Personal Accident and Health 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 Personal Accident Insurance
5.1.1 Premium
5.1.2 Claims
5.1.3 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Claims
5.2.3 Profitability
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Chubb Seguros Ecuador SA - company overview
7.1.2 Pan American Life Insurance - company overview
7.1.3 Bupa Ecuador SA - company overview
7.1.4 BMI Financial Group Inc. - company overview
7.1.5 Equivida 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 Personal Accident Insurance
9.5 Health 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 Personal Accident and Health Insurance - Key Facts, 2016
Table 2: Ecuadorian Personal Accident and Health Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2012-2016
Table 5: Ecuadorian Personal Accident and Health Insurance - Penetration (%), 2012-2016
Table 6: Ecuadorian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2016-2021
Table 7: Ecuadorian Personal Accident and Health Insurance - Penetration (%), 2016-2021
Table 8: Ecuadorian Personal Accident and Health Insurance - Premium per Capita (US$), 2012-2016
Table 9: Ecuadorian Personal Accident and Health Insurance - Premium per Capita (US$), 2016-2021
Table 10: Ecuadorian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2012-2016
Table 11: Ecuadorian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2016-2021
Table 12: Ecuadorian Personal Accident and Health Insurance - Profitability Ratio (%), 2012-2016
Table 13: Ecuadorian Personal Accident and Health Insurance - Profitability Ratio (%), 2016-2021
Table 14: Ecuadorian Personal Accident and Health Insurance - Total Assets (US$ Million), 2012-2016
Table 15: Ecuadorian Personal Accident and Health Insurance - Total Assets (US$ Million), 2016-2021
Table 16: Ecuadorian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2012-2016
Table 17: Ecuadorian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2016-2021
Table 18: Ecuadorian Personal Accident and Health Insurance - Investment Portfolio (US$ Million), 2012-2016
Table 19: Ecuadorian Personal Accident and Health Insurance - Investment Portfolio (US$ Million), 2016-2021
Table 20: Ecuadorian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion),2012-2016
Table 21: Ecuadorian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2016-2021
Table 22: Ecuadorian Personal Accident Insurance - Direct Written Premium (US$ Million), 2012-2016
Table 23: Ecuadorian Personal Accident Insurance - Direct Written Premium (US$ Million), 2016-2021
Table 24: Ecuadorian Personal Accident Insurance - Paid Claims (US$ Million), 2012-2016
Table 25: Ecuadorian Personal Accident Insurance - Paid Claims (US$ Million), 2016-2021
Table 26: Ecuadorian Personal Accident Insurance - Loss Ratio (%), 2012-2016
Table 27: Ecuadorian Personal Accident Insurance - Loss Ratio (%), 2016-2021
Table 28: Ecuadorian Health Insurance - Direct Written Premium (US$ Million), 2012-2016
Table 29: Ecuadorian Health Insurance - Direct Written Premium (US$ Million), 2016-2021
Table 30: Ecuadorian Health Insurance - Paid Claims (US$ Million), 2012-2016
Table 31: Ecuadorian Health Insurance - Paid Claims (US$ Million), 2016-2021
Table 32: Ecuadorian Health Insurance - Loss Ratio (%), 2012-2016
Table 33: Ecuadorian Health Insurance - Loss Ratio (%), 2016-2021
Table 34: Ecuadorian Personal Accident and Health Segment - Market Shares of Leading Insurers (%), 2016
Table 35: Chubb Seguros Ecuador SA - Key Facts
Table 36: Chubb Seguros Ecuador SA - Key Financials (US$ Million), 2012-2016
Table 37: Pan American Life Insurance - Key Facts
Table 38: Pan American Life Insurance - Key Financials (US$ Million), 2015-2016
Table 39: Bupa Ecuador SA - Key Facts
Table 40: Bupa Ecuador SA - Key Financials (US$ Million), 2012-2016
Table 41: BMI Financial Group Inc. - Key Facts
Table 42: BMI Financial Group Inc. - Key Financials (US$ Million), 2012-2016
Table 43: Equivida SA - Key Facts
Table 44: Equivida SA - Key Financials (US$ Million), 2012-2016
Table 45: Ecuador - Insurance Regulatory Framework Key Features
Table 46: Ecuador - Life Insurance Regulatory Framework
Table 47: Ecuador - Property Insurance Regulatory Framework
Table 48: Ecuador - Motor Insurance Regulatory Framework
Table 49: Ecuador - Liability Insurance Regulatory Framework
Table 50: Ecuador - Compensation Provided by the Insurer in the Event of Accident
Table 51: Ecuador - List of Companies Authorized to Offer SOAT
Table 52: Ecuador - Aviation Insurance Cover
Table 53: Ecuador - Ratings Required for Registration of Reinsurance Business
Table 54: Ecuador - Taxes and Charges Levied on Insurance Premiums
Table 55: Ecuador - Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 56: Ecuador - Corporate Tax Rates in Ecuador for the Financial Year 2016
Table 57: Ecuadorian Personal Accident and Health Insurance Industry - Policies and Premium, 2012-2016
Table 58: Ecuadorian Personal Accident and Health Insurance Industry - Policies and Premium, 2016-2021
Table 59: Ecuadorian Personal Accident and Health Insurance - Claims and Expenses, 2012-2016
Table 60: Ecuadorian Personal Accident and Health Insurance - Claims and Expenses, 2016-2021
Table 61: Ecuadorian Personal Accident and Health Insurance - Assets and Investments, 2012-2016
Table 62: Ecuadorian Personal Accident and Health Insurance - Assets and Investments, 2016-2021
Table 63: Ecuadorian Personal Accident and Health Insurance - Personal Accident Insurance, 2012-2016
Table 64: Ecuadorian Personal Accident and Health Insurance - Personal Accident Insurance, 2016-2021
Table 65: Ecuadorian Personal Accident and Health Insurance - Health Insurance, 2012-2016
Table 66: Ecuadorian Personal Accident and Health Insurance - Health Insurance, 2016-2021
Table 67: 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 Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Ecuadorian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: Ecuadorian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2012-2021
Figure 9: Ecuadorian Personal Accident and Health Insurance - Penetration (%), 2012-2021
Figure 10: Ecuadorian Personal Accident and Health Insurance - Premium per Capita (US$), 2012-2021
Figure 11: Ecuadorian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2012-2021
Figure 12: Ecuadorian Personal Accident and Health Insurance - Profitability Ratio (%), 2012-2021
Figure 13: Ecuadorian Personal Accident and Health Insurance - Total Assets (US$ Million), 2012-2021
Figure 14: Ecuadorian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2012-2021
Figure 15: Ecuadorian Personal Accident and Health Insurance - Investment Portfolio (US$ Million), 2012-2021
Figure 16: Ecuadorian Personal Accident and Health Insurance - Investment Portfolio Dynamics by Types of Investment, 2012-2021
Figure 17: Ecuadorian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2012-2021
Figure 18: Ecuadorian Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2012-2021
Figure 19: Ecuadorian Personal Accident Insurance - Direct Written Premium (US$ Million), 2012-2021
Figure 20: Ecuadorian Personal Accident Insurance - Paid Claims (US$ Million), 2012-2021
Figure 21: Ecuadorian Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2012-2021
Figure 22: Ecuadorian Health Insurance - Direct Written Premium by Sub-Category (US$ Billion), 2012-2021
Figure 23: Ecuadorian Health Insurance - Paid Claims (US$ Million), 2012-2021
Figure 24: Ecuadorian Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 2012-2021
Figure 25: Ecuadorian Personal Accident and Health Segment - Market Shares of Leading Insurers (%), 2016
Figure 26: Ecuador - Insurance Supervision and Control at Various Levels
Figure 27: Ecuador - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 28: Ecuador - Judiciary System
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