The Insurance Industry in Ecuador, Key Trends and Opportunities to 2017

The Insurance Industry in Ecuador, Key Trends and Opportunities to 2017

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The Ecuadorian insurance industry is one of the fastest-growing insurance industries in Latin America in terms of gross written premium. It held a market share of 0.9% of the Latin American total premium in 2012, growing from US$883.8 million in 2008 to US$1.5 billion in 2012, at a compound annual growth rate (CAGR) of 14.4% during the review period (2008-2012). Growth in the industry was due to the government's large-scale infrastructure development, economic recovery following the global financial crisis, regulatory changes and increased merger and acquisition activity. These factors are expected to remain buoyant and continue to support the industry over the forecast period (2012-2017) when it is projected to grow at a CAGR of 12.9%.

Key Highlights
  • The Ecuadorian insurance industry's written premium value grew from US$883.8 million in 2008 to US$1.5 billion in 2012, at a review-period CAGR of 14.4%
  • Large public spending on infrastructure and social sector are fueling growth in the insurance industry.
  • The Ecuadorian insurance industry faces consolidation.
  • The Ecuadorian insurance industry's low penetration rate, measured at 1.8% in 2012, encourages global insurers to look for potential ventures in the country.
  • The insurance industry in Ecuador is supervised and regulated by the Superintendency of Banks and Insurance (Superintendencia de Bancos y Seguros - SBS).
  • The Ecuadorian insurance industry is fragmented and highly competitive. The 10 leading insurers accounted for 64.7% of the total net written premium in 2012.
Scope

This report provides a comprehensive analysis of the insurance industry in Ecuador:
  • It provides historical values for the Ecuadorian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Ecuadorian insurance industry, along with forecasts until 2017.
  • 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 Ecuador, and outlines the key regulations affecting them.
Reasons to Purchase
  • Make strategic business decisions using in-depth historic and forecast industry data related in the Ecuadorian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Ecuadorian insurance industry.
  • Assess the competitive dynamics in the Ecuadorian insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Ecuadorian insurance industry and its impact on companies and the industry's future.


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Ecuadorian Insurance Industry Overview
3.1 Ecuadorian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual single-premium
4.1.3 Individual non-single-premium
4.1.4 Group single-premium
4.1.5 Group non-single premium
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 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Regulations by Type of Insurance
5.2.1 Life insurance regulations
5.2.2 Property insurance regulations
5.2.3 Motor insurance regulations
5.2.4 Marine, aviation and transit insurance regulations
5.2.5 Personal accident and health insurance regulations
5.3 Compulsory Insurance
5.3.1 Traffic accident insurance (SOAT)
5.3.2 General insurance under the Social Security Act
5.3.3 Aviation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 Superintendency of Banks and Insurance
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
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 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 QBE - Seguros Colonial - company overview
6.2.2 ACE Seguros S.A. - company overview
6.2.3 Seguros de Pichincha - company overview
6.2.4 Equivida S.A. - company overview
6.2.5 Seguros Equinoccial - company overview
6.2.6 AIG Metropolitana Compania de Seguros y Reaseguros S.A. - company overview
6.2.7 Seguros Sucre S.A. - company overview
6.2.8 Panamericana del Ecuador - company overview
6.2.9 Latina Seguros - company overview
6.2.10 Hispana de Seguros S.A. - company overview
7 Economic Indicators
7.1 Market capitalization trend - Bolsa de valores Quito, Ecuador
7.2 GDP at constant prices (US$)
7.3 GDP per capita at constant prices (US$)
7.4 GDP at current prices (US$)
7.5 GDP per capita at current prices (US$)
7.6 Inflation rate
7.7 Exports as a percentage of GDP
7.8 Imports as a percentage of GDP
7.9 Total internet subscribers
7.1 Labor force
7.11 Unemployment rate
7.12 Total population
7.13 Urban and rural population
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: Ecuadorian Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 3: Ecuadorian Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017


Companies Mentioned:

Colonial
ACE Seguros SA
Seguros de Pichincha SA Cia Seg Reas
Equivida Compania de Seg y Reas
Seguros Equinoccial SA
AIG Metropolitana Cia de Seg y Reas
Seguros Sucre SA
Panamericana Ecuador SA Co
Latina Seguros y Reaseguros CA
Hispana de Seguros SA