Colombia’s insurance sector has experienced substantial growth in premiums in recent years as the country’s income levels have risen and public security has improved. The presence of foreign companies within the sector has intensified competition, increasing over the years the standard of services delivered.
Dr. Gilberto Quinche Toro, President of Positiva Compañía de Seguros
S.A. says: “The free trade agreement (FTA) comes at a good time. The country is in good condition after having been in a delicate domestic situation for many years. People are enthusiastic and the investment climate is good.”
The free trade agreement (FTA) comes at a good time... People are enthusiastic and the investment climate is good.
Dr. Gilberto Quinche Toro,
President of Positiva
Compañía de Seguros
Dr. Quinche participated in the first negotiation rounds of the FTA as vice-president of Positiva’s health area and knows the benefits that come with its ratification. “Today, the FTA is an opportunity for Colombia to see if it will impact on job creation, to see if it will be a strong stimulant to the economy and whether or not foreign direct investment increases with a consequent increase in productivity,” he says.
Dr. Quinche also hopes the health sector will benefit from the agreement: “The financial and health sectors are based on trust. And while the financial sector right now is enjoying having the confidence, the health sector is not.”
Positiva Seguros, established in 1965 to meet the demands of Colombia’s private sector, is today a leader of the domestic market and specialized in occupational hazards and life insurance. It is currently set on international expansion and becoming the country’s leading insurer by 2013.
With the onset of the FTA following new activity ignited in Colombia due to an increase in public infrastructure spending and private equity investments in 2009, Positiva is set to meet its objectives.
In 2008 the insurance company had 1.7 million insured and by 2011 boasted a clientele of over 3.3 million. The company is prepared to continue growing with a robust financial back up set aside in reserves.
Positiva’s president explains: “The company, in order to ensure its long-term payment obligations (to pensioners or accident victims who die or are incapacitated), has reserves of nearly $1.7 billion and a portfolio of over $2.24 billion, which guarantees that our financial management allows us to cover our short, medium and long-term commitments.”
Positiva offers a comprehensive range of products for individuals and groups, including life, accident and health insurance, pensions, special insurance for drivers and builders.
Moreover, Positiva Seguros is certified in best practices having attained the ISO 9001 for quality, ISO 14001 for environmental management, and the OHSAS 18001 in security and health, as well as being rated AA+ by Value and Risk Rating S.A.