Colombian authorities are working to align national regulations more closely with international standards. Last year, new rules were introduced covering risk-based standards and reserving with tighter rules on solvency and transparency. Work is now being undertaken to incorporate IFRS17 accounting standards into the national regulatory regime. The government hopes this will open up the market, although it comes against a background of high inflation, currency devaluation, rising medical and motor repair costs, all putting pressure on insurer margins.