Colombian insurance market outlook remains ‘negative’

U.S.-based A.M. Best Co. Inc. has retained its “negative” outlook for Colombia’s insurance industry citing economic challenges in the country due to the impact of COVID-19 pandemic and adverse global conditions, Reinsurance News reported. Although the country’s aggregate insurance premium increased almost 16% year-on-year to more than 35 billion Colombian pesos ($7.5 million) in 2021, fallout from the pandemic will continue to strain the industry, says A.M. Best.