The Insurance Industry in Bolivia, Key Trends and Opportunities to 2018

Published: Oct, 2014 | Pages: 168 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Bolivia, including:
The Bolivian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Bolivian insurance industry
The current trends and drivers of the Bolivian insurance industry
Challenges facing the Bolivian insurance industry
Detailed regulatory framework of the Bolivian insurance industry

Summary
The Bolivian economy is recovering slowly after the global economic crisis of 2008-2009, the eurozone crisis in 2011, and the sluggish tourism recovery in the US and Europe. Despite this, the economy recorded the highest growth rate in South America during the review period (2009-2013), at 3.4% in 2009, and the highest growth rate in Latin America during 2012-2013, at 6.8%. Bolivian GDP at constant prices increased from BOB31.3 billion (US$4.5 billion) in 2009 to BOB38.5 billion (US$5.6 billion) in 2013, at a review period compound annual growth rate (CAGR) of 5.3%.
Bolivia achieved political stability after President Evo Morales introduced reforms in 2006 involving the privatization of the oil and gas industry, major modifications to the country's constitution, strengthening the economy and the implementation of various social programs. Public debt was a primary government concerns and the political reforms reduced debt from 94% of GDP in 2003 to less than 40% in 2013.
The Bolivian insurance industry grew at a CAGR of 15.7%. Industry growth was supported by strong performance in the life and non-life segments, as well economic recovery following the global financial crisis in 2008-2009. The non-life segment's growth was mostly driven by the motor insurance and marine aviation and transit insurance categories, which grew at CAGRs of 17.0% and 16.3% respectively in 2013.
Scope
This report provides a comprehensive analysis of the insurance industry in Bolivia:
It provides historical values for the Bolivian insurance industry for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Bolivian insurance industry, along with forecasts until 2018.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Bolivia, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Bolivian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Bolivian insurance industry.
Assess the competitive dynamics in the Bolivian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Bolivian insurance industry and its impact on companies and the industry's future.
Key Highlights
The Bolivian insurance industry posted a review-period CAGR of 15.7%.
The Bolivian insurance industry is dominated by the non-life segment. In 2013, the non-life segment's gross written premium constituted 63.9% of the industry total.
Health was one of the fastest-growing insurance categories in 2013. It accounted for 79.3% of the total personal accident and health segment's gross written premium, growing at a review-period CAGR of 12.3%
Although the Bolivian insurance industry is competitive, underwriting performance is weakening as the combined ratio was over 100% for all three segments in 2013.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Bolivian Insurance Industry Overview
3.1 Bolivian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Individual Life Insurance
4.3 Group Life Insurance
4.4 Life Insurance by Category
4.4.1 Individual whole life insurance
4.4.2 Individual pension insurance
4.4.3 Individual endowment insurance
4.4.4 Individual other insurance
4.4.5 Group whole life insurance
4.5 Non-Life Insurance
4.5.1 Property insurance
4.5.2 Motor insurance
4.5.3 Liability insurance
4.5.4 Marine, aviation and transit insurance
4.6 Persol Accident and Health Insurance
4.6.1 Persol accident insurance
4.6.2 Health insurance
4.7 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Workers' compensation
5.4 Supervision and Control
5.4.1 Association of Insurance Supervisors Latin America
5.4.2 Authority of Supervision and Control for Pension and Insurance
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirement
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 La Bolivia Ciacruz de Seguros y Reaseguros SA - company overview
6.2.2 Alianza Compania de Seguros y Reaseguros SA EMA - company overview
6.2.3 ciol Vida Seguros de Persos SA - company overview
6.2.4 La Vitalicia Seguros y Reaseguros de Vida SA - company overview
6.2.5 BISA Seguros y Reaseguros SA - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation
7.5 Total Life Expectancy
7.6 Total Internet Users
7.7 Total Labor Force
7.8 Urban and Rural Populations
7.9 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Bolivian Insurance - Gross Written Premium by Segment (BOB Billion), 2009-2013
Table 3: Bolivian Insurance - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Bolivian Insurance - Gross Written Premium by Segment (BOB Billion), 2013-2018
Table 5: Bolivian Insurance - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Bolivian Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 7: Bolivian Insurance - Direct Written Premium by Segment (BOB Billion), 2009-2013
Table 8: Bolivian Insurance - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 9: Bolivian Insurance - Direct Written Premium by Segment (BOB Billion), 2013-2018
Table 10: Bolivian Insurance - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 11: Bolivian Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 12: Bolivian Life Insurance - Gross Written Premium by Sub-Segment (BOB Million), 2009-2013
Table 13: Bolivian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2009-2013
Table 14: Bolivian Life Insurance - Gross Written Premium by Sub-Segment (BOB Million), 2013-2018
Table 15: Bolivian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2013-2018
Table 16: Bolivian Life Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 17: Bolivian Life Insurance - Direct Written Premium by Sub-Segment (BOB Million), 2009-2013
Table 18: Bolivian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2009-2013
Table 19: Bolivian Life Insurance - Direct Written Premium by Sub-Segment (BOB Million), 2013-2018
Table 20: Bolivian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2013-2018
Table 21: Bolivian Life Insurance Segmentation by Direct Written Premium (% Share), 2009-2018
Table 22: Bolivian Individual Life Insurance - Gross Written Premium by Category (BOB Million), 2009-2013
Table 23: Bolivian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 24: Bolivian Individual Life Insurance - Gross Written Premium by Category (BOB Million), 2013-2018
Table 25: Bolivian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 26: Bolivian Individual Life Insurance - Direct Written Premium by Category (BOB Million), 2009-2013
Table 27: Bolivian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 28: Bolivian Individual Life Insurance - Direct Written Premium by Category (BOB Million), 2013-2018
Table 29: Bolivian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 30: Bolivian Group Life Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 31: Bolivian Group Life Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 32: Bolivian Group Life Insurance - Direct Written Premium (BOB Million), 2009-2013
Table 33: Bolivian Group Life Insurance - Direct Written Premium (BOB Million), 2013-2018
Table 34: Bolivian Life Insurance - Paid Claims (BOB Million), 2009-2013
Table 35: Bolivian Life Insurance - Paid Claims (BOB Million), 2013-2018
Table 36: Bolivian Life Insurance - Incurred Loss (BOB Million), 2009-2013
Table 37: Bolivian Life Insurance - Incurred Loss (BOB Million), 2013-2018
Table 38: Bolivian Life Insurance - Loss Ratio (%), 2009-2013
Table 39: Bolivian Life Insurance - Loss Ratio (%), 2013-2018
Table 40: Bolivian Life Insurance - Combined Ratio (%), 2009-2013
Table 41: Bolivian Life Insurance - Combined Ratio (%), 2013-2018
Table 42: Bolivian Life Insurance - Retentions (BOB Million), 2009-2013
Table 43: Bolivian Life Insurance - Retentions (BOB Million), 2013-2018
Table 44: Bolivian Individual Whole Life Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 45: Bolivian Individual Whole Life Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 46: Bolivian Individual Pension Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 47: Bolivian Individual Endowment Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 48: Bolivian Individual Endowment Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 49: Bolivian Individual Other Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 50: Bolivian Individual Other Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 51: Bolivian Group Whole Life Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 52: Bolivian Group Whole Life Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 53: Bolivian Non-Life Insurance - Gross Written Premium by Category (BOB Billion), 2009-2013
Table 54: Bolivian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 55: Bolivian Non-Life Insurance - Gross Written Premium by Category (BOB Billion), 2013-2018
Table 56: Bolivian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 57: Bolivian Non-Life Insurance - Direct Written Premium by Category (BOB Billion), 2009-2013
Table 58: Bolivian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 59: Bolivian Non-Life Insurance - Direct Written Premium by Category (BOB Billion), 2013-2018
Table 60: Bolivian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 61: Bolivian Non-Life Insurance - Paid Claims (BOB Million), 2009-2013
Table 62: Bolivian Non-Life Insurance - Paid Claims (BOB Million), 2013-2018
Table 63: Bolivian Non-Life Insurance - Incurred Loss (BOB Million), 2009-2013
Table 64: Bolivian Non-Life Insurance - Incurred Loss (BOB Million), 2013-2018
Table 65: Bolivian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 66: Bolivian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 67: Bolivian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 68: Bolivian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 69: Bolivian Non-Life Insurance - Retentions (BOB Million), 2009-2013
Table 70: Bolivian Non-Life Insurance - Retentions (BOB Million), 2013-2018
Table 71: Bolivian Property Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 72: Bolivian Property Insurance - Gross Written Premium (BOB Billion), 2013-2018
Table 73: Bolivian Motor Insurance - Gross Written Premium (BOB Billion), 2009-2013
Table 74: Bolivian Motor Insurance - Gross Written Premium (BOB Billion), 2013-2018
Table 75: Bolivian Liability Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 76: Bolivian Liability Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 77: Bolivian Marine, Aviation and Transit Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 78: Bolivian Marine, Aviation and Transit Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 79: Bolivian Persol Accident and Health Insurance - Gross Written Premium by Category (BOB Million), 2009-2013
Table 80: Bolivian Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 81: Bolivian Persol Accident and Health Insurance - Gross Written Premium by Category (BOB Million), 2013-2018
Table 82: Bolivian Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 83: Bolivian Persol Accident and Health Insurance - Direct Written Premium by Category (BOB Million), 2009-2013
Table 84: Bolivian Persol Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 85: Bolivian Persol Accident and Health Insurance - Direct Written Premium by Category (BOB Million), 2013-2018
Table 86: Bolivian Persol Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 87: Bolivian Persol Accident and Health Insurance - Paid Claims (BOB Million), 2009-2013
Table 88: Bolivian Persol Accident and Health Insurance - Paid Claims (BOB Million), 2013-2018
Table 89: Bolivian Persol Accident and Health Insurance - Incurred Loss (BOB Million), 2009-2013
Table 90: Bolivian Persol Accident and Health Insurance - Incurred Loss (BOB Million), 2013-2018
Table 91: Bolivian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 92: Bolivian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 93: Bolivian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 94: Bolivian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 95: Bolivian Persol Accident and Health Insurance - Retentions (BOB Million), 2009-2013
Table 96: Bolivian Persol Accident and Health Insurance - Retentions (BOB Million), 2013-2018
Table 97: Bolivian Persol Accident Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 98: Bolivian Persol Accident Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 99: Bolivian Health Insurance - Gross Written Premium (BOB Million), 2009-2013
Table 100: Bolivian Health Insurance - Gross Written Premium (BOB Million), 2013-2018
Table 101: Bolivian Reinsurance - Ceded by Insurance Segment (BOB Million), 2009-2013
Table 102: Bolivian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 103: Bolivian Reinsurance - Ceded by Insurance Segment (BOB Million), 2013-2018
Table 104: Bolivian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 105: Bolivian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 106: Bolivian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 107: Bolivian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 108: Bolivian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 109: Bolivian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 110: Bolivian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 111: Bolivia - Life Insurance Regulatory Framework
Table 112: Bolivia - Property Insurance Regulatory Framework
Table 113: Bolivia - Motor Insurance Regulatory Framework
Table 114: Bolivia - Liability  Insurance Regulatory Framework
Table 115: Bolivia - Motor Third-Party Liability Insurance Rates
Table 116: Bolivia - Corporate Tax Rates for the Fincial Year 2013
Table 117: Bolivian Life Insurance - Segment Shares, 2013
Table 118: Bolivian Non-Life Insurance - Segment Shares, 2013
Table 119: Bolivian Persol Accident and Health Insurance - Segment Shares, 2013
Table 120: La Bolivia Ciacruz de Seguros y Reaseguros SA, Main Products
Table 121: La Bolivia Ciacruz de Seguros y Reaseguros SA, Key Employees
Table 122: Alianza Compa�ia de Seguros y Reaseguros SA EMA, Main Products
Table 123: Alianza Compa�ia de Seguros y Reaseguros SA EMA, Key Employees
Table 124: ciol Vida Seguros de Persos SA, Main Products
Table 125: ciol Vida Seguros de Persos SA, Key Employees
Table 126: La Vitalicia Seguros y Reaseguros de Vida SA, Main Products
Table 127: La Vitalicia Seguros y Reaseguros de Vida SA, Key Employees
Table 128: BISA Seguros y Reaseguros SA, Main Products
Table 129: BISA Seguros y Reaseguros SA, Key Employees