Life insurance had a turnover of Col$46.1 trillion ($13.038 billion) in November 2020, representing a growth of 11.82% compared to the same period in 2019. In addition, life insurance generated Col$13.5 trillion ($3.818 billion) more than general insurance.
The Central Bank of Colombia (Banco de la República) reduced its estimate for Gross Domestic Product (GDP) growth in 2021 to a range between 2% and 6%, with an average of 4.5%. The bank's technical manager, Hernando Vargas, added that 2019 GDP levels would only be reached by the end of 2022.
Colombia will tender a phosphate exploration block in September as part of an effort to attract more mining investment and diversify away from coal. Government mining agency ANM will invite international companies to submit bids for nine areas, including copper-bearing areas, with pre-qualification beginning on 9 February. The phosphate block is located in the southeastern department of Huila.
Pharmetique Labs, best known for its La Santé brand, increased sales by more than 15%, or Col$512 billion ($144.81 million) in 2020. Generics led the way with a 21% share of sales, which is expected to reach 23% in 2021.
Holcim (Colombia) has introduced ECO Labels on the packaging of Holcim Boyacá Súper Fuerte and Holcim Maestro cement, providing information on CO2 reduction for sustainable products in the Colombian market. In the case of Boyacá Súper Fuerte cement, which is currently the most in demand in the Colombian market, this label will show the consumer that the CO2 reduction is equivalent to 40% and in the case of Maestro cement for masonry, the reduction reaches 50%.