Non-Life Insurance in Peru, Key Trends and Opportunities to 2020

Published: Dec, 2016 | Pages: 129 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural and man-made hazards and their impact on the Peruvian insurance industry, 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 'Non-Life Insurance in Peru Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Peruvian non-life insurance segment, including:

• The Peruvian non-life segment’s detailed outlook by product category

• A comprehensive overview of the Peruvian economy and demographics

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

• The various distribution channels in the Peruvian non-life insurance segment

• Detailed analysis of natural and man-made hazards and their impact on the Peruvian insurance industry

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

• Details of regulatory policy applicable to the Peruvian insurance industry

Scope

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

• It provides historical values for the Peruvian non-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 non-life insurance segment, and market forecasts to 2020.

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

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

• It analyzes various natural and man-made hazards and their impact on the Peruvian insurance industry

• It profiles the top non-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 non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Peruvian non-life insurance segment.

• Assess the competitive dynamics in the non-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

• The Peruvian non-life segment is concentrated, with the 10 leading insurers accounting for 99.7% of the segment’s direct written premium in 2015.

• Property insurance was the leading non-life insurance category during the review period.

• The insurance penetration of the non-life segment was 0.82% in 2015.

• SOAT, the obligatory automobile cover, is the main insurance product offered online.

 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 Claims
4.2.3 Profitability
4.2.4 Assets and investments

5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability

6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Direct Marketing
6.1.4 Bancassurance
6.1.5 E-commerce

7 Natural Hazards
7.1 Flooding
7.2 Droughts
7.3 Earthquakes
7.4 Landslides
7.5 Volcanic activity
7.6 Exposure

8 Competitive Landscape
8.1 Company Profiles
8.1.1 Rímac Seguros y Reaseguros – company overview
8.1.2 El Pacífico Peruano Suiza Compañía de Seguros y Reaseguros – company overview
8.1.3 Mapfre Perú Compañía de Seguros y Reaseguros SA – company overview
8.1.4 La Positiva Seguros y Reaseguros – company overview
8.1.5 Ace Seguros SA – company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Third-party liability insurance for vehicles carrying dangerous goods
9.4.2 Motor third-party liability insurance
9.4.3 Insurance for risky work
9.4.4 Group life insurance for all employees with more than four years service
9.4.5 Aviation liability insurance
9.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters
9.4.7 Liability insurance for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 Superintendent of Bank and Insurance
9.5.4 Peruvian Association of Insurance (LA Asociación Peruana de Empresas de Seguros - Apeseg)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure 99
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance

11 Definition and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List of Tables

Table 1: Peruvian Non-Life Insurance – Key Facts, 2015
Table 2: Peruvian Non-Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Peru Government Credit Ratings
Table 4: Peruvian Non-Life Insurance – Gross Written Premium (PEN Billion and US$ Billion), 2011–2015
Table 5: Peruvian Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Peruvian Non-Life Insurance – Gross Written Premium (PEN Billion and US$ Billion), 2015–2020
Table 7: Peruvian Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Peruvian Non-Life Insurance – Premium per Capita (PEN and US$), 2011–2015
Table 9: Peruvian Non-Life Insurance – Premium per Capita (PEN and US$), 2015–2020
Table 10: Peruvian Non-Life Insurance – Paid Claims (PEN Billion and US$ Million), 2011–2015
Table 11: Peruvian Non-Life Insurance – Paid Claims (PEN Billion and US$ Million), 2015–2020
Table 12: Peruvian Non-Life Insurance – Profitability Ratio (%), 2011–2015
Table 13: Peruvian Non-Life Insurance – Profitability Ratio (%), 2015–2020
Table 14: Peruvian Non-Life Insurance – Total Assets (PEN Billion and US$ Billion), 2011–2015
Table 15: Peruvian Non-Life Insurance – Total Assets (PEN Billion and US$ Billion), 2015–2020
Table 16: Peruvian Non-Life Insurance – Total Investment Income (PEN Million and US$ Million), 2011–2015
Table 17: Peruvian Non-Life Insurance – Total Investment Income (PEN Billion and US$ Million), 2015–2020
Table 18: Peruvian Non-Life Insurance – Investment Portfolio (PEN Billion), 2011–2015
Table 19: Peruvian Non-Life Insurance – Investment Portfolio (PEN Billion), 2015–2020
Table 20: Peruvian Non-Life Insurance – Direct Written Premium by Category (PEN Billion), 2011–2015
Table 21: Peruvian Non-Life Insurance – Direct Written Premium by Category (PEN Billion), 2015–2020
Table 22: Peruvian Property Insurance – Direct Written Premium by Sub-Category (PEN Million), 2011–2015
Table 23: Peruvian Property Insurance – Direct Written Premium by Sub-Category (PEN Million), 2015–2020
Table 24: Peruvian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 25: Peruvian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 26: Peruvian Property Insurance – Paid Claims (PEN Million and US$ Million), 2011–2015
Table 27: Peruvian Property Insurance – Paid Claims (PEN Million and US$ Million), 2015–2020
Table 28: Peruvian Property Insurance – Loss Ratio (%), 2011–2015
Table 29: Peruvian Property Insurance – Loss Ratio (%), 2015–2020
Table 30: Peruvian Motor Insurance – Direct Written Premium by Sub-Category (PEN Billion), 2011–2015
Table 31: Peruvian Motor Insurance – Direct Written Premium by Sub-Category (PEN Billion), 2015–2020
Table 32: Peruvian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 33: Peruvian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 34: Peruvian Motor Insurance – Paid Claims (PEN Million and US$ Million), 2011–2015
Table 35: Peruvian Motor Insurance – Paid Claims (PEN Billion and US$ Million), 2015–2020
Table 36: Peruvian Motor Insurance – Loss Ratio (%), 2011–2015
Table 37: Peruvian Motor Insurance – Loss Ratio (%), 2015–2020
Table 38: Peruvian Liability Insurance – Direct Written Premium by Sub-Category (PEN Million), 2011–2015
Table 39: Peruvian Liability Insurance – Direct Written Premium by Sub-Category (PEN Million), 2015–2020
Table 40: Peruvian Liability Insurance – Paid Claims (PEN Million and US$ Million), 2011–2015
Table 41: Peruvian Liability Insurance – Paid Claims (PEN Million and US$ Million), 2015–2020
Table 42: Peruvian Liability Insurance – Loss Ratio (%), 2011–2015
Table 43: Peruvian Liability Insurance – Loss Ratio (%), 2015–2020
Table 44: Peruvian Transport Network – Global Rankings
Table 45: Peruvian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (PEN Million), 2011–2015
Table 46: Peruvian Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (PEN Million), 2015–2020
Table 47: Peruvian Marine, Aviation and Transit Insurance – Paid Claims (PEN Million and US$ Million), 2011–2015
Table 48: Peruvian Marine, Aviation and Transit Insurance – Paid Claims (PEN Million and US$ Million), 2015–2020
Table 49: Peruvian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 50: Peruvian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 51: Peruvian Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Table 52: Rímac Seguros y Reaseguros – Key Facts
Table 53: Rímac Seguros y Reaseguros – Key Financials (PEN Billion), 2011–2015
Table 54: El Pacífico Peruano Suiza Compañía de Seguros y Reaseguros – Key Facts
Table 55: El Pacífico Peruano Suiza Compañía de Seguros y Reaseguros – Key Financials (PEN Million), 2011–2015
Table 56: Mapfre Perú Compañía de Seguros y Reaseguros SA – Key Facts
Table 57: Mapfre Perú Compañía de Seguros y Reaseguros SA – Key Financials (PEN Million), 2011–2015
Table 58: La Positiva Seguros y Reaseguros – Key Facts
Table 59: La Positiva Seguros y Reaseguros – Key Financials (PEN Million), 2011–2015
Table 60: Ace Seguros SA – Key Facts
Table 61: Ace Seguros SA – Key Financials (PEN Million), 2011–2015
Table 62: Peru – Insurance Regulatory Framework Key Features
Table 63: Peru – Life Insurance Regulatory Framework
Table 64: Peru – Property Insurance Regulatory Framework
Table 65: Peru – Motor Insurance Regulatory Framework
Table 66: Peru – Liability Insurance Regulatory Framework
Table 67: Peru – Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 68: Peru – Maximum Cover for Professional Indemnity Insurance for Insurance Brokers
Table 69: Peru – Investment Limits by Types of Assets
Table 70: Peru – Corporate Tax Rates for the Financial Year 2016
Table 71: Peruvian Insurance Industry – Policies and Premium, 2011–2015
Table 72: Peruvian Insurance Industry – Policies and Premium, 2015–2020
Table 73: Peruvian Non-Life Insurance – Claims and Expenses, 2011–2015
Table 74: Peruvian Non-Life Insurance – Claims and Expenses, 2015–2020
Table 75: Peruvian Non-Life Insurance – Assets and Investments, 2011–2015
Table 76: Peruvian Non-Life Insurance – Assets and Investments, 2015–2020
Table 77: Peruvian Non-Life Insurance – Property Insurance, 2011–2015
Table 78: Peruvian Non-Life Insurance – Property Insurance, 2015–2020
Table 79: Peruvian Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 80: Peruvian Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 81: Peruvian Non-Life Insurance – Motor Insurance, 2011–2015
Table 82: Peruvian Non-Life Insurance – Motor Insurance, 2015–2020
Table 83: Peruvian Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 84: Peruvian Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 85: Peruvian Non-Life Insurance – Liability Insurance, 2011–2015
Table 86: Peruvian Non-Life Insurance – Liability Insurance, 2015–2020
Table 87: Peruvian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 88: Peruvian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 89: 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 Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Peruvian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Peruvian Non-Life Insurance – Gross Written Premium (PEN Billion), 2011–2020
Figure 10: Peruvian Non-Life Insurance – Penetration (%), 2011–2020
Figure 11: Peruvian Non-Life Insurance – Premium per Capita (PEN), 2011–2020
Figure 12: Peruvian Non-Life Insurance – Paid Claims (PEN Billion), 2011–2020
Figure 13: Peruvian Non-Life Insurance – Profitability Ratio (%), 2011–2020
Figure 14: Peruvian Non-Life Insurance – Total Assets (PEN Billion), 2011–2020
Figure 15: Peruvian Non-Life Insurance – Total Investment Income (PEN Billion), 2011–2020
Figure 16: Peruvian Non-Life Insurance – Investment Portfolio (PEN Billion), 2011–2020
Figure 17: Peruvian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 18: Peruvian Non-Life Insurance – Direct Written Premium by Category (PEN Billion), 2011–2020
Figure 19: Peruvian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 20: Peruvian Property Insurance – Construction Value Output by Category (PEN Billion), 2011–2015
Figure 21: Peruvian Property Insurance – Direct Written Premium by Sub-Category (PEN Billion), 2011–2020
Figure 22: Peruvian Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 23: Peruvian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 24: Peruvian Property Insurance – Paid Claims (PEN Million), 2011–2020
Figure 25: Peruvian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (PEN Billion and %), 2011–2020
Figure 26: Peruvian Motor Insurance – Direct Written Premium by Sub-Category (PEN Billion), 2011–2020
Figure 27: Peruvian Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020
Figure 28: Peruvian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 29: Peruvian Motor Insurance – Paid Claims (PEN Billion), 2011–2020
Figure 30: Peruvian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (PEN Billion and %), 2011–2020
Figure 31: Peruvian Liability Insurance – Direct Written Premium (PEN Million), 2011–2020
Figure 32: Peruvian Liability Insurance – Paid Claims (PEN Million), 2011–2020
Figure 33: Peruvian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (PEN Million and %), 2011–2020
Figure 34: Peruvian Marine, Aviation and Transit Insurance – Direct Written Premium (PEN Million), 2011–2020
Figure 35: Peruvian Marine, Aviation and Transit Insurance – Paid Claims (PEN Million), 2011–2020
Figure 36: Peruvian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (PEN Million and %), 2011–2020
Figure 37: Peruvian – Frequency of Hazards by Type, 1990–2014
Figure 38: Peruvian Mortality by Hazards Type, 1990–2014
Figure 39: Peruvian Economic Loss by Hazards Type, 1990–2014
Figure 40: Peruvian Non-Life Segment – Market Shares of Leading Insurers (%), 2015
Figure 41: Peru – Insurance Supervision and Control at Various Levels
Figure 42: Peru – Insurance Regulatory Frameworks for Company Registration and Operation