Inclusive insurance and risk financing in Colombia. Snapshot and way forward 2023

Inclusive insurance and risk financing in Colombia. Snapshot and way forward 2023

January 23, 2023

This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for Colombia. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.

Colombia’s top risks include floods, earthquakes, drought and landslides. Its regulator and insurance association are supportive of inclusive insurance development. The country has a clear structure for disaster risk management and uses some disaster risk financing mechanisms.

Recommendations include creating cohesive inclusive insurance regulatory guidelines;  promoting the development of inclusive agriculture and disaster risk insurance products; and developing further risk transfer mechanisms.