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Colombia: Insurance market set for change but challenges loom

January 31, 2014 - 6:00am

Colombia's insurance market dynamics are set to change mainly because of the market opening up to foreign firms and other factors such as higher investments in infrastructure projects and a positive economic growth outlook, BNamericas reports.

However, there could be some potential challenges, including stronger competition and the effects of higher regulatory costs. Fitch Ratings Inc. said that over the past five years, the sector has faced price wars in some segments, including property/casualty.

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