U.K.-based Bupa and Spain's Santalucía Seguros have entered the Colombian insurance market by partnering with local firms, El Tiempo reported.
Santalucía Seguros has partnered with financial development institution Fundación Social to create a company focused on funeral insurance, a market that grows at a rate of 16.4% per year. The Spanish insurer did not give details on the amount of their investment, although it noted that this will be in the same amount as of that of Fundación Social.
Santalucía Seguros also plans to delve into the nursing home business, in partnership with local firm Ballesol.
Meanwhile, Bupa has reached a strategic agreement with Compañía de Seguros Bolívar SA to share a network of services, global coverage and products designed for families and high-income individuals. The partnership does not involve capital investment from both parties, according to Moses Dodo, general manager of Bupa Global Latin America.
Bupa also believes there is a good business opportunity in Colombia's nursing home market.