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Life Insurance in Ecuador, Key Trends and Opportunities to 2021

Published By :

Timetric

Published Date : May 2017

Category :

Insurance

No. of Pages : 91 Pages

Synopsis
Timetrics 'Life Insurance in Ecuador, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Ecuadorian life insurance segment, and a comparison of the Ecuadorian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (20122016) and forecast period (20162021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ecuadorian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics 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
Timetrics 'Life Insurance in Ecuador, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Ecuadorian life insurance segment, including:

An overview of the Ecuadorian life insurance segment

The Ecuadorian life insurance segments growth prospects by category

A comprehensive overview of the Ecuadorian economy and demographics

A comparison of the Ecuadorian life insurance segment with its regional counterparts

The various distribution channels in the Ecuadorian life insurance segment

Details of the competitive landscape in the life insurance segment in Ecuador

Details of regulatory policy applicable to the Ecuadorian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Ecuador:

It provides historical values for the Ecuadorian life insurance segment for the reports 20122016 review period, and projected figures for the 20162021 forecast period.

It offers a detailed analysis of the key categories in the Ecuadorian life insurance segment, and market forecasts to 2021.

It provides a comparison of the Ecuadorian life insurance segment with its regional counterparts

It analyzes the various distribution channels for life insurance products in Ecuador.

It profiles the top life insurance companies in Ecuador 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 Ecuadorian life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Ecuadorian life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Ecuadorian insurance industry, and their impact on companies and the industry's future.

Key Highlights
The Ecuadorian life segment is concentrated, with the 10 leading companies accounting for 88.6% of the segments direct written premium in 2016.

Microinsurance was one of the fastest growing industries in Ecuador, and had the second highest coverage ratio in Latin America during the review period.

The segments penetration rate stood at 0.35% in 2016.

MFIs have been the most important channel for the distribution of microinsurance in the country.
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Penetration
5.2 Group Life Insurance
5.2.1 Penetration
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Seguros del Pichincha SA company overview
7.1.2 Equivida SA company overview
7.1.3 Seguros Sucre SA company overview
7.1.4 Chubb Seguros Ecuador SA company overview
7.1.5 AIG Metropolitana Cia. De Seguros y Reaseguros SA company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Traffic accident insurance
8.4.2 General insurance under the Social Security Act
8.4.3 Aviation insurance
8.4.4 Fire insurance for condominiums
8.4.5 Social security system
8.4.6 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 Superintendency of Securities and Insurance Companies
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Group Life Insurance
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetrics Services
11.4 Disclaimer


List of Tables
Table 1: Ecuadorian Life Insurance Key Facts, 2016
Table 2: Ecuadorian Life Insurance Segment Shares of the Top Insurers, 2016
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Life Insurance Gross Written Premium (US$ Million), 20122016
Table 5: Ecuadorian Life Insurance Penetration (%), 20122016
Table 6: Ecuadorian Life Insurance Gross Written Premium (US$ Million), 20162021
Table 7: Ecuadorian Life Insurance Penetration (%), 20162021
Table 8: Ecuadorian Life Insurance Premium per Capita (US$), 20122016
Table 9: Ecuadorian Life Insurance Premium per Capita (US$), 20162021
Table 10: Ecuadorian Life Insurance Paid Claims (US$ Million), 20122016
Table 11: Ecuadorian Life Insurance Paid Claims (US$ Million), 20162021
Table 12: Ecuadorian Life Insurance Total Assets (US$ Million), 20122016
Table 13: Ecuadorian Life Insurance Total Assets (US$ Million), 20162021
Table 14: Ecuadorian Life Insurance Total Investment Income (US$ Million), 20122016
Table 15: Ecuadorian Life Insurance Total Investment Income (US$ Million), 20162021
Table 16: Ecuadorian Life Insurance Investment Portfolio (US$ Million), 20122016
Table 17: Ecuadorian Life Insurance Investment Portfolio (US$ Million), 20162021
Table 18: Ecuadorian Life Insurance Direct Written Premium by Sub-Segment (US$ Million), 20122016
Table 19: Ecuadorian Life Insurance Direct Written Premium by Sub-Segment (US$ Million), 20162021
Table 20: Ecuadorian Life Segment Market Shares of Leading Insurers (%), 2016
Table 21: Seguros del Pichincha SA Key Facts
Table 22: Seguros del Pichincha SA Key Financials (US$ Million), 20122016
Table 23: Equivida SA Key Facts
Table 24: Equivida SA Key Financials (US$ Million), 20122016
Table 25: Seguros Sucre SA Key Facts
Table 26: Seguros Sucre SA Key Financials (US$ Million), 20122016
Table 27: Chubb Seguros Ecuador SA Key Facts
Table 28: Chubb Seguros Ecuador SA Key Financials (US$ Million), 20122016
Table 29: AIG Metropolitana Cia. De Seguros y Reaseguros SA Key Facts
Table 30: AIG Metropolitana Cia. De Seguros y Reaseguros SA Key Financials (US$ Million), 20122016
Table 31: Ecuador Insurance Regulatory Framework Key Features
Table 32: Ecuador Life Insurance Regulatory Framework
Table 33: Ecuador Property Insurance Regulatory Framework
Table 34: Ecuador Motor Insurance Regulatory Framework
Table 35: Ecuador Liability Insurance Regulatory Framework
Table 36: Ecuador Compensation Provided by the Insurer in the Event of Accident
Table 37: Ecuador List of Companies Authorized to Offer SOAT
Table 38: Ecuador Aviation Insurance Cover
Table 39: Ecuador Ratings Required for Registration of Reinsurance Business
Table 40: Ecuador Taxes and Charges Levied on Insurance Premiums
Table 41: Ecuador Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 42: Ecuador Corporate Tax Rates in Ecuador for the Financial Year 2016
Table 43: Ecuadorian Life Insurance Policies and Premium, 20122016
Table 44: Ecuadorian Life Insurance Policies and Premium, 20162021
Table 45: Ecuadorian Life Insurance Claims and Expenses, 20122016
Table 46: Ecuadorian Life Insurance Claims and Expenses, 20162021
Table 47: Ecuadorian Life Insurance Assets and Investments, 20122016
Table 48: Ecuadorian Life Insurance Assets and Investments, 20162021
Table 49: Ecuadorian Life Insurance Individual Life Insurance, 20122016
Table 50: Ecuadorian Life Insurance Individual Life Insurance, 20162021
Table 51: Ecuadorian Life Insurance Group Life Insurance, 20122016
Table 52: Ecuadorian Life Insurance Group Life Insurance, 20162021
Table 53: Insurance Industry Definitions


List of Figures
Figure 1: Ecuadorian Real GDP (US$ Billion), 20122021
Figure 2: Ecuadorian Inflation Rate, 20122021
Figure 3: Ecuadorian Current Account Balance (% of GDP), 20122016
Figure 4: Ecuadorian Unemployment Rate, 20122021
Figure 5: Ecuadorian Population by Age Group, 19912025
Figure 6: Ecuadorian Life Insurance Penetration Regional Comparison (%), 2015
Figure 7: Ecuadorian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 8: Ecuadorian Life Insurance Gross Written Premium (US$ Million), 20122021
Figure 9: Ecuadorian Life Insurance Penetration (%), 20122021
Figure 10: Ecuadorian Life Insurance Premium per Capita (US$), 20122021
Figure 11: Ecuadorian Life Insurance Paid Claims (US$ Million), 20122021
Figure 12: Ecuadorian Life Insurance Total Assets (US$ Million), 20122021
Figure 13: Ecuadorian Life Insurance Total Investment Income (US$ Million), 20122021
Figure 14: Ecuadorian Life Insurance Investment Portfolio (US$ Million), 20122021
Figure 15: Ecuadorian Life Insurance Investment Portfolio Dynamics by Category, 20122021
Figure 16: Ecuadorian Life Insurance Direct Written Premium by Sub-Segment (US$ Billion), 20122021
Figure 17: Ecuadorian Life Insurance Direct Written Premium Share by Sub-Segment, 20122021
Figure 18: Ecuadorian Life Insurance Direct Written Premium Dynamics by Sub-Segment, 20122021
Figure 19: Ecuadorian Individual Life Insurance Penetration (%), 20122016
Figure 20: Ecuadorian Individual Life Insurance Penetration (%), 20162021
Figure 21: Ecuadorian Group Life Insurance Penetration (%), 20122016
Figure 22: Ecuadorian Group Life Insurance Penetration (%), 20162021
Figure 23: Ecuadorian Life Segment Market Shares of Leading Insurers (%), 2016
Figure 24: Ecuador Insurance Supervision and Control at Various Levels
Figure 25: Ecuador Insurance Regulatory Frameworks for Company Registration and Operation
Figure 26: Ecuador Judiciary System

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