Personal Accident and Health Insurance in Venezuela, Key Trends and Opportunities to 2019

Published: Jul, 2016 | Pages: 114 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Personal Accident and Health Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Venezuelan personal accident and health insurance segment.

It provides 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 (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 'Personal Accident and Health Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Venezuelan personal accident and health insurance segment, including:

• The Venezuelan personal accident and health insurance segment's growth prospects by insurance category

• Key trends, drivers and challenges for the personal accident and health insurance segment 

• A comprehensive overview of the Venezuelan economy and demographics

• The various distribution channels in the Venezuelan personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in Venezuela

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

This report provides a comprehensive analysis of the personal accident and health insurance segment in Venezuela:

• It provides historical values for the Venezuelan personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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

• Personal accident and health insurance was one of the fastest-growing segments in the Venezuelan insurance industry during the review period. The segment accounted for 41.7% of the industry's gross written premium in 2014.

• Venezuela's economic downturn also affected the country's public healthcare system. A lack of human resource in public hospitals led to many casualties. 

• According to the Overseas Security Advisory Council (OSAC) of the US, road accidents are common in Venezuela due to poor road conditions and reckless driving. 

• The density of the Venezuelan personal accident and health segment  - calculated as direct premium per capita - rose at a review-period CAGR of 35.4%. 

• The Venezuelan economy is dependent on the hydrocarbon and manufacturing industries. However, weak global oil demand during the review period affected the country's economy and resulted in increased inflationary pressure.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Personal Accident and Health Insurance Segment Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Personal Accident and Health Insurance Growth Prospects by Category
4.4.1 Personal accident insurance
4.4.2 Health insurance
5 Analysis by Distribution Channel
6 Competitive Landscape and Strategic Insights
6.1 Overview
6.2 Leading Companies in the Venezuelan Personal Accident and Health Insurance Segment
6.2.1 Seguros Horizonte, SA - company overview
6.2.2 Mercantil Seguros CA - company overview
6.2.3 Seguros Caracas de Liberty Mutual - company overview
6.2.4 CA de Seguros La Occidental - company overview
6.2.5 CNA de Seguros La Previsora - company overview
6.2.6 Seguros Federal, CA - company overview
6.2.7 Mapfre La Seguridad CA de Seguros - company overview
6.2.8 Seguros Qualities CA - company overview
6.2.9 Seguros Constitution, CA - company overview
6.2.10 Seguros Altamira, CA - 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 Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Venezuelan Government Credit Ratings
Table 3: Venezuelan Personal Accident and Health Insurance - Gross Written Premium by Category (VEF Billion), 2010-2014
Table 4: Venezuelan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 5: Venezuelan Personal Accident and Health Insurance - Gross Written Premium by Category (VEF Billion), 2014-2019
Table 6: Venezuelan Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 7: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion), 2010-2014
Table 8: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2010-2014
Table 9: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion), 2014-2019
Table 10: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2014-2019
Table 11: Venezuelan Personal Accident and Health Insurance - Net Earned Premium (VEF Billion), 2010-2014
Table 12: Venezuelan Personal Accident and Health Insurance - Net Earned Premium (VEF Billion), 2014-2019
Table 13: Venezuelan Personal Accident and Health Insurance - Paid Claims by Category (VEF Billion), 2010-2014
Table 14: Venezuelan Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2010-2014
Table 15: Venezuelan Personal Accident and Health Insurance - Paid Claims by Category (VEF Billion), 2014-2019
Table 16: Venezuelan Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2014-2019
Table 17: Venezuelan Personal Accident and Health Insurance - Incurred Loss by Category (VEF Billion), 2010-2014
Table 18: Venezuelan Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2010-2014
Table 19: Venezuelan Personal Accident and Health Insurance - Incurred Loss by Category (VEF Billion), 2014-2019
Table 20: Venezuelan Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2014-2019
Table 21: Venezuelan Personal Accident and Health Insurance - Net Written Premium by Category (VEF Billion), 2010-2014
Table 22: Venezuelan Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2010-2014
Table 23: Venezuelan Personal Accident and Health Insurance - Net Written Premium by Category (VEF Billion), 2014-2019
Table 24: Venezuelan Personal Accident and Health Insurance - Net Written Premium by Category (US$ Billion), 2014-2019
Table 25: Venezuelan Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 26: Venezuelan Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 27: Venezuelan Personal Accident and Health Insurance - Commission and Expenses (VEF Billion), 2010-2014
Table 28: Venezuelan Personal Accident and Health Insurance - Commission and Expenses (VEF Billion), 2014-2019
Table 29: Venezuelan Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 30: Venezuelan Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 31: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion), 2010-2014
Table 32: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion), 2014-2019
Table 33: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion), 2010-2014
Table 34: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion), 2014-2019
Table 35: Venezuelan Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Table 36: Venezuelan Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019
Table 37: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion), 2010-2014
Table 38: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion), 2014-2019
Table 39: Venezuelan Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 40: Venezuelan Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 41: Venezuelan Health Insurance - Gross Written Premium (VEF Billion), 2010-2014
Table 42: Venezuelan Health Insurance - Gross Written Premium (VEF Billion), 2014-2019
Table 43: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2010-2014
Table 44: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2014-2019
Table 45: Venezuelan Health Insurance - Paid Claim (VEF Billion), 2010-2014
Table 46: Venezuelan Health Insurance - Paid Claim (VEF Billion), 2014-2019
Table 47: Venezuelan Health Insurance - Loss Ratio (%), 2010-2014
Table 48: Venezuelan Health Insurance - Loss Ratio (%), 2014-2019
Table 49: Venezuelan Health Insurance - Net Written Premium (VEF Billion), 2010-2014
Table 50: Venezuelan Health Insurance - Net Written Premium (VEF Billion), 2014-2019
Table 51: Venezuelan Personal Accident and Health Insurance - Segment Shares (%), 2014
Table 52: Seguros Horizonte, SA - Key Facts
Table 53: Seguros Horizonte, SA - Key Financials (VEF Million), 2010-2014
Table 54: Mercantil Seguros CA - Key Facts
Table 55: Mercantil Seguros CA - Key Financials (VEF Million), 2010-2014
Table 56: Seguros Caracas de Liberty Mutual - Key Facts
Table 57: Seguros Caracas de Liberty Mutual - Key Financials (VEF Million), 2010-2014
Table 58: CA de Seguros La Occidental - Key Facts
Table 59: CA de Seguros La Occidental - Key Financials (VEF Million), 2010-2014
Table 60: CNA de Seguros La Previsora - Key Facts
Table 61: CNA de Seguros La Previsora - Key Financials (VEF Million), 2010-2014
Table 62: Seguros Federal CA - Key Facts
Table 63: Seguros Federal CA - Key Financials (VEF Million), 2010-2014
Table 64: Mapfre La Seguridad, CA de Seguros - Key Facts
Table 65: Mapfre La Seguridad, CA de Seguros - Key Financials (VEF Million), 2010-2014
Table 66: Seguros Qualities CA - Key Facts
Table 67: Seguros Qualities CA - Key Financials (VEF Million), 2010-2014
Table 68: Seguros Constitution, CA - Key Facts
Table 69: Seguros Constitution, CA - Key Financials (VEF Million), 2010-2014
Table 70: Seguros Altamira CA - Key Facts
Table 71: Seguros Altamira CA - Key Financials (VEF Million), 2010-2014
Table 72: Venezuela - Insurance Regulatory Framework Key Features
Table 73: Venezuela - Life Insurance Regulatory Framework
Table 74: Venezuela - Property Insurance Regulatory Framework
Table 75: Venezuela - Motor Insurance Regulatory Framework
Table 76: Venezuela - Liability Insurance Regulatory Framework
Table 77: Venezuela - Corporate Tax Rates for the Financial Year 2016
Table 78: Insurance Industry Definitions