Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2019

Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2019

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Published on Oct 24, 2015 - 105 pages

Timetric's 'Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Ecuadorian non-life insurance segment, including:
  • The Ecuadorian non-life insurance segment's detailed outlook by product category
  • A comprehensive overview of the Ecuadorian economy and demographics
  • A comparison of the Ecuadorian insurance industry with its regional counterparts
  • Detailed analysis of natural hazards and their impact on the Ecuadorian insurance industry
  • 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 non-life gross written premium rose from US$983.6 million in 2010 to US$1.8 billion in 2014, at a review-period CAGR of 16.5%.
  • The growth was primarily backed by the expansion of property insurance which grew at a review-period CAGR of 20.8%.
  • Motor insurance, with a total gross written premium of US$637.9 million that year, was the second-largest category, accounting for 35.2% of the segment's gross written premium.
  • In 2014, the non-life penetration in Ecuador stood at 1.7%.
  • Multimedia and cyber-liability insurance have become a new way to secure products and services for information technology companies.
  • The Ecuadorian non-life insurance segment is concentrated, with the top 10 companies accounting for 74.5% of the gross written premium in 2014.
Report Scope

This report provides a comprehensive analysis of the non-life insurance segment in Ecuador:
  • It provides historical values for the Ecuadorian non-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 non-life insurance segment, along with market forecasts until 2019.
  • It profiles the top non-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 non-life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Ecuadorian non-life insurance segment.
  • Assess the competitive dynamics in the non-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 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 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
7 Natural Hazards
7.1 Flood and Landslide
7.2 Earthquake
7.3 Volcanic Activity
7.4 Tsunami
7.5 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Seguros Sucre SA
8.3.2 Seguros Equinoccial
8.3.3 QBE Seguros Colonial SA
8.3.4 ACE Seguros SA
8.3.5 Mapfre Atlas Compania de Seguros SA
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Traffic accident insurance (SOAT)
9.4.2 General insurance under the Social Security Act
9.4.3 Aviation insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 Superintendency of Banks and Insurance
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Ecuadorian Non-Life Insurance - Key Facts, 2014
Table 2: Ecuadorian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 5: Ecuadorian Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 7: Ecuadorian Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2010-2014
Table 9: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2014-2019
Table 10: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 11: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019

Companies Mentioned:

Seguros Sucre SA
Seguros Equinoccial
QBE Seguros Colonial SA
ACE Seguros SA
Mapfre Atlas Compania de Seguros SA
AIG Metropolitana Cia. de Seguros Y Reaseguros SA
Liberty Seguros SA
Aseguradora del Sur CA
Seguros Unidos SA
Seguros Rocafuerte SA