possible to differentiate data for coverage.
As from the year 2015, insurance companies prepare their financial statements based on the International Financial Reporting Standards (IFRS), in accordance with the financial reporting standards accepted in Colombia, established in Law 1314 of 2009, regulated by Decree 2420 of 2015, as amended (among others) by Decree 2496 Of 2015 and Decree 2131 of 2016.
Definition of foreign-controlled companies:
Insurance companies incorporated in Colombia but controlled by entities or persons incorporated or located outside Colombia, in accordance with the definition of control set forth by Colombian law.
A company will be deemed controlled by another person or group of persons (the “parent” or “controller”) when its decision-making powers are subject, directly or indirectly, to the latter.
Control is presumed to exist when more than fifty per cent (50%) of the voting capital is directly or beneficially owned by the parent; when the parent and/or its controlled companies have the right to cast the majority of the votes at the shareholders’ meeting or the required votes to elect the majority of the members of the board of directors; and when the parent exercises dominant influence, directly and/or through its controlled companies.
1.1.3 Life insurance payments, by class, gross premiums:
Annuities include those derived from education insurance, mandatory pensions (Law 100), voluntary pensions, pension commutation insurance, voluntary annuities and matching contribution scheme denominated BEPS (acronym in Spanish for beneficios económicos periódicos).
1.4 Gross operating expenses:
Gross operating expenses cover all types of costs. To avoid duplication of data, for the calculation of the expense ratio and the combined ratio only the gross operating expenses must be considered and commissions must not be added to gross operating expenses.
Commission data only include intermediaries’ fee.
Asset allocation:
Data on land and buildings include real estate (property for own use and others directly held) from 2020 onwards.
From 2022 onwards, American Depositary Receipts (ADR) are reported within the information reported on investments in equity, and securitisations are reported within the information reported in other investments.