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Colombia: Entry of new insures expected to result in price war


Several international insurers are entering Colombia and there are expectations of a price war in the insurance sector, Colombian daily El Tiempo reported.

Existing insurers are aware that new rivals could bring with them not only new products but also new strategies. Colombia's insurance penetration has improved in recent years, but is still only 2.7% of gross domestic product and is among the lowest in Latin America.

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