Life Insurance in Ecuador, Key Trends and Opportunities to 2019

Transcription

1 Published on Market Research Reports Inc. ( Home > Life Insurance in Ecuador, Key Trends and Opportunities to 2019 Life Insurance in Ecuador, Key Trends and Opportunities to 2019 Publication ID: TMC Publication October 23, 2015 Date: Pages: 106 Publisher: Timetric Countries: Ecuador [1] $1, Publication Type * - Select - Please choose the suitable license type from above. More details are at given under tab "Report License Types" below. Add to cart Insurance [2] Country Overview (Banking & Finance) [3]

2 Banking & Finance [4] Description: Timetric s 'Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides indepth market analysis, information and insights into the Ecuadorian life insurance segment, including: The Ecuadorian life insurance segment s growth prospects by life insurance category Key trends, drivers and challenges for the life insurance segment A comprehensive overview of the Ecuadorian economy and demographics The various distribution channels in the Ecuadorian life insurance segment Details of the competitive landscape in the life insurance segment in Ecuador Details of regulatory policy applicable to the Ecuadorian insurance industry Timetric s 'Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Ecuadorian life insurance segment. It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period () and forecast period (). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ecuadorian economy and demographics and provides detailed information on the competitive landscape in the country. The report brings together Timetric s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure. Scope This report provides a comprehensive analysis of the life insurance segment in Ecuador: It provides historical values for the Ecuadorian life insurance segment for the report s review period, and projected figures for the forecast period. It offers a detailed analysis of the key categories in the Ecuadorian life insurance segment, along with market forecasts until 2019.

3 It analyses the various distribution channels for life insurance products in Ecuador. It profiles the top life insurance companies in Ecuador and outlines the key regulations affecting them. Reasons To Buy Make strategic business decisions using in-depth historic and forecast market data related to the Ecuadorian life insurance segment and each category within it. Understand the demand-side dynamics, key market trends and growth opportunities in the Ecuadorian life insurance segment. Assess the competitive dynamics in the life insurance segment. Identify growth opportunities and market dynamics in key product categories. Gain insights into key regulations governing the Ecuadorian insurance industry and their impact on companies and the industry's future. Key Highlights The life segment accounted for 14.0% of the Ecuadorian insurance industry s total gross written premium in The rising middle-class population and expanding economy encouraged life insurance business during the review period. In terms of life insurance category performance, group whole life dominated, with a gross written premium of US$291.9 million in In 2014, 44 insurers were authorized to conduct insurance business in Ecuador, with 22 active in the life segment. The segment s penetration was 0.3% in 2014; therefore Low penetration rate provides scope for growth. Table Of Contents: 1 Key Facts and Highlights 2 Executive Summary 3 Introduction 3.1 What is this Report About? 3.2 Definitions 3.3 Methodology 4 Economy and Demographics

4 5 Life Insurance Outlook 5.1 Key Drivers 5.2 Key Trends 5.3 Challenges 5.4 Life Insurance Growth Prospects by Category 5.5 Individual Whole Life Insurance 5.6 Group Whole Life Insurance 5.7 Non-Linked Life Insurance 6 Analysis by Distribution Channel 7 Competitive Landscape and Strategic Insights 7.1 Overview 7.2 Leading Companies in the Ecuadorian Life Insurance Segment Seguros del Pichincha SA company overview Equivida SA company overview ACE Seguros SA company overview Liberty Seguros SA company overview Pan American Life Insurance company overview Colvida SA company overview AIG Metropolitana Cia. De Seguros Y Reaseguros SA company overview Compañía De Seguros Ecuatoriano-Suiza SA company overview Seguros Sucre SA company overview BMI Financial Group Inc company overview 8 Governance, Risk and Compliance 8.1 Legislation Overview and Historical Evolution 8.2 Latest Changes in Regulations 8.3 Legislation and Market Practice by Type of Insurance Life insurance Property insurance Motor insurance Liability insurance Marine, aviation and transit insurance Personal accident and health insurance 8.4 Compulsory Insurance Traffic accident insurance (SOAT) General insurance under the Social Security Act Aviation insurance 8.5 Supervision and Control International Association of Insurance Supervisors Association of Insurance Supervisors Latin America Superintendency of Banks and Insurance

5 8.6 Non-Admitted Insurance Regulations Overview Intermediaries Market practices Fines and penalties 8.7 Company Registration and Operations Types of insurance organization Establishing a local company Foreign ownership Types of license Capital requirements Solvency margins Reserve requirements Investment regulations Statutory return requirements Fee structure 8.8 Taxation Insurance premium or policy taxation Withholding taxes on premium paid overseas Corporate tax VAT Captives 8.9 Legal System Introduction Access to court Alternative dispute resolution (ADR) 9 Appendix 9.1 Contact Timetric 9.2 About Timetric 9.3 Timetric s Services 9.4 Disclaimer List of Tables Table 1: Ecuadorian Life Insurance Key Facts, 2014 Table 2: Insurance Industry Definitions Table 3: Ecuadorian Government Credit Ratings Table 4: Ecuadorian Life Insurance Gross Written Premium by Category (US$ Million), Table 5: Ecuadorian Life Insurance Gross Written Premium by Category (US$ Million), Table 6: Ecuadorian Life Insurance Net Earned Premium (US$ Million), Table 7: Ecuadorian Life Insurance Net Earned Premium (US$ Million),

6 Table 8: Ecuadorian Life Insurance Paid Claims (US$ Million), Table 9: Ecuadorian Life Insurance Paid Claims (US$ Million), Table 10: Ecuadorian Life Insurance Incurred Loss (US$ Million), Table 11: Ecuadorian Life Insurance Incurred Loss (US$ Million), Table 12: Ecuadorian Life Insurance Commissions and Expenses (US$ Million), Table 13: Ecuadorian Life Insurance Commissions and Expenses (US$ Million), Table 14: Ecuadorian Life Insurance Net Written Premium (% of GWP), Table 15: Ecuadorian Life Insurance Net Written Premium (% of GWP), Table 16: Ecuadorian Life Insurance Total Assets (US$ Million), Table 17: Ecuadorian Life Insurance Total Assets (US$ Million), Table 18: Ecuadorian Life Insurance Total Investment Income (US$ Million), Table 19: Ecuadorian Life Insurance Total Investment Income (US$ Million), Table 20: Ecuadorian Life Insurance Net Written Premium (US$ Million), Table 21: Ecuadorian Life Insurance Net Written Premium (US$ Million), Table 22: Ecuadorian Individual Whole Life Insurance Gross Written Premium (US$ Million), Table 23: Ecuadorian Individual Whole Life Insurance Gross Written Premium by Category (US$ Million), Table 24: Ecuadorian Individual Whole Life Insurance Direct Written Premium (US$ Million), Table 25: Ecuadorian Individual Whole Life Insurance Direct Written Premium (US$ Million), Table 26: Ecuadorian Group Whole Life Insurance Gross Written Premium by Category (US$ Million), Table 27: Ecuadorian Group Whole Life Insurance Gross Written Premium (US$ Million), Table 28: Ecuadorian Group Whole Life Insurance Direct Written Premium (US$ Million), Table 29: Ecuadorian Group Whole Life Insurance Direct Written Premium (US$ Million), Table 30: Ecuadorian Non-Linked Insurance Business Gross Written Premium (US$ Million), Table 31: Ecuadorian Non-Linked Insurance Business Gross Written Premium (US$ Million), Table 32: Ecuadorian Non-Linked Insurance Business Direct Written Premium (US$ Million), Table 33: Ecuadorian Non-Linked Insurance Business Direct Written Premium (US$ Million), Table 34: Ecuadorian Life Insurance Number of Banking Entities, Table 35: Ecuadorian Life Insurance Number of Banking Entities,

7 Table 36: Ecuadorian Life Insurance Number of Insurance Agents, Table 37: Ecuadorian Life Insurance Number of Insurance Agents, Table 38: Ecuadorian Life Insurance Segment Shares (%), 2014 Table 39: Seguros del Pichincha SA, Key Facts Table 40: Seguros del Pichincha SA, Key Financials (US$ Million), Table 41: Equivida SA, Key Facts Table 42: Equivida SA, Key Financials (US$ Million), Table 43: ACE Seguros SA, Key Facts Table 44: ACE Seguros SA, Key Financials (US$ Million), Table 45: Liberty Seguros SA, Key Facts Table 46: Liberty Seguros SA, Key Financials (US$ Million), Table 47: Pan American Life Insurance, Key Facts Table 48: Pan American Life Insurance, Key Financials (US$ Million), Table 49: Colvida SA, Key Facts Table 50: Colvida SA, Key Financials (US$ Million), Table 51: AIG Metropolitana Cia. de Seguros y Reaseguros SA, Key Facts Table 52: AIG Metropolitana Cia. de Seguros y Reaseguros SA, Key Financials (US$ Million), Table 53: Compañía de Seguros Ecuatoriano-Suiza SA, Key Facts Table 54: Compañía de Seguros Ecuatoriano-Suiza SA, Key Financials (US$ Million), Table 55: Seguros Sucre SA, Key Facts Table 56: Seguros Sucre SA, Key Financials (US$ Million), Table 57: BMI Financial Group Inc., Key Facts Table 58: BMI Financial Group Inc., Key Financials (US$ Million), Table 59: Ecuador Insurance Regulatory Framework Key Features Table 60: Ecuador Life Insurance Regulatory Framework Table 61: Ecuador Property Insurance Regulatory Framework Table 62: Ecuador Motor Insurance Regulatory Framework Table 63: Ecuador Liability Insurance Regulatory Framework Table 64: Ecuador Compensation Provided by the Insurer in the Event of Accident Table 65: Ecuador List of Companies Authorized to Offer SOAT Table 66: Ecuador Aviation Insurance Cover Table 67: Ecuador Ratings Required for Registration of Reinsurance Business Table 68: Ecuador Taxes and Charges Levied on Insurance Premiums Table 69: Ecuador Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums Table 70: Ecuador Corporate Tax Rates in Ecuador for the Financial Year 2015 List of Figures Figure 1: Ecuadorian Real GDP (US$ Billion), Figure 2: Ecuadorian Consumer Price Inflation,

8 Figure 3: Ecuadorian Current Account Balance as Percentage of GDP (%), Figure 4: Ecuadorian Unemployment Rate, Figure 5: Ecuadorian Population by Age Group, Figure 6: Life Insurance Penetration in Latin America (%), 2014 Figure 7: Ecuadorian Population Distribution by Age (%), Figure 8: Ecuadorian Life Insurance Gross Written Premium by Category (US$ Million), Figure 9: Ecuadorian Life Insurance Gross Written Premium by Category (% Share), 2014 and 2019 Figure 10: Ecuadorian Life Insurance Gross Written Premium Dynamics by Category ( ) Figure 11: Ecuadorian Life Insurance Net Earned Premium (US$ Million), Figure 12: Ecuadorian Life Insurance Net Earned Premium (US$ Million), Figure 13: Ecuadorian Life Insurance Paid Claims (US$ Million), Figure 14: Ecuadorian Life Insurance Paid Claims (US$ Million), Figure 15: Ecuadorian Life Insurance Incurred Loss (US$ Million), Figure 16: Ecuadorian Life Insurance Incurred Loss (US$ Million), Figure 17: Ecuadorian Life Insurance Commissions and Expenses (US$ Million), Figure 18: Ecuadorian Life Insurance Commissions and Expenses (US$ Million), Figure 19: Ecuadorian Life Insurance Net Written Premium (% of GWP), Figure 20: Ecuadorian Life Insurance Net Written Premium (% of GWP), Figure 21: Ecuadorian Life Insurance Total Assets (US$ Million), Figure 22: Ecuadorian Life Insurance Total Assets (US$ Million), Figure 23: Ecuadorian Life Insurance Total Investment Income (US$ Million), Figure 24: Ecuadorian Life Insurance Total Investment Income (US$ Million), Figure 25: Ecuadorian Life Insurance Net Written Premium (US$ Million), Figure 26: Ecuadorian Life Insurance Net Written Premium (US$ Million), Figure 27: Ecuadorian Life Insurance Investment Portfolio (US$ Million), Figure 28: Ecuadorian Life Insurance Investment Portfolio, 2010 and 2014 Figure 29: Ecuadorian Life Insurance Penetration (Ratio of Direct Premium to GDP), Figure 30: Ecuadorian Life Insurance Density (Direct Premium per Capita), Figure 31: Ecuadorian Life Insurance Total Investments (US$), Figure 32: Ecuadorian Individual Whole Life Insurance Direct Written Premium (US$ Million), Figure 33: Ecuadorian Individual Whole Life Insurance Direct Written Premium (US$ Million), Figure 34: Ecuadorian Group Whole Life Insurance Direct Written Premium (US$ Million), Figure 35: Ecuadorian Group Whole Life Insurance Direct Written Premium (US$ Million), Figure 36: Ecuadorian Non-Linked Insurance Business Gross Written Premium (US$ Million),

9 Figure 37: Ecuadorian Non-Linked Insurance Business Gross Written Premium (US$ Million), Figure 38: Ecuadorian Non-Linked Insurance Business Direct Written Premium (US$ Million), Figure 39: Ecuadorian Non-Linked Insurance Business Direct Written Premium (US$ Million), Figure 40: Ecuadorian Life Insurance Number of Banking Entities, Figure 41: Ecuadorian Life Insurance Number of Banking Entities, Figure 42: Ecuadorian Life Insurance Number of Insurance Agents, Figure 43: Ecuadorian Life Insurance Number of Insurance Agents, Figure 44: Ecuadorian Life Insurance Segment Shares (%), 2014 Figure 45: Ecuador Insurance Supervision and Control at Various Levels Figure 46: Ecuador Insurance Regulatory Frameworks for Company Registration and Operation Figure 47: Ecuador Judiciary System Companies Mentioned: Seguros del Pichincha SA Equivida SA ACE Seguros SA Liberty Seguros SA Pan American Life Insurance Colvida SA AIG Metropolitana Cia. De Seguros Y Reaseguros SA Compañía De Seguros Ecuatoriano-Suiza SA Seguros Sucre SA BMI Financial Group Inc License Types: Single User License (PDF) This license allows for use of a publication by one person. This person may print out a single copy of the publication. This person can include information given in the publication in presentations and internal reports by providing full copyright credit to the publisher. This person cannot share the publication (or any information contained therein) with any other person or persons. Unless a Enterprise License is purchased, a Single User License must be purchased for every person that wishes to use the publication within the same organization. Customers who infringe these license terms are liable for a Global license fee.

10 Site License (PDF)* This license allows for use of a publication by all users within one corporate location, e.g. a regional office. These users may print out a single copy of the publication. These users can include information given in the publication in presentations and internal reports by providing full copyright credit to the publisher. These users cannot share the publication (or any information contained therein) with any other person or persons outside the corporate location for which the publication is purchased. Unless a Enterprise License is purchased, a Site User License must be purchased for every corporate location by an organization that wishes to use the publication within the same organization. Customers who infringe these license terms are liable for a Global license fee. Global License (PDF)* This license allows for use of a publication by unlimited users within the purchasing organization e.g. all employees of a single company. Each of these people may use the publication on any computer, and may print out the report, but may not share the publication (or any information contained therein) with any other person or persons outside of the organization. These employees of purchasing organization can include information given in the publication in presentations and internal reports by providing full copyright credit to the publisher. *If Applicable. Source URL: -and-opportunities-2019 Links [1] [2] [3] [4]