Life Insurance in Venezuela, Key Trends and Opportunities to 2019

Published: Jul, 2016 | Pages: 111 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Life Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Venezuelan 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 (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Venezuelan 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.
Summary

Timetric's 'Life Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Venezuelan life insurance segment, including:

• The Venezuelan 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 Venezuelan economy and demographics

• The various distribution channels in the Venezuelan life insurance segment

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

• Details of regulatory policy applicable to the Venezuelan insurance industry
Scope

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

• It provides historical values for the Venezuelan life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key categories in the Venezuelan life insurance segment, and market forecasts to 2019.

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

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

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

• The Venezuelan life segment accounted for 2.7% of the industry's gross written premium in 2014. 

• Venezuelan life insurance penetration stood at 0.12% in 2014. 

• Following the implementation of the Insurance Activity Act in 2010, the segment has undergone a period of consolidation. 

• The Venezuelan life distribution system has changed from the adoption of traditional approaches to more modern methods, and the country's socio-economic turmoil has forced insurers to use cost-saving distribution channels that enhance customer retention. 

• On December 30, 2015, the government amended the minimum capital requirement for insurance companies (Article 19 of the Insurance Activities Act 2010).

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Life Insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life Insurance Growth Prospects by Category
4.5 Individual Life Insurance
4.5.1 Individual whole life insurance
4.5.2 Individual general annuity insurance
4.5.3 Other individual life insurance
4.6 Group Life Insurance
4.7 Life Insurance Growth Prospects by Product Type
4.7.1 Total non-linked insurance business
5 Analysis by Distribution Channel
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Venezuelan Life segment
6.2.1 Seguros Horizonte, SA - company overview
6.2.2 Zurich Seguros, SA - company overview
6.2.3 Banesco Seguros, CA - company overview
6.2.4 Mercantil Seguros CA - company overview
6.2.5 Seguros Provincial, CA - company overview
6.2.6 La Fe Previsora Compania de Seguros SA - company overview
6.2.7 CNA de Seguros La Previsora - company overview
6.2.8 Mapfre La Seguridad, CA de Seguros - company overview
6.2.9 CA de Seguros La Occidental - company overview
6.2.10 Seguros Caracas de Liberty Mutual - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of Insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
7.4.1 Motor third-party liability insurance
7.4.2 Travel insurance
7.4.3 Liability for ships with respect to oil pollution
7.5 Supervision and Control
7.5.1 International Association of Insurance Supervisors
7.5.2 Superintendence de la Actividad Aseguradora
7.6 Non-Admitted Insurance Regulations
7.6.1 Overview
7.6.2 Intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 Establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 Investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 Insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 Introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Venezuelan Life Insurance - Key Facts, 2014
Table 2: Venezuelan Government Credit Ratings
Table 3: Venezuelan Life Insurance - Gross Written Premium by Category (VEF Million), 2010-2014
Table 4: Venezuelan Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Venezuelan Life Insurance - Gross Written Premium by Category (VEF Million), 2014-2019
Table 6: Venezuelan Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 7: Venezuelan Life Insurance - Net Earned Premium (VEF Billion), 2010-2014
Table 8: Venezuelan Life Insurance - Net Earned Premium (VEF Billion), 2014-2019
Table 9: Venezuelan Life Insurance - Paid Claims (VEF Million), 2010-2014
Table 10: Venezuelan Life Insurance - Paid Claims (VEF Billion), 2014-2019
Table 11: Venezuelan Life Insurance - Incurred Loss (VEF Million), 2010-2014
Table 12: Venezuelan Life Insurance - Incurred Loss (VEF Billion), 2014-2019
Table 13: Venezuelan Life Insurance - Commissions and Expenses (VEF Million), 2010-2014
Table 14: Venezuelan Life Insurance - Commissions and Expenses (VEF Billion), 2014-2019
Table 15: Venezuelan Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014
Table 16: Venezuelan Life Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Table 17: Venezuelan Life Insurance - Total Assets (VEF Billion), 2010-2014
Table 18: Venezuelan Life Insurance - Total Assets (VEF Billion), 2014-2019
Table 19: Venezuelan Life Insurance - Total Investment Income (VEF Million), 2010-2014
Table 20: Venezuelan Life Insurance - Total Investment Income (VEF Million), 2014-2019
Table 21: Venezuelan Life Insurance - Net Written Premium (VEF Billion), 2010-2014
Table 22: Venezuelan Life Insurance - Net Written Premium (VEF Billion), 2014-2019
Table 23: Venezuelan Individual Life Insurance - Gross Written Premium by Category (VEF Million), 2010-2014
Table 24: Venezuelan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 25: Venezuelan Individual Life Insurance - Gross Written Premium by Category (VEF Million), 2014-2019
Table 26: Venezuelan Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 27: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2010-2014
Table 28: Venezuelan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 29: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2014-2019
Table 30: Venezuelan Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 31: Venezuelan Individual Whole Life Insurance - Direct Written Premium (VEF Million), 2010-2014
Table 32: Venezuelan Individual Whole Life Insurance - Direct Written Premium (VEF Billion), 2014-2019
Table 33: Venezuelan Individual General Annuity Insurance - Direct Written Premium (VEF Thousand), 2010-2014
Table 34: Venezuelan Individual General Annuity Insurance - Direct Written Premium (VEF Thousand), 2014-2019
Table 35: Venezuelan Other Individual Life Insurance - Direct Written Premium (VEF Billion), 2010-2014
Table 36: Venezuelan Other Individual Life Insurance - Direct Written Premium (VEF Billion), 2014-2019
Table 37: Venezuelan Group Life Insurance - Direct Written Premium (VEF Million), 2010-2014
Table 38: Venezuelan Group Life Insurance - Direct Written Premium (VEF Billion), 2014-2019
Table 39: Venezuelan Non-Linked Insurance Business - Gross Written Premium (VEF Billion), 2010-2014
Table 40: Venezuelan Non-Linked Insurance Business - Gross Written Premium  (VEF Billion), 2014-2019
Table 41: Venezuelan Non-Linked Insurance Business - Direct Written Premium (VEF Billion), 2010-2014
Table 42: Venezuelan Non-Linked Insurance Business - Direct Written Premium  (VEF Billion), 2014-2019
Table 43: Venezuelan Life Insurance - Segment Shares (%), 2014
Table 44: Seguros Horizonte, SA - Key Facts
Table 45: Seguros Horizonte, SA - Key Financials (VEF Million), 2010-2014
Table 46: Zurich Seguros, SA - Key Facts
Table 47: Zurich Seguros, SA - Key Financials (VEF Million), 2010-2014
Table 48: Banesco Seguros, CA - Key Facts
Table 49: Banesco Seguros, CA - Key Financials (VEF Million), 2010-2014
Table 50: Mercantil Seguros CA - Key Facts
Table 51: Mercantil Seguros CA - Key Financials (VEF Million), 2010-2014
Table 52: Seguros Provincial, CA - Key Facts
Table 53: Seguros Provincial, CA - Key Financials (VEF Million), 2010-2014
Table 54: La Fe Previsora Compania de Seguros SA - Key Facts
Table 55: La Fe Previsora Compania de Seguros SA - Key Financials (VEF Million), 2010-2014
Table 56: CNA de Seguros La Previsora - Key Facts
Table 57: CNA de Seguros La Previsora - Key Financials (VEF Million), 2010-2014
Table 58: Mapfre La Seguridad, CA de Seguros - Key Facts
Table 59: Mapfre La Seguridad, CA de Seguros - Key Financials (VEF Million), 2010-2014
Table 60: CA de Seguros La Occidental - Key Facts
Table 61: CA de Seguros La Occidental - Key Financials (VEF Million), 2010-2014
Table 62: Seguros Caracas de Liberty Mutual - Key Facts
Table 63: Seguros Caracas de Liberty Mutual - Key Financials (VEF Million), 2010-2014
Table 64: Venezuela - Insurance Regulatory Framework Key Features
Table 65: Venezuela - Life Insurance Regulatory Framework
Table 66: Venezuela - Property Insurance Regulatory Framework
Table 67: Venezuela - Motor Insurance Regulatory Framework
Table 68: Venezuela - Liability Insurance Regulatory Framework
Table 69: Venezuela - Corporate Tax Rates for the Financial Year 2016
Table 70: Insurance Industry Definitions