Inclusive Insurance in Colombia

Driving the Inclusive Insurance Market: Promising Developments and Strong Commitment

Colombia shows promise when it comes to the development of inclusive insurance. In addition to a regulatory framework that helps the low-income population access insurance products, there is a strong commitment, from both public and private sectors, to create a dynamic market for inclusive insurance in the country.

In 2016, the government launched a project to boost inclusive insurance in the country, funded through their “Banca de las Oportunidades” programme. It is supported by the financial regulating agency, Superintendencia Financiera de Colombia (SFC), and the insurance industry association, Federación de Aseguradores Colombianos (FASECOLDA).

• Progress has been made in developing regulations that facilitate the marketing and sales of microinsurance. The country has now simplified client identification and pricing requirements, and alternative distribution channels for microinsurance have been enabled.
• Colombia is one of the few countries where disaggregated data for microinsurance have been included in both supply and demand studies on insurance.

A Spanish language version of this report is available on request