Agents, Brokers and Bancassurance commissions in Colombia - 2023.03 Rankings

Ranking of insurers with the highest year-on-year market capture in commissions to agents and brokers

BOLIVAR tops the ranking in year-on-year market capture in commissions to agents and brokers, having gained 2.36% market share points compared to the previous year. It is followed by COLMENA?with an increase of 1.4%, PAN AMERICAN LIFE with 0.6%, SURA with 0.58%, and ALLIANZ with 0.42%.

Ranking of insurers with the highest year-on-year market capture in commissions to banks and other distribution alliances

In the segment of commissions to banks and other alliances, AXA leads the ranking with an increase of 2.97 market share points compared to the previous year. LIBERTY takes the second place with an increase of 2.8 points, followed by CARDIF COLOMBIA with 0.93 points, CHUBB with 0.34 points, and PREVISORA with 0.24 points.

SURA stands out in both commissions to insurance intermediaries and bancassurance. However, the growth of ALFA in the bancassurance segment is noteworthy. Additionally, BOLIVAR is positioned as the insurer with the highest year-on-year market capture in commissions to agents and brokers, while AXA leads in commissions to banks and other alliances.

These data reveal the outstanding position of SURA in the Colombian insurance market, both in commissions to insurance intermediaries and bancassurance and other alliances. In the case of commissions to insurance intermediaries, Suramericana holds an impressive 25.2% share in total commissions, demonstrating its leadership and dominance in this segment.

Furthermore, regarding commissions to bancassurance and other alliances, SURA also stands out with a 26.1% share. However, it is important to highlight the significant growth of ALFA, with an 18.9% share, and CARDIF Colombia, with a 15.9% market share. These figures indicate that these companies have successfully established strategic alliances with banking institutions and other entities, allowing them to capture a significant portion of the market.?

Insurance intermediaries in Colombia: Types and commissions

Insurance Intermediary is the natural or legal person in charge of offering, promoting, advising and managing the insurance of natural or legal persons who need protection, on behalf of Insurance forecast.

In accordance with the Commercial Code, insurance brokers are constituted companies or that are constituted as corporations, whose corporate purpose is exclusively to offer insurance, promote their celebration and obtain their renewal as between the insured and the insurer.

Also, the insurance agencies are legal actors operating in the corporate form of limited liability companies, simple limited companies or collective companies. Their work is to promote the conclusion of insurance contracts, renewal of them, representing one or more insurance companies in a certain territory and may not exercise their activity without the prior authorization of insurance companies or capitalization companies.

The independent agents are those natural actors who by their own means are dedicated to the promotion of insurance policies and capitalization titles, without dependence on the insurance company or the capitalization company under a commercial contract.

The commission is the payment or compensation that is recognized to the intermediary for having deployed all its activity of offering and promotion of the company's products and the payment of the policies is registered, concluding said work with the hiring of insurance, with the renewal of a policy or when a modification is made that generates primary readjustment.

Source:

INSURANCE AGENTS, BROKERS AND BANCASSURANCE IN COLOMBIA