Non-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 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
6.1 Brokers
6.2 Agencies
6.3 Direct marketing
6.4 Bancassurance
6.5 E-commerce
7 Natural and Man-Made Hazards
7.1 Flooding and Landslides
7.2 Droughts
7.3 Earthquakes
7.4 Volcanic Eruptions
7.5 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Seguros Sucre SA - company overview
8.1.2 Seguros Equinoccial - company overview
8.1.3 QBE Seguros Colonial SA - company overview
8.1.4 Chubb Seguros Ecuador SA - company overview
8.1.5 Aseguradora Del Sur CA - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
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
9.4.2 General insurance under the Social Security Act
9.4.3 Aviation insurance
9.4.4 Fire insurance for condominiums
9.4.5 Social security system
9.4.6 Liability for ships with respect to oil pollution
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 Securities and Insurance Companies
9.6 Non-Admitted Insurance Regulation
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 Type 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 margin
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
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Liability Insurance
10.8 Marine, Aviation and Transit Insurance
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, 2016
Table 2: Ecuadorian Non-Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Billion), 2012-2016
Table 5: Ecuadorian Non-Life Insurance - Penetration (%), 2012-2016
Table 6: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Billion), 2016-2021
Table 7: Ecuadorian Non-Life Insurance - Penetration (%), 2016-2021
Table 8: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2012-2016
Table 9: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2016-2021
Table 10: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2012-2016
Table 11: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2016-2021
Table 12: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2012-2016
Table 13: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2016-2021
Table 14: Ecuadorian Non-Life Insurance - Total Assets (US$ Billion), 2012-2016
Table 15: Ecuadorian Non-Life Insurance - Total Assets (US$ Billion), 2016-2021
Table 16: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2012-2016
Table 17: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2016-2021
Table 18: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2012-2016
Table 19: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2016-2021
Table 20: Ecuadorian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2012-2016
Table 21: Ecuadorian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2016-2021
Table 22: Ecuadorian Property Insurance - Direct Written Premium by Sub-Category (US$ Million), 2012-2016
Table 23: Ecuadorian Property Insurance - Direct Written Premium by Sub-Category (US$ Million), 2016-2021
Table 24: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2012-2016
Table 25: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2016-2021
Table 26: Ecuadorian Property Insurance - Loss Ratio (%), 2012-2016
Table 27: Ecuadorian Property Insurance - Loss Ratio (%), 2016-2021
Table 28: Ecuadorian Motor Insurance - Direct Written Premium by Sub-Category (US$ Million), 2012-2016
Table 29: Ecuadorian Motor Insurance - Direct Written Premium by Sub-Category (US$ Million), 2016-2021
Table 30: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2012-2016
Table 31: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2016-2021
Table 32: Ecuadorian Motor Insurance - Loss Ratio (%), 2012-2016
Table 33: Ecuadorian Motor Insurance - Loss Ratio (%), 2016-2021
Table 34: Ecuadorian Liability Insurance - Direct Written Premium (US$ Million), 2012-2016
Table 35: Ecuadorian Liability Insurance - Direct Written Premium (US$ Million), 2016-2021
Table 36: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2012-2016
Table 37: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2016-2021
Table 38: Ecuadorian Liability Insurance - Loss Ratio (%), 2012-2016
Table 39: Ecuadorian Liability Insurance - Loss Ratio (%), 2016-2021
Table 40: Ecuadorian Transport Network - Global Rankings
Table 41: Ecuadorian Marine, Aviation and Transit Insurance - Direct Written Premium (US$ Million), 2012-2016
Table 42: Ecuadorian Marine, Aviation and Transit Insurance - Direct Written Premium (US$ Million), 2016-2021
Table 43: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2012-2016
Table 44: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2016-2021
Table 45: Ecuadorian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2012-2016
Table 46: Ecuadorian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2016-2021
Table 47: Ecuadorian Non-Life Segment - Market Shares of Leading Insurers (%), 2016
Table 48: Seguros Sucre SA - Key Facts
Table 49: Seguros Sucre SA - Key Financials (US$ Million), 2012-2016
Table 50: Seguros Equinoccial - Key Facts
Table 51: Seguros Equinoccial - Key Financials (US$ Million), 2012-2016
Table 52: QBE Seguros Colonial SA - Key Facts
Table 53: QBE Seguros Colonial SA - Key Financials (US$ Million), 2012-2016
Table 54: Chubb Seguros Ecuador SA - Key Facts
Table 55: Chubb Seguros Ecuador SA - Key Financials (US$ Million), 2012-2016
Table 56: Aseguradora Del Sur CA - Key Facts
Table 57: Aseguradora Del Sur CA - Key Financials (US$ Million), 2012-2016
Table 58: Ecuador - Insurance Regulatory Framework Key Features
Table 59: Ecuador - Life Insurance Regulatory Framework
Table 60: Ecuador - Property Insurance Regulatory Framework
Table 61: Ecuador - Motor Insurance Regulatory Framework
Table 62: Ecuador - Liability Insurance Regulatory Framework
Table 63: Ecuador - Compensation Provided by the Insurer in the Event of Accident
Table 64: Ecuador - List of Companies Authorized to Offer SOAT
Table 65: Ecuador - Aviation Insurance Cover
Table 66: Ecuador - Ratings Required for Registration of Reinsurance Business
Table 67: Ecuador - Taxes and Charges Levied on Insurance Premiums
Table 68: Ecuador - Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 69: Ecuador - Corporate Tax Rates in Ecuador for the Financial Year 2016
Table 70: Ecuadorian Insurance Industry - Policies and Premium, 2012-2016
Table 71: Ecuadorian Insurance Industry - Policies and Premium, 2016-2021
Table 72: Ecuadorian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 73: Ecuadorian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 74: Ecuadorian Non-Life Insurance - Assets and Investments, 2012-2016
Table 75: Ecuadorian Non-Life Insurance - Assets and Investments, 2016-2021
Table 76: Ecuadorian Non-Life Insurance - Property Insurance, 2012-2016
Table 77: Ecuadorian Non-Life Insurance - Property Insurance, 2016-2021
Table 78: Ecuadorian Non-Life Insurance - Property Insurance by Product, 2012-2016
Table 79: Ecuadorian Non-Life Insurance - Property Insurance by Product, 2016-2021
Table 80: Ecuadorian Non-Life Insurance - Motor Insurance, 2012-2016
Table 81: Ecuadorian Non-Life Insurance - Motor Insurance, 2016-2021
Table 82: Ecuadorian Non-Life Insurance - Liability Insurance, 2012-2016
Table 83: Ecuadorian Non-Life Insurance - Liability Insurance, 2016-2021
Table 84: Ecuadorian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 85: Ecuadorian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 86: 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 Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Ecuadorian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Billion), 2012-2021
Figure 9: Ecuadorian Non-Life Insurance - Penetration (%), 2012-2021
Figure 10: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2012-2021
Figure 11: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2012-2021
Figure 12: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2012-2021
Figure 13: Ecuadorian Non-Life Insurance - Total Assets (US$ Billion), 2012-2021
Figure 14: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2012-2021
Figure 15: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2012-2021
Figure 16: Ecuadorian Non-Life Insurance - Investment Portfolio Dynamics by Types of Investment, 2012-2021
Figure 17: Ecuadorian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2012-2021
Figure 18: Ecuadorian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2012-2021
Figure 19: Ecuadorian Property Insurance - Direct Written Premium by Sub-Category (US$ Million), 2012-2021
Figure 20: Ecuadorian Property Insurance - Direct Written Premium Dynamics by Sub-Category, 2012-2021
Figure 21: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2012-2021
Figure 22: Ecuadorian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2012-2021
Figure 23: Ecuadorian Motor Insurance - Direct Written Premium (US$ Million), 2012-2021
Figure 24: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2012-2021
Figure 25: Ecuadorian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2012-2021
Figure 26: Ecuadorian Liability Insurance - Direct Written Premium (US$ Million), 2012-2021
Figure 27: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2012-2021
Figure 28: Ecuadorian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2012-2021
Figure 29: Ecuadorian Marine, Aviation and Transit Insurance - Direct Written Premium (US$ Billion), 2012-2021
Figure 30: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2012-2021
Figure 31: Ecuadorian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2012-2021
Figure 32: Ecuadorian Non-Life Segment - Market Shares of Leading Insurers (%), 2016
Figure 33: Ecuador - Insurance Supervision and Control at Various Levels
Figure 34: Ecuador - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 35: Ecuador - Judiciary System
Global Agricultural Insurance Market Research Report 2024
Published: 08-Jan-2024 Price: US 2900 Onwards Pages: 94
Agricultural insurance protects against loss of or damage to crops or livestock. It has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops. However, in practice its effectiveness has often been constrained by The difficulty of designing good products and by demand constraints.
The global Agricultural Insurance market was valued at US$ 47750 million in 2023 and is an......
Global Agricultural Insurance Market Growth (Status and Outlook) 2024-2030
Published: 04-Jan-2024 Price: US 3660 Onwards Pages: 120
According to our LPI (LP Information) latest study, the global Agricultural Insurance market size was valued at US$ 46710 million in 2023. With growing demand in downstream market, the Agricultural Insurance is forecast to a readjusted size of US$ 67940 million by 2030 with a CAGR of 5.5% during review period.
The research report highlights the growth potential of the global Agricultural Insurance market. Agricultural Insurance are expected to show stable growth in the future market. How......
Global Agricultural Insurance Market 2024 by Company, Regions, Type and Application, Forecast to 2030
Published: 01-Jan-2024 Price: US 3480 Onwards Pages: 120
According to our (Global Info Research) latest study, the global Agricultural Insurance market size was valued at USD 49130 million in 2023 and is forecast to a readjusted size of USD 69470 million by 2030 with a CAGR of 5.1% during review period.
Agricultural insurance protects against loss of or damage to crops or livestock. It has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater invest......
Global Agriculture Insurance and Reinsurance Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
Published: 21-Nov-2023 Price: US 3380 Onwards Pages: 127
Market Overview of Global Agriculture Insurance and Reinsurance market:
According to our latest research, the global Agriculture Insurance and Reinsurance market looks promising in the next 5 years. As of 2022, the global Agriculture Insurance and Reinsurance market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
Reinsurance is insurance that is purchased by an insurance company. In the class......
Global Agricultural Insurance Market Status and Outlook 2023-2028
Published: 13-Nov-2023 Price: US 3160 Onwards Pages: 122
Agricultural insurance is an insurance policy that involves the insured (farmers) paying a small amount (premium), usually a percentage paid to the insurance company (insurance company) to guarantee any risks (death, flood, drought, etc.) within the insurance coverage The loss caused.
Our market research experts provide qualitative and quantitative analysis of the market based on involving economic and non-economic factors in the same report with market value (million USD) data for each s......
Global Auto Insurance Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
Published: 31-Oct-2023 Price: US 3380 Onwards Pages: 111
Market Overview of Global Auto Insurance market:
According to our latest research, the global Auto Insurance market looks promising in the next 5 years. As of 2022, the global Auto Insurance market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Auto Insurance market, with a......
Global Agricultural Insurance Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
Published: 03-Oct-2023 Price: US 3380 Onwards Pages: 122
Market Overview of Global Agricultural Insurance market:
According to our latest research, the global Agricultural Insurance market looks promising in the next 5 years. As of 2022, the global Agricultural Insurance market was estimated at USD 38769.96 million, and it's anticipated to reach USD 46953.41 million in 2028, with a CAGR of 3.24% during the forecast years.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of th......
Global Agricultural Insurance Market Insights, Forecast to 2029
Published: 21-Sep-2023 Price: US 4900 Onwards Pages: 112
Agricultural insurance protects against loss of or damage to crops or livestock. It has great potential to provide value to low-income farmers and their communities, both by protecting farmers when shocks occur and by encouraging greater investment in crops. However, in practice its effectiveness has often been constrained by the difficulty of designing good products and by demand constraints.
Market Analysis and Insights: Global Agricultural Insurance Market
The global Agricultura......
Global General Insurance Industry Research Report, In-depth Analysis of Current Status and Outlook of Key Countries 2023-2028
Published: 05-Sep-2023 Price: US 3380 Onwards Pages: 107
Market Overview of Global General Insurance market:
According to our latest research, the global General Insurance market looks promising in the next 5 years. As of 2022, the global General Insurance market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global General Insurance ma......
SERVICES
Value for Money
We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.
Ever Growing Inventory
Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.
One Stop Solution
Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.
Dedicated Client Engagement
Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.
Saving Time and Efforts
Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.
Payment Flexibility
Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.
Post-Purchase Research Support
Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements.
Subscription Offers & Packages (Get in touch with us for more details -
[email protected] / +1 888 391 5441 )
- Ad Hoc
-
- Pay - as - you - go / Bucket Subscriptions
- Fixed Cost for #of reports
- Customize / Personalize as per your needs