Life Insurance in Peru, Key Trends and Opportunities to 2020

Published: Dec, 2016 | Pages: 100 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Life Insurance in Peru Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Peruvian life insurance segment, and a comparison of the Peruvian insurance industry with its regional counterparts.

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 (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Peruvian 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 the regulatory structure.

Synopsis

Timetric’s 'Life Insurance in Peru Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Peruvian life insurance segment, including:

• An overview of the Peruvian life insurance segment

• The Peruvian life insurance segment’s growth prospects by category

• A comprehensive overview of the Peruvian economy and demographics

• A comparison of the Peruvian life insurance segment with its regional counterparts

• The various distribution channels in the Peruvian life insurance segment

• Details of the competitive landscape in the life insurance segment in Peru

• Details of regulatory policy applicable to the Peruvian insurance industry

Scope

This report provides a comprehensive analysis of the life insurance segment in Peru:

• It provides historical values for the Peruvian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Peruvian life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Peruvian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Peru.

• It profiles the top life insurance companies in Peru 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 Peruvian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Peruvian 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 Peruvian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• Life insurance was the largest segment in the Peruvian insurance industry in 2015, accounting for 47.9% of the industry’s gross written premium.

• Insurance penetration in the life segment was 0.9% in 2015.

• The Peruvian life segment is consolidated, with the 10 leading companies accounting for 99.0% of the segment’s direct written premium in 2015.

• In August 2014, the SBS made it mandatory for all independent workers under the age of 40 to contribute to the private pension system.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments

5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration

6 Distribution Channel Outlook

7 Competitive Landscape
7.1 Company Profiles
7.1.1 Rímac Seguros y Reaseguros – company overview
7.1.2 El Pacífico Vida Compañía de Seguros y Reaseguros – company overview
7.1.3 Interseguro Compañía de Seguros SA – company overview
7.1.4 La Positiva Vida Seguros & Reaseguros SA – company overview
7.1.5 Seguros Sura SA – company overview

8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Third-party liability insurance for vehicles carrying dangerous goods
8.4.2 Motor third-party liability insurance
8.4.3 Insurance for risky work
8.4.4 Group life insurance for all employees with more than four years service
8.4.5 Aviation liability insurance
8.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters
8.4.7 Liability insurance for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 Superintendent of Bank and Insurance
8.5.4 Peruvian Association of Insurance (LA Asociación Peruana de Empresas de Seguros - Apeseg)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure 86
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution

9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Group Life Insurance
9.7 Group Life Insurance by Product

10 Definition and Methodology
10.1 Definitions
10.2 Methodology

11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

List of Tables

Table 1: Peruvian Life Insurance – Key Facts, 2015
Table 2: Peruvian Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Peru Government Credit Ratings
Table 4: Peruvian Life Insurance – Gross Written Premium (PEN Billion and US$ Billion), 2011–2015
Table 5: Peruvian Life Insurance – Penetration (%), 2011–2015
Table 6: Peruvian Life Insurance – Gross Written Premium (PEN Billion and US$ Billion), 2015–2020
Table 7: Peruvian Life Insurance – Penetration (%), 2015–2020
Table 8: Peruvian Life Insurance – Premium per Capita (PEN and US$), 2011–2015
Table 9: Peruvian Life Insurance – Premium per Capita (PEN and US$), 2015–2020
Table 10: Peruvian Life Insurance – Number of Policies Sold (Million), 2011–2015
Table 11: Peruvian Life Insurance – Number of Policies Sold (Million), 2015–2020
Table 12: Peruvian Life Insurance – Paid Claims (PEN Billion and US$ Million), 2011–2015
Table 13: Peruvian Life Insurance – Paid Claims (PEN Billion and US$ Million), 2015–2020
Table 14: Peruvian Life Insurance – Total Assets (PEN Billion and US$ Billion), 2011–2015
Table 15: Peruvian Life Insurance – Total Assets (PEN Billion and US$ Billion), 2015–2020
Table 16: Peruvian Life Insurance – Total Investment Income (PEN Million and US$ Million), 2011–2015
Table 17: Peruvian Life Insurance – Total Investment Income (PEN Billion and US$ Billion), 2015–2020
Table 18: Peruvian Life Insurance – Investment Portfolio (PEN Billion), 2011–2015
Table 19: Peruvian Life Insurance – Investment Portfolio (PEN Billion), 2015–2020
Table 20: Peruvian Life Insurance – Direct Written Premium by Sub-Segment (PEN Billion), 2011–2015
Table 21: Peruvian Life Insurance – Direct Written Premium by Sub-Segment (PEN Billion), 2015–2020
Table 22: Peruvian Individual Life Insurance – Direct Written Premium by Category (PEN Billion), 2011–2015
Table 23: Peruvian Individual Life Insurance – Direct Written Premium by Category (PEN Billion), 2015–2020
Table 24: Peruvian Individual Life Insurance – Number of Policies Sold by Category (Million), 2011–2015
Table 25: Peruvian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020
Table 26: Peruvian Group Life Insurance – Direct Written Premium by Category (PEN Million), 2011–2015
Table 27: Peruvian Group Life Insurance – Direct Written Premium by Category (PEN Billion), 2015–2020
Table 28: Peruvian Group Life Insurance – Number of Policies Sold by Category (Million), 2011–2015
Table 29: Peruvian Group Life Insurance – Number of Policies Sold by Category (Million), 2015–2020
Table 30: Peruvian Insurance Industry – Market Shares of Leading Insurers (%), 2015
Table 31: Rímac Seguros y Reaseguros – Key Facts
Table 32: Rímac Seguros y Reaseguros – Key Financials (PEN Billion), 2011–2015
Table 33: El Pacífico Vida Compañía de Seguros y Reaseguros – Key Facts
Table 34: El Pacífico Vida Compañía de Seguros y Reaseguros – Key Financials (PEN Million), 2011–2015
Table 35: Interseguro Compañía de Seguros SA – Key Facts
Table 36: Interseguro Compañía de Seguros SA – Key Financials (PEN Million), 2011–2015
Table 37: La Positiva Vida Seguros & Reaseguros SA – Key Facts
Table 38: La Positiva Vida Seguros & Reaseguros SA – Key Financials (PEN Million), 2011–2015
Table 39: Seguros Sura SA – Key Facts
Table 40: Seguros Sura SA – Key Financials (PEN Million), 2011–2015
Table 41: Peru – Insurance Regulatory Framework Key Features
Table 42: Peru – Life Insurance Regulatory Framework
Table 43: Peru – Property Insurance Regulatory Framework
Table 44: Peru – Motor Insurance Regulatory Framework
Table 45: Peru – Liability Insurance Regulatory Framework
Table 46: Peru – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 47: Peru – Maximum Cover for Professional Indemnity Insurance for Insurance Brokers
Table 48: Peru – Investment Limits by Types of Assets
Table 49: Peru – Corporate Tax Rates for the Financial Year 2016
Table 50: Peruvian Life Insurance – Policies and Premium, 2011–2015
Table 51: Peruvian Life Insurance – Policies and Premium, 2015–2020
Table 52: Peruvian Life Insurance – Claims and Expenses, 2011–2015
Table 53: Peruvian Life Insurance – Claims and Expenses, 2015–2020
Table 54: Peruvian Life Insurance – Assets and Investments, 2011–2015
Table 55: Peruvian Life Insurance – Assets and Investments, 2015–2020
Table 56: Peruvian Life Insurance – Individual Life Insurance, 2011–2015
Table 57: Peruvian Life Insurance – Individual Life Insurance, 2015–2020
Table 58: Peruvian Life Insurance – Individual Life Insurance by Product, 2011–2015
Table 59: Peruvian Life Insurance – Individual Life Insurance by Product, 2015–2020
Table 60: Peruvian Life Insurance – Group Life Insurance, 2011–2015
Table 61: Peruvian Life Insurance – Group Life Insurance, 2015–2020
Table 62: Peruvian Life Insurance – Group Life Insurance by Product, 2011–2015
Table 63: Peruvian Life Insurance – Group Life Insurance by Product, 2015–2020
Table 64: Insurance Industry Definitions

List of Figures

Figure 1: Peruvian Real GDP (PEN Billion), 2011–2020
Figure 2: Peruvian Consumer Price Inflation (%), 2011–2020
Figure 3: PEN-US$ Exchange Rate (PEN Billion), 2011–2020
Figure 4: Peruvian Current Account Balance (% of GDP), 2011–2020
Figure 5: Peruvian Unemployment Rate (%), 2011–2020
Figure 6: Peruvian Population by Age Group, 1991–2025
Figure 7: Peruvian Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Peruvian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Peruvian Life Insurance – Gross Written Premium (PEN Billion), 2011–2020
Figure 10: Peruvian Life Insurance – Penetration (%), 2011–2020
Figure 11: Peruvian Life Insurance – Premium per Capita (PEN), 2011–2020
Figure 12: Peruvian Life Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 13: Peruvian Life Insurance – Paid Claims (PEN Billion), 2011–2020
Figure 14: Peruvian Life Insurance – Total Assets (PEN Billion), 2011–2020
Figure 15: Peruvian Life Insurance – Total Investment Income (PEN Billion), 2011–2020
Figure 16: Peruvian Life Insurance – Investment Portfolio (PEN Billion), 2011–2020
Figure 17: Peruvian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 18: Peruvian Life Insurance – Direct Written Premium by Sub-Segment (PEN Billion), 2011–2020
Figure 19: Peruvian Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020
Figure 20: Peruvian Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020
Figure 21: Peruvian Individual Life Insurance – Direct Written Premium by Category (PEN Billion), 2011–2020
Figure 22: Peruvian Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020
Figure 23: Peruvian Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 24: Peruvian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020
Figure 25: Peruvian Individual Life Insurance – Penetration (%), 2011–2015
Figure 26: Peruvian Individual Life Insurance – Penetration (%), 2015–2020
Figure 27: Peruvian Group Life Insurance – Penetration (%), 2011–2015
Figure 28: Peruvian Group Life Insurance – Penetration (%), 2015–2020
Figure 29: Peruvian Insurance Industry – Market Shares of Leading Insurers (%), 2015
Figure 30: Peru – Insurance Supervision and Control at Various Levels
Figure 31: Peru – Insurance Regulatory Frameworks for Company Registration and Operation