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"Colombia is heavily underinsured. If you look at insurance penetration ... Colombia is about a quarter of where it should be," said John Nelson, chairman of Lloyd's of London.

"The potential to grow in Colombia is immense," said President Santos.

The AIG sale of its business in Colombia to Fairax should spell good news for Lloyd's office in the capital.

With an insurance penetration rate of just 3.1%, Lloyd's sees great opportunity in Latin America.

Not counting the rest of Colombia, Bogotá and Medellín alone face a total of $43.97 billion USD of risk over the next decade, according to analysis by Lloyd’s of London. Human created risks, such as terrorism, cyber attacks, or market collapse make up 45% of the measured risk....

London based global specialty insurance and reinsurance market Lloyd’s, announced last week that it has received approval from the Colombia’s financial regulatory authority Superfinanciera to open a representative office in Bogotá.  Under the new Lloyd’s representative...