Life insurance premiums in Colombia increased by 14% to COP4.39trn ($1.82bn) for the year 2014 compared to COP3.84trn ($1.62bn) during 2013, reported citing data released by local insurance association the Federación de Aseguradores Colombianos (Fasecolda).

Fasecolda’s figures were corresponding to the projections made in January by, MetLife Colombia Seguros Vida president Santiago Osorio Falla.

The claims ratio in the life segment decreased from 47% to 46%. Meanwhile, net income for the sector rose marginally to COP402bn.

P&C premiums rose 8% to COP9.83tn, while net income declined to COP175bn from COP210bn the year before, according to Fasecolda.

The claims ratio for the P&C segment increase to 52% during 2014 from 50% the year before, said the association.

As of November 2014, Colombia’s biggest P&C insurer was Suramericana, followed by Seguros del Estado, Colpatria, Liberty and Allianz.

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