Swiss Re recently reported in its Sigma publication that the Colombian insurance market grew by 14.9% over the last year. This growth was driven by the life insurance sector, which grew by 40.9% over the same period.
In other Colombian insurance news, two industry organizations, FASECOLDA and the Instituto Nacional de Seguros, have scheduled for this coming August 19 a program entitled “Basil II and Its Effect on the Colombian Insurance Market.” The program, which reflects Latin American markets continuing acknowledgement of the significance of Solvency II, tentatively includes seminars regarding comparative evaluation with other solvency models (including the U.S.A., Canada and Australia), market price valuation of investments and reserves and minimum capital for solvency and operation.
The general insurance market in Ecuador reportedly grew by 20.17% (US$ 107.08 million) when comparing May 2009 to May 2008. The top ten general insurers in the market as of May 2009 are Colonial, Equinoc, AIG, Sul America, Panam, Sucre, Condor, Interoceano, Atlas and Bolivar.
Net profits in the Nicaraguan insurance market reportedly grew 45.8% between June 2008 and June 2009, due primarily to technical and financial improvements in the industry. Total premiums did reportedly increase by 6.81% over the same period.
Venezuelan insurance brokers are warning that, under the new proposed insurance law, local insurance and reinsurance capacity may not meet local demand. In particular, the brokers have signaled that the capital requirements imposed by the new law may require a greater reliance upon foreign reinsurers to adequately cover the insurance needs of large public and private entities.