The Insurance Industry in Ecuador, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 169 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

Summary
The Ecuadorian insurance industry is one of the fastest-growing insurance industries in Latin America in terms of gross written premium. It held a market share of 0.9% of the Latin American total premium in 2012, growing from US$883.8 million in 2008 to US$1.5 billion in 2012, at a compound annual growth rate (CAGR) of 14.4% during the review period (2008-2012). Growth in the industry was due to the government's large-scale infrastructure development, economic recovery following the global financial crisis, regulatory changes and increased merger and acquisition activity. These factors are expected to remain buoyant and continue to support the industry over the forecast period (2012-2017) when it is projected to grow at a CAGR of 12.9%.
Scope
This report provides a comprehensive analysis of the insurance industry in Ecuador:
It provides historical values for the Ecuadorian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and categories in the Ecuadorian insurance industry, along with forecasts until 2017.
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 Ecuador, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related in the Ecuadorian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Ecuadorian insurance industry.
Assess the competitive dynamics in the Ecuadorian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Ecuadorian insurance industry and its impact on companies and the industry's future.
Key Highlights
The Ecuadorian insurance industry's written premium value grew from US$883.8 million in 2008 to US$1.5 billion in 2012, at a review-period CAGR of 14.4%
Large public spending on infrastructure and social sector are fueling growth in the insurance industry.
The Ecuadorian insurance industry faces consolidation.
The Ecuadorian insurance industry's low penetration rate, measured at 1.8% in 2012, encourages global insurers to look for potential ventures in the country.
The insurance industry in Ecuador is supervised and regulated by the Superintendency of Banks and Insurance (Superintendencia de Bancos y Seguros - SBS).
The Ecuadorian insurance industry is fragmented and highly competitive. The 10 leading insurers accounted for 64.7% of the total net written premium in 2012.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Ecuadorian Insurance Industry Overview
3.1 Ecuadorian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual single-premium
4.1.3 Individual non-single-premium
4.1.4 Group single-premium
4.1.5 Group non-single premium
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Regulations by Type of Insurance
5.2.1 Life insurance regulations
5.2.2 Property insurance regulations
5.2.3 Motor insurance regulations
5.2.4 Marine, aviation and transit insurance regulations
5.2.5 Persol accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Traffic accident insurance (SOAT)
5.3.2 General insurance under the Social Security Act
5.3.3 Aviation insurance
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 Superintendency of Banks 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 requirements
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 QBE - Seguros Colonial - company overview
6.2.2 ACE Seguros S.A. - company overview
6.2.3 Seguros de Pichincha - company overview
6.2.4 Equivida S.A. - company overview
6.2.5 Seguros Equinoccial - company overview
6.2.6 AIG Metropolita Compania de Seguros y Reaseguros S.A. - company overview
6.2.7 Seguros Sucre S.A. - company overview
6.2.8 Pamerica del Ecuador - company overview
6.2.9 Lati Seguros - company overview
6.2.10 Hispa de Seguros S.A. - company overview
7 Economic Indicators
7.1 Market capitalization trend - Bolsa de valores Quito, Ecuador
7.2 GDP at constant prices (US$)
7.3 GDP per capita at constant prices (US$)
7.4 GDP at current prices (US$)
7.5 GDP per capita at current prices (US$)
7.6 Inflation rate
7.7 Exports as a percentage of GDP
7.8 Imports as a percentage of GDP
7.9 Total internet subscribers
7.1 Labor force
7.11 Unemployment rate
7.12 Total population
7.13 Urban and rural 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: Ecuadorian Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012 
Table 3: Ecuadorian Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017 
Table 4: Ecuadorian Insurance - Segmentation (% Share), 2008-2017 
Table 5: Ecuadorian Life Insurance - Written Premium (US$ Million), 2008-2012 
Table 6: Ecuadorian Life Insurance - Written Premium (US$ Million), 2012-2017 
Table 7: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2008-2012 
Table 8: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2012-2017 
Table 9: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2008-2012 
Table 10: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2012-2017 
Table 11: Ecuadorian Life Insurance - Loss Ratio (%), 2008-2012 
Table 12: Ecuadorian Life Insurance - Loss Ratio (%), 2012-2017 
Table 13: Ecuadorian Life Insurance - Combined Ratio (%), 2008-2012 
Table 14: Ecuadorian Life Insurance - Combined Ratio (%), 2012-2017 
Table 15: Ecuadorian Life Insurance - Total Assets (US$ Million), 2008-2012 
Table 16: Ecuadorian Life Insurance - Total Assets (US$ Million), 2012-2017 
Table 17: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2008-2012 
Table 18: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2012-2017 
Table 19: Ecuadorian Life Insurance - Retentions (US$ Million), 2008-2012 
Table 20: Ecuadorian Life Insurance - Retentions (US$ Million), 2012-2017 
Table 21: Ecuadorian Individual Life Insurance - Written Premium (US$ Million), 2008-2012 
Table 22: Ecuadorian Individual Life Insurance - Written Premium (US$ Million), 2012-2017 
Table 23: Ecuadorian Individual Single-Premium - Written Premium (US$ Million), 2008-2012 
Table 24: Ecuadorian Individual Single-Premium - Written Premium (US$ Million), 2012-2017 
Table 25: Ecuadorian Individual Non-Single-Premium - Written Premium (US$ Million), 2008-2012 
Table 26: Ecuadorian Individual Non-Single-Premium - Written Premium (US$ Million), 2012-2017 
Table 27: Ecuadorian Group Single-Premium - Written Premium (US$ Million), 2008-2012 
Table 28: Ecuadorian Group Single-Premium - Written Premium (US$ Million), 2012-2017 
Table 29: Ecuadorian Group Non-Single-Premium - Written Premium (US$ Million), 2008-2012 
Table 30: Ecuadorian Group Non-Single-Premium - Written Premium (US$ Million), 2012-2017 
Table 31: Ecuadorian Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012 
Table 32: Ecuadorian Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017 
Table 33: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2008-2012 
Table 34: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2012-2017 
Table 35: Ecuadorian Non-Life Insurance - Incurred Loss (US$ Million), 2008-2012 
Table 36: Ecuadorian Non-Life Insurance - Incurred Loss (US$ Million), 2012-2017 
Table 37: Ecuadorian Non-Life Insurance - Loss Ratio (%), 2008-2012 
Table 38: Ecuadorian Non-Life Insurance - Loss Ratio (%), 2012-2017 
Table 39: Ecuadorian Non-Life Insurance - Combined Ratio (%), 2008-2012 
Table 40: Ecuadorian Non-Life Insurance - Combined Ratio (%), 2012-2017 
Table 41: Ecuadorian Non-Life Insurance - Total Assets (US$ Million), 2008-2012 
Table 42: Ecuadorian Non-Life Insurance - Total Assets (US$ Million), 2012-2017 
Table 43: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2008-2012 
Table 44: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2012-2017 
Table 45: Ecuadorian Non-Life Insurance - Retentions (US$ Million), 2008-2012 
Table 46: Ecuadorian Non-Life Insurance - Retentions (US$ Million), 2012-2017 
Table 47: Ecuadorian Property Insurance - Written Premium (US$ Million), 2008-2012 
Table 48: Ecuadorian Property Insurance - Written Premium (US$ Million), 2012-2017 
Table 49: Ecuadorian Motor Insurance - Written Premium (US$ Million), 2008-2012 
Table 50: Ecuadorian Motor Insurance - Written Premium (US$ Million), 2012-2017 
Table 51: Ecuadorian Liability Insurance - Written Premium (US$ Million), 2008-2012 
Table 52: Ecuadorian Liability Insurance - Written Premium (US$ Million), 2012-2017 
Table 53: Ecuadorian Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2008-2012 
Table 54: Ecuadorian Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2012-2017 
Table 55: Ecuadorian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012 
Table 56: Ecuadorian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017 
Table 57: Ecuadorian Persol Accident and Health Insurance - Paid Claims (US$ Million), 2008-2012 
Table 58: Ecuadorian Persol Accident and Health Insurance - Paid Claims (US$ Million), 2012-2017 
Table 59: Ecuadorian Persol Accident and Health Insurance - Incurred Loss (US$ Million), 2008-2012 
Table 60: Ecuadorian Persol Accident and Health Insurance - Incurred Loss (US$ Million), 2012-2017 
Table 61: Ecuadorian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012 
Table 62: Ecuadorian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017 
Table 63: Ecuadorian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012 
Table 64: Ecuadorian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017 
Table 65: Ecuadorian Persol Accident and Health Insurance - Total Assets (US$ Million), 2008-2012 
Table 66: Ecuadorian Persol Accident and Health Insurance - Total Assets (US$ Million), 2012-2017 
Table 67: Ecuadorian Persol Accident and Health Insurance - Total Investment Income (US$ Million), 2008-2012 
Table 68: Ecuadorian Persol Accident and Health Insurance - Total Investment Income (US$ Million), 2012-2017 
Table 69: Ecuadorian Persol Accident and Health Insurance - Retentions (US$ Million), 2008-2012 
Table 70: Ecuadorian Persol Accident and Health Insurance - Retentions (US$ Million), 2012-2017 
Table 71: Ecuadorian Persol Accident Insurance - Written Premium (US$ Million), 2008-2012 
Table 72: Ecuadorian Persol Accident Insurance - Written Premium (US$ Million), 2012-2017 
Table 73: Ecuadorian Health Insurance - Written Premium (US$ Million), 2008-2012 
Table 74: Ecuadorian Health Insurance - Written Premium (US$ Million), 2012-2017 
Table 75: Ecuadorian Reinsurance by Category (US$ Million), 2008-2012 
Table 76: Ecuadorian Reinsurance by Category (US$ Million), 2012-2017 
Table 77: Ecuadorian Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012 
Table 78: Ecuadorian Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017 
Table 79: Ecuadorian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012 
Table 80: Ecuadorian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017 
Table 81: Ecuadorian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012 
Table 82: Ecuadorian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017 
Table 83: Ecuadorian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012 
Table 84: Ecuadorian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017 
Table 85: Ecuador - Life Insurance Regulatory Framework 
Table 86: Ecuador - Property Insurance Regulatory Framework 
Table 87: Ecuador - Motor Insurance Regulatory Framework 
Table 88: Ecuador - Compensation Provided by the Insurer in the Event of Accident 
Table 89: Ecuador - List of Companies Authorized to Offer SOAT 
Table 90: Ecuador - Aviation Insurance Coverage 
Table 91: Ecuador - Ratings Required for Registration of Reinsurance Business 
Table 92: Ecuador - Minimum Capital Requirements (UVC and US$) 
Table 93: Ecuador - Minimum Capital Requirements (US$) 
Table 94: Ecuador - Taxes and Charges Levied on Insurance Premium 
Table 95: Ecuador - Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums 
Table 96: Ecuador - Corporate Tax Rates in Ecuador for the Fincial Year 2012-2013 
Table 97: Ecuadorian Insurance Industry - Market Shares by Net Premium, 2012 
Table 98: QBE - Seguros Colonial, Main Products 
Table 99: QBE - Seguros Colonial, Key Employees 
Table 100: ACE Seguros S.A., Main Products