Life Insurance in Ecuador, Key Trends and Opportunities to 2021
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 Timetric's 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), 2012-2016
Table 5: Ecuadorian Life Insurance - Penetration (%), 2012-2016
Table 6: Ecuadorian Life Insurance - Gross Written Premium (US$ Million), 2016-2021
Table 7: Ecuadorian Life Insurance - Penetration (%), 2016-2021
Table 8: Ecuadorian Life Insurance - Premium per Capita (US$), 2012-2016
Table 9: Ecuadorian Life Insurance - Premium per Capita (US$), 2016-2021
Table 10: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2012-2016
Table 11: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2016-2021
Table 12: Ecuadorian Life Insurance - Total Assets (US$ Million), 2012-2016
Table 13: Ecuadorian Life Insurance - Total Assets (US$ Million), 2016-2021
Table 14: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2012-2016
Table 15: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2016-2021
Table 16: Ecuadorian Life Insurance - Investment Portfolio (US$ Million), 2012-2016
Table 17: Ecuadorian Life Insurance - Investment Portfolio (US$ Million), 2016-2021
Table 18: Ecuadorian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2012-2016
Table 19: Ecuadorian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2016-2021
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), 2012-2016
Table 23: Equivida SA - Key Facts
Table 24: Equivida SA - Key Financials (US$ Million), 2012-2016
Table 25: Seguros Sucre SA - Key Facts
Table 26: Seguros Sucre SA - Key Financials (US$ Million), 2012-2016
Table 27: Chubb Seguros Ecuador SA - Key Facts
Table 28: Chubb Seguros Ecuador SA - Key Financials (US$ Million), 2012-2016
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), 2012-2016
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, 2012-2016
Table 44: Ecuadorian Life Insurance - Policies and Premium, 2016-2021
Table 45: Ecuadorian Life Insurance - Claims and Expenses, 2012-2016
Table 46: Ecuadorian Life Insurance - Claims and Expenses, 2016-2021
Table 47: Ecuadorian Life Insurance - Assets and Investments, 2012-2016
Table 48: Ecuadorian Life Insurance - Assets and Investments, 2016-2021
Table 49: Ecuadorian Life Insurance - Individual Life Insurance, 2012-2016
Table 50: Ecuadorian Life Insurance - Individual Life Insurance, 2016-2021
Table 51: Ecuadorian Life Insurance - Group Life Insurance, 2012-2016
Table 52: Ecuadorian Life Insurance - Group Life Insurance, 2016-2021
Table 53: Insurance Industry Definitions
List of Figures
Figure 1: Ecuadorian Real GDP (US$ Billion), 2012-2021
Figure 2: Ecuadorian Inflation Rate, 2012-2021
Figure 3: Ecuadorian Current Account Balance (% of GDP), 2012-2016
Figure 4: Ecuadorian Unemployment Rate, 2012-2021
Figure 5: Ecuadorian Population by Age Group, 1991-2025
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), 2012-2021
Figure 9: Ecuadorian Life Insurance - Penetration (%), 2012-2021
Figure 10: Ecuadorian Life Insurance - Premium per Capita (US$), 2012-2021
Figure 11: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2012-2021
Figure 12: Ecuadorian Life Insurance - Total Assets (US$ Million), 2012-2021
Figure 13: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2012-2021
Figure 14: Ecuadorian Life Insurance - Investment Portfolio (US$ Million), 2012-2021
Figure 15: Ecuadorian Life Insurance - Investment Portfolio Dynamics by Category, 2012-2021
Figure 16: Ecuadorian Life Insurance - Direct Written Premium by Sub-Segment (US$ Billion), 2012-2021
Figure 17: Ecuadorian Life Insurance - Direct Written Premium Share by Sub-Segment, 2012-2021
Figure 18: Ecuadorian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2012-2021
Figure 19: Ecuadorian Individual Life Insurance - Penetration (%), 2012-2016
Figure 20: Ecuadorian Individual Life Insurance - Penetration (%), 2016-2021
Figure 21: Ecuadorian Group Life Insurance - Penetration (%), 2012-2016
Figure 22: Ecuadorian Group Life Insurance - Penetration (%), 2016-2021
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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