Labour law ensures that market is dominated by group life business

Contrary to the non-admitted regulations, it is estimated that between US$20mn and US$25mn of life business is placed offshore each year in the US and British markets

In 2005, Colombia’s total market premium income amounted to COP6,433.3bn (US$2,772.1mn). Life revenue amounted to COP2,342.0bn (US$1,009.2mn), personal accident and healthcare to COP491.2bn (US$211.7mn) and non-life to COP3,600.1bn (US$1,551.2mn). Total premiums increased by 4.5% over 2004, life premiums increased by 4.9% and those for personal accident and healthcare by 15.4%. Non-life growth was 2.9%.