In 2H23, the loss ratio of the main business segments (except SOAT) is expected to improve once the effect of a full year of upward adjustments in premium prices is seen, accompanied by more controlled inflation.

Fitch’s report includes an overview of currently rated companies, the macroeconomic outlook for Colombia and an overview of the most important factors in the industry. These include the composition of the Colombian market by company and business line, the development of financial performance after the pandemic affected period and the companies’ current levels of leverage are reviewed in Fitch’s report. In addition, the report analyzes the composition of the investment portfolio of the rated companies.

The full report is available at www.fitchratings.com or by clicking here.

Korean Re CEO Jong Gyu Won (Photo courtesy Korean Re)

Korean Reinsurance Company has obtained approval from Colombian regulators to open a representative office in Bogota. This move is in line with its corporate strategy to further diversify into the Latin American markets.

The Bogota office will begin operation during the first half of 2020, with responsibility for Latin America and the Caribbean region. With the new operational outpost, Korean Re plans to start underwriting businesses in Property, Casualty and Bouquet Treaty lines, then expand later into Life, Facultative, and other lines.

“This further step into the region will push us further into new markets. We will continue to work on to go beyond the saturated domestic market, and make one of the top players in the world,” said CEO, Mr. Jong-Gyu Won, who has been leading the company’s global expansion strategy since taking the helm of Korean Re in 2013.

Photo courtesy of Korean Re

Susan Froma, n McLarens (Credit: McLarens)

Loss adjusting and claims specialist McLarens has promoted Susan Froman to senior vice president of business development for the Americas.

In her new role, Froman, who began working for the Atlanta-based firm three years ago, is charged with expanding client relationships and improving services.

The executive has spent the past decade in loss adjusting within the excess and specialty lines market in addition to her prior work in marketing, sales, and management, among other insurance- and loss-related roles.

McLarens, which provides provides claims management, loss adjusting, surveying, and auditing services, has three offices in Colombia — in Bogotá, Medellín, and Cali — as well as operations throughout Latin America, including locations in Brazil, Mexico, Argentina, Chile, and Panama.

The company specializes in claims and business in areas including property, casualty, aviation, marine, transit, and agriculture.

“Working with my colleagues to present a refreshing, intentional approach to the market is proving to strengthen relationships with our clients at home and abroad,” said Froman. “Building trust among our colleagues and clientele is my primary goal to reflect our quality of service.”

Accenture implemented the new system, based on TIA Technology’s core insurance solution, which supports underwriting, policy administration and claims management for the insurer’s P&C personal and commercial lines and is integrated with Zurich’s regional IT systems.

“Entering into the Colombian insurance market is an important component of Zurich’s expansion strategy into Latin America,” said Victoria Bejarano, CEO of Zurich’s Colombia operation. “Accenture has been a great partner in helping us implement this strategy, delivering results on time and in full compliance with regulatory demands, so that we can quickly meet the needs of local insurance consumers.”

Accenture provided implementation and support services to Zurich through its local facilities in Brazil and Colombia, as well as through its Global Delivery Network using a center in Pune, India.

“Latin America continues to be a promising market for insurance expansion, even as regulatory demands and competition are increasing,” said Andre Rezende, a managing director in Accenture’s Insurance practice in Colombia. “This is the third country in which we have implemented this solution for Zurich, in addition to Brazil and Venezuela, and we look forward to continuing to work with the company on its strategy for expansion in the region.”

“Colombia is an expanding market for insurance and we are pleased to support Zurich’s successful operational launch through the implementation of an insurance core system, which we accomplished in less than ten months and in full regulatory compliance,” said Juan Antonio Garcia, a managing director in Accenture’s Financial Services practice in Colombia.

Zurich Insurance Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.