Lloyd’s first registered as a foreign insurer in 1999 and throughout the early part of the 21st century Colombia has become a key part of Lloyd’s growing presence in Latin America.

In 2015, Lloyd’s was granted permission to open a representative office in Colombia, allowing us to contribute valuable capability and expertise to both the local insurance market and Latin America.

The expert underwriters at Lloyd’s provide their Colombian customers with the same innovative insurance solutions, financial security and strong international ratings Lloyd’s has always been known for.

In the past two years, insurance growth has more than doubled the country’s average economic growth rates, and the outlook for the national insurance market remains positive.

Last year US$98mn worth of premiums was written in Colombia with catastrophe and facultative reinsurance business the strongest classes alongside property lines including power generation, engineering and aviation.

However, with insurance penetration at only 1.6%, businesses and communities throughout Colombia remain vulnerable to global economic uncertainty, political instability and natural catastrophes including floods, earthquakes and fires.

Economic and domestic conditions are providing Colombia with the opportunity to work toward strong and sustainable growth.

By offering solutions to protect new businesses and assets, and by sharing our risk insights, Lloyd’s will continue to strengthen the Colombian insurance market, build local resilience and develop risk culture throughout the region.

Top ten classes of reinsurance business in Colombia

 

Top ten classes of reinsurance