Life Insurance in Ecuador, Key Trends and Opportunities to 2019

Life Insurance in Ecuador, Key Trends and Opportunities to 2019

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Published on Oct 23, 2015 - 106 pages

Timetric's 'Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Ecuadorian life insurance segment, including:
  • The Ecuadorian life insurance segment's growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Ecuadorian economy and demographics
  • 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
Report Highlights
  • The life segment accounted for 14.0% of the Ecuadorian insurance industry's total gross written premium in 2014.
  • The rising middle-class population and expanding economy encouraged life insurance business during the review period.
  • In terms of life insurance category performance, group whole life dominated, with a gross written premium of US$291.9 million in 2014.
  • In 2014, 44 insurers were authorized to conduct insurance business in Ecuador, with 22 active in the life segment.
  • The segment's penetration was 0.3% in 2014; therefore Low penetration rate provides scope for growth.
Report 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 report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the Ecuadorian life insurance segment, along with market forecasts until 2019.
  • It analyses 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 Get this Report
  • 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.


Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Whole Life Insurance
5.6 Group Whole Life Insurance
5.7 Non-Linked Life Insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Ecuadorian Life Insurance Segment
7.2.1 Seguros del Pichincha SA - company overview
7.2.2 Equivida SA - company overview
7.2.3 ACE Seguros SA - company overview
7.2.4 Liberty Seguros SA - company overview
7.2.5 Pan American Life Insurance - company overview
7.2.6 Colvida SA - company overview
7.2.7 AIG Metropolitana Cia. De Seguros Y Reaseguros SA - company overview
7.2.8 Compania De Seguros Ecuatoriano-Suiza SA - company overview
7.2.9 Seguros Sucre SA - company overview
7.2.10 BMI Financial Group Inc - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
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 (SOAT)
8.4.2 General insurance under the Social Security Act
8.4.3 Aviation insurance
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 Banks and Insurance
8.6 Non-Admitted Insurance Regulations
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 Types 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 margins
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 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Ecuadorian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Ecuadorian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 6: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2010-2014
Table 7: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2014-2019
Table 8: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 9: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2014-2019
Table 10: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2010-2014
Table 11: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2014-2019
Table 12: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2010-2014
Table 13: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2014-2019
Table 14: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 15: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 16: Ecuadorian Life Insurance - Total Assets (US$ Million), 2010-2014


Companies Mentioned:

Seguros del Pichincha SA
Equivida SA
ACE Seguros SA
Liberty Seguros SA
Pan American Life Insurance
Colvida SA
AIG Metropolitana Cia. De Seguros Y Reaseguros SA
Compania De Seguros Ecuatoriano-Suiza SA
Seguros Sucre SA
BMI Financial Group Inc