The Insurance Industry in El Salvador, Key Trends and Opportunities to 2018

Published: Aug, 2014 | Pages: 142 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

Summary
El Salvador is one of the most competitive insurance industries in the Central American Region, with 21 insurance companies operating as of 2012. However in terms of its market size, the country stood fourth after Panama, Costa Rica and Guatemala. The Salvadoran insurance industry grew at a compound annual growth rate (CAGR) of 4.1% during the review period (2009?2013), and is expected to post a CAGR of 3.4% over the forecast period. The main growth drivers are expected to be the implementation of the new health insurance law which will bring down medicine prices, the efficient regulatory system and the recovery of the Salvadoran economy. El Salvador has one of the most regulated insurance industries in the Central American Region. In 2013, the Salvadoran government enacted several favorable legislations, such as the approval of new regulations for medication, which are expected to support the growth of health insurance category over the forecast period.
Scope
This report provides a comprehensive analysis of the insurance industry in El Salvador:
It provides historical values for the Salvadoran 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 Salvadoran 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 El Salvador, 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 Salvadoran insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Salvadoran insurance industry.
Assess the competitive dynamics in the Salvadoran insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Salvadoran insurance industry and its impact on companies and the industry's future.
Key Highlights
The Salvadoran insurance industry comprised 21 insurance companies as of 2012.
The insurance penetration rate is comparatively lower in El Salvador compared to other Central American countries such as Honduras and Costa Rica.
The Salvadoran economy exports 40% of its goods and services to the US, indicating that the country is highly vulnerable to its economic conditions.
The insurance industry's regulatory system is considered to be one of the most regulated in the Central American Region.
To meet the growing and changing demand for insurance, companies are introducing a number of options to attract and gain a market share across all insurance categories.
The overall insurance industry is moderately concentrated, with the top five companies representing a share of 57.6% of the total insurance market in 2012, in terms of gross written premium.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Salvadoran Insurance Industry Overview
3.1 Salvadoran Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual whole life insurance
4.1.2 Individual pension insurance
4.1.3 Other life insurance
4.1.4 Group life insurance
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 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 Aviation liability insurance
5.3.2 Motor third-party liability insurance
5.3.3 Workers' compensation 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 Superintendencia Del Sistema Finciero
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 Aseguradora Agricola Comercial SA - company overview
6.2.2 Asesuisa Vida SA, Seguros De Persos - company overview
6.2.3 La Centro America SA - company overview
6.2.4 Aseguradora Suiza Salvadorena SA - company overview
6.2.5 AIG Vida SA, Seguros De Persos - 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 Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Labor Force (Million)
7.7 Total Number of Households (Million)
7.8 Total Number of Internet Users (Thousand)
7.9 Urban and Rural Population (Percentage)
7.1 Total Population (Million)
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: Salvadoran Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 3: Salvadoran Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 4: Salvadoran Insurance Segmentation (Percentage Share), 2009-2018
Table 5: Salvadoran Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 6: Salvadoran Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 7: Salvadoran Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 8: Salvadoran Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 9: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 10: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 11: Salvadoran Life Insurance - Loss Ratio (%), 2009-2013
Table 12: Salvadoran Life Insurance - Loss Ratio (%), 2013-2018
Table 13: Salvadoran Life Insurance - Combined Ratio (%), 2009-2013
Table 14: Salvadoran Life Insurance - Combined Ratio (%), 2013-2018
Table 15: Salvadoran Life Insurance - Retentions (US$ Million), 2009-2013
Table 16: Salvadoran Life Insurance - Retentions (US$ Million), 2013-2018
Table 17: Salvadoran Individual Whole Life Insurance - Written Premium (US$ Million), 2009-2013
Table 18: Salvadoran Individual Life Insurance - Written Premium (US$ Million), 2013-2018
Table 19: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2009-2013
Table 20: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2013-2018
Table 21: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2009-2013
Table 22: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2013-2018
Table 23: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2009-2013
Table 24: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2013-2018
Table 25: Salvadoran Non-Life Insurance - Written Premium by Category (US$), 2009-2013
Table 26: Salvadoran Non-Life Insurance - Written Premium by Category (US$), 2013-2018
Table 27: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 28: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 29: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 30: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 31: Salvadoran Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Salvadoran Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Salvadoran Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Salvadoran Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 36: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 37: Salvadoran Property Insurance - Written Premium (US$ Million), 2009-2013
Table 38: Salvadoran Property Insurance - Written Premium (US$ Million), 2013-2018
Table 39: Salvadoran Motor Insurance - Written Premium (US$ Million), 2009-2013
Table 40: Salvadoran Motor Insurance - Written Premium (US$ Million), 2013-2018
Table 41: Salvadoran Liability Insurance - Written Premium (US$), 2009-2013
Table 42: Salvadoran Liability Insurance - Written Premium (US$), 2013-2018
Table 43: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Table 44: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Table 45: Salvadoran Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 46: Salvadoran Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 47: Salvadoran Persol Accident and Health Insurance - Paid Claims (US$ Million), 2009-2013
Table 48: Salvadoran Persol Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Table 49: Salvadoran Persol Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Table 50: Salvadoran Persol Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Table 51: Salvadoran Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 52: Salvadoran Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 53: Salvadoran Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 54: Salvadoran Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 55: Salvadoran Persol Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Table 56: Salvadoran Persol Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Table 57: Salvadoran Persol Accident Insurance - Written Premium (US$ Million), 2009-2013
Table 58: Salvadoran Persol Accident Insurance - Written Premium (US$ Million), 2013-2018
Table 59: Salvadoran Health Insurance - Written Premium (US$ Million), 2009-2013
Table 60: Salvadoran Health Insurance - Written Premium (US$ Million), 2013-2018
Table 61: Salvadoran Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 62: Salvadoran Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 63: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 64: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 65: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 66: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 67: Salvadoran Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 68: Salvadoran Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 69: El Salvador - Life Insurance Regulatory Framework
Table 70: El Salvador - Property Insurance Regulatory Framework
Table 71: El Salvador - Motor Insurance Regulatory Framework
Table 72: El Salvador - Liability  Insurance Regulatory Framework
Table 73: El Salvador - Corporate Tax Rates for the Fincial Year 2013
Table 74: Salvadoran Insurance Market Share, 2012
Table 75: Aseguradora Agricola Comercial SA - Main Products
Table 76: Aseguradora Agricola Comercial SA - Key Employees
Table 77: Asesuisa Vida SA, Seguros De Persos - Main Products
Table 78: Asesuisa Vida SA, Seguros De Persos - Key Employees
Table 79: La Centro America SA - Main Products
Table 80: La Centro America SA - Key Employees
Table 81: Aseguradora Suiza Salvadorena SA - Main Products
Table 82: Aseguradora Suiza Salvadorena SA - Key Employees
Table 83: AIG Vida SA, Seguros De Persos - Main Products
Table 84: AIG Vida SA, Seguros De Persos - Key Employees