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

Published: Jul, 2014 | Pages: 154 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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

Summary
The Honduran economy is currently recovering from the 2008 global financial crisis, which hampered the overall development of the country's insurance industry. Political crises in the country were a major concern during 2009 and 2010, particularly those concerning plans to rewrite the country's constitution. Despite this, growth in the tourism sector, recovery in the US economy and an increase in exports, public investments and higher remittances all contributed to the recovery of the country's economy during the review period (2009-2010). Honduras is the third-largest exporter of textiles to the US, after China and Mexico, with textiles constituting more than half of the country's exports in 2013. The Honduran insurance industry grew at a review-period CAGR of 8.8%. The growth in the industry was partially due to the strong performance of the life insurance segment, as well as personal accident and health insurance.
Scope
This report provides a comprehensive analysis of the insurance industry in Honduras:
It provides historical values for the Honduran 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 Honduran 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 Honduras, 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 Honduran insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Honduran insurance industry.
Assess the competitive dynamics in the Honduran insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Honduran insurance industry and its impact on companies and the industry's future.
Key Highlights
The Honduran insurance industry is moderately concentrated, with three of the country's 12 operating companies accounting for 56.3% of the industry's gross written premium in 2013.
The Honduran insurance industry grew registering a review-period CAGR of 8.8%. The growth in the industry was partially due to the strong performance of the life segment, as well as personal accident and health insurance.
Key infrastructure developments in the country include the improvement of road access to the city of San Pedro Sula, one of the country's industrial hubs. The project is financed by the Inter-American Development Bank, with a value of HNL378.0 million (US$20 million).
According to the World Bank Report 2014, Honduras is one of the most difficult countries in which to establish a business.
Honduras is highly prone to natural disasters, such as hurricanes and droughts.

 1 Executive Summary 
2 Introduction 
2.1 What is this Report About? 
2.2 Definitions 
2.3 Methodology 
3 Honduran Insurance Industry Overview 
3.1 The Honduran 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 Pension insurance 
4.1.3 Other 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 Social insurance system 
5.4 Supervision and Control 
5.4.1 Association of Insurance Supervisors Latin America 
5.4.2 Central Bank of Honduras 
5.4.3 tiol Banking and Insurance Commission 
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 Interamerica de Seguros, SA 
6.2.2 Seguros Atlantida SA 
6.2.3 Mapfre Seguros Honduras, SA 
6.2.4 Pan-American Life Insurance Company 
6.2.5 Seguros del Pais 
7 Economic 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 Total Population (Million) 
7.1 Urban and Rural Populations (Percentage) 
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: Honduran Insurance - Overall Written Premium by Segment (HNL Billion), 2009-2013 
Table 3: Honduran Insurance - Overall Written Premium by Segment (US$ Billion), 2009-2013 
Table 4: Honduran Insurance - Overall Written Premium by Segment (HNL Billion), 2013-2018 
Table 5: Honduran Insurance - Overall Written Premium by Segment (US$ Billion), 2013-2018 
Table 6: Honduran Insurance - Segmentation (% Share), 2009-2018 
Table 7: Honduran Life Insurance - Written Premium by Category (HNL Billion), 2009-2013 
Table 8: Honduran Life Insurance - Written Premium by Category (US$ Billion), 2009-2013 
Table 9: Honduran Life Insurance - Written Premium by Category (HNL Billion), 2013-2018 
Table 10: Honduran Life Insurance - Written Premium by Category (US$ Billion), 2013-2018 
Table 11: Honduran Life Insurance - Paid Claims (HNL Million), 2009-2013 
Table 12: Honduran Life Insurance - Paid Claims (HNL Million), 2013-2018 
Table 13: Honduran Life Insurance - Incurred Loss (HNL Million), 2009-2013 
Table 14: Honduran Life Insurance - Incurred Loss (HNL Million), 2013-2018 
Table 15: Honduran Life Insurance - Loss Ratio (%), 2009-2013 
Table 16: Honduran Life Insurance - Loss Ratio (%), 2013-2018 
Table 17: Honduran Life Insurance - Combined Ratio (%), 2009-2013 
Table 18: Honduran Life Insurance - Combined Ratio (%), 2013-2018 
Table 19: Honduran Life Insurance - Total Assets (HNL Billion), 2009-2013 
Table 20: Honduran Life Insurance - Total Assets (HNL Billion), 2013-2018 
Table 21: Honduran Life Insurance - Total Investment Income (HNL Million), 2009-2013 
Table 22: Honduran Life Insurance - Total Investment Income (HNL Million), 2013-2018 
Table 23: Honduran Life Insurance - Retentions (HNL Billion), 2009-2013 
Table 24: Honduran Life Insurance - Retentions (HNL Billion), 2013-2018 
Table 25: Honduran Individual Whole Life Insurance - Written Premium (HNL Million), 2009-2013 
Table 26: Honduran Individual Life Insurance - Written Premium (HNL Million), 2013-2018 
Table 27: Honduran Pension Insurance - Written Premium (HNL Million), 2009-2013 
Table 28: Honduran Pension Insurance - Written Premium (HNL Million), 2013-2018 
Table 29: Honduran Other Insurance - Written Premium (HNL Million), 2009-2013 
Table 30: Honduran Other Insurance - Written Premium (HNL Million), 2013-2018 
Table 31: Honduran Group Life Insurance - Written Premium (HNL Billion), 2009-2013 
Table 32: Honduran Group Life Insurance - Written Premium (HNL Billion), 2013-2018 
Table 33: Honduran Non-Life Insurance - Written Premium by Category (HNL Billion), 2009-2013 
Table 34: Honduran Non-Life Insurance - Written Premium by Category (US$ Billion), 2009-2013 
Table 35: Honduran Non-Life Insurance - Written Premium by Category (HNL Billion), 2013-2018 
Table 36: Honduran Non-Life Insurance - Written Premium by Category (US$ Billion), 2013-2018 
Table 37: Honduran Non-Life Insurance - Paid Claims (HNL Million), 2009-2013 
Table 38: Honduran Non-Life Insurance - Paid Claims (HNL Million), 2013-2018 
Table 39: Honduran Non-Life Insurance - Incurred Loss (HNL Billion), 2009-2013 
Table 40: Honduran Non-Life Insurance - Incurred Loss (HNL Billion), 2013-2018 
Table 41: Honduran Non-Life Insurance - Loss Ratio (%), 2009-2013 
Table 42: Honduran Non-Life Insurance - Loss Ratio (%), 2013-2018 
Table 43: Honduran Non-Life Insurance - Combined Ratio (%), 2009-2013 
Table 44: Honduran Non-Life Insurance - Combined Ratio (%), 2013-2018 
Table 45: Honduran Non-Life Insurance - Total Assets (HNL Billion), 2009-2013 
Table 46: Honduran Non-Life Insurance - Total Assets (HNL Billion), 2013-2018 
Table 47: Honduran Non-Life Insurance - Total Investment Income (HNL Billion), 2009-2013 
Table 48: Honduran Non-Life Insurance - Total Investment Income (HNL Billion), 2013-2018 
Table 49: Honduran Non-Life Insurance - Retentions (HNL Billion), 2009-2013 
Table 50: Honduran Non-Life Insurance - Retentions (HNL Billion), 2013-2018 
Table 51: Honduran Property Insurance - Written Premium (HNL Billion), 2009-2013 
Table 52: Honduran Property Insurance - Written Premium (HNL Billion), 2013-2018 
Table 53: Honduran Motor Insurance - Written Premium (HNL Billion), 2009-2013 
Table 54: Honduran Motor Insurance - Written Premium (HNL Billion), 2013-2018 
Table 55: Honduran Liability Insurance - Written Premium (HNL Million), 2009-2013 
Table 56: Honduran Liability Insurance - Written Premium (HNL Million), 2013-2018 
Table 57: Honduran Marine, Aviation and Transit Insurance - Written Premium (HNL Million), 2009-2013 
Table 58: Honduran Marine, Aviation and Transit Insurance - Written Premium (HNL Million), 2013-2018 
Table 59: Honduran Persol Accident and Health Insurance - Written Premium by Category (HNL Billion), 2009-2013 
Table 60: Honduran Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2009-2013 
Table 61: Honduran Persol Accident and Health Insurance - Written Premium by Category (HNL Billion), 2013-2018 
Table 62: Honduran Persol Accident and Health Insurance - Written Premium by Category (US$ Billion), 2013-2018 
Table 63: Honduran Persol Accident and Health Insurance - Paid Claim (HNL Billion), 2009-2013 
Table 64: Honduran Persol Accident and Health Insurance - Paid Claims (HNL Billion), 2013-2018 
Table 65: Honduran Persol Accident and Health Insurance - Incurred Loss (HNL Billion), 2009-2013 
Table 66: Honduran Persol Accident and Health Insurance - Incurred Loss (HNL Billion), 2013-2018 
Table 67: Honduran Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013 
Table 68: Honduran Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018 
Table 69: Honduran Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013 
Table 70: Honduran Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018 
Table 71: Honduran Persol Accident and Health Insurance - Total Assets (HNL Billion), 2009-2013 
Table 72: Honduran Persol Accident and Health Insurance - Total Assets (HNL Billion), 2013-2018 
Table 73: Honduran Persol Accident and Health Insurance - Total Investment Income (HNL Million), 2009-2013 
Table 74: Honduran Persol Accident and Health Insurance - Total Investment Income (HNL Million), 2013-2018 
Table 75: Honduran Persol Accident and Health Insurance - Retentions (HNL Billion), 2009-2013 
Table 76: Honduran Persol Accident and Health Insurance - Retentions (HNL Billion), 2013-2018 
Table 77: Honduran Persol Accident Insurance - Written Premium (HNL Million), 2009-2013 
Table 78: Honduran Persol Accident Insurance - Written Premium (HNL Million), 2013-2018 
Table 79: Honduran Health Insurance - Written Premium (HNL Billion), 2009-2013 
Table 80: Honduran Health Insurance - Written Premium (HNL Billion), 2013-2018 
Table 81: Honduran Reinsurance Ceded by Insurance Industry (HNL Billion), 2009-2013 
Table 82: Honduran Reinsurance Ceded by Insurance Industry (US$ Billion), 2009-2013 
Table 83: Honduran Reinsurance Ceded by Insurance Industry (HNL Billion), 2013-2018 
Table 84: Honduran Reinsurance Ceded by Insurance Industry (US$ Billion), 2013-2018 
Table 85: Honduran Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 86: Honduran Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018 
Table 87: Honduran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 88: Honduran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018 
Table 89: Honduran Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013 
Table 90: Honduran Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018 
Table 91: Honduras - Life Insurance Regulatory Framework 
Table 92: Honduras - Property Insurance Regulatory Framework 
Table 93: Honduras - Motor Insurance Regulatory Framework 
Table 94: Honduras - Liability  Insurance Regulatory Framework 
Table 95: Honduras - Corporate Tax Rates for the Fincial Year 2013 
Table 96: Honduran Insurance - Industry Shares, 2013 
Table 97: Interamerica de Seguros, SA - Main Products 
Table 98: Seguros Atlantida SA - Main Products 
Table 99: Mapfre Seguros Honduras, SA - Main Products 
Table 100: Mapfre Seguros Honduras, SA - Key Employees 
Table 101: Pan-American Life Insurance Company - Main Products 
Table 102: Pan-American Life Insurance Company - Key Employees 
Table 103: Seguros del Pais - Main Products 
Table 104: Seguros del Pais - Key Employees