Life Insurance in Venezuela, Key Trends and Opportunities to 2020

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Published: June 30, 2017 Report Code: GD-IS1508MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Venezuela, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Venezuelan life insurance segment, and a comparison of the Venezuelan insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Venezuelan economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Venezuela:

• It provides historical values for the Venezuelan life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Venezuelan life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Venezuelan life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Venezuela.

• It profiles the top life insurance companies in Venezuela and outlines the key regulations affecting them.

Key Highlights

• According to amendments to the Insurance Activities Act 2010 in December 2015, two obligatory contributions – Social Development Tax and Investigation and Development Tax – were imposed on insurers.

• On December 30, 2015, the government amended the minimum capital requirements for insurance companies.

• The Superintendencia de la Actividad Aseguradora (Sudeaseg, the Superintendent of Insurance Activity) imposed the Seguros Solidarios insurance policy, effective from March 2013, which compelled insurers to provide funeral insurance for retirees, pensioners, the elderly, people with disabilities or physical or mental illnesses, and those whose monthly income is equivalent to VEF2,675 (US$97.7).

• The life segment’s insurance penetration was 0.067% in 2015.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Venezuelan life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Venezuelan insurance industry, and their impact on companies and the industry's future.

CNA de Seguros La Previsora
Seguros Horizonte SA
Banesco Seguros CA
Zurich Seguros SA
Mapfre La Seguridad CA de Seguros
Mercantil Seguros CA
Seguros Provincial CA
La Fe Previsora Compañia de Seguros SA
Universal de Seguros CA
Seguros Caracas de Liberty Mutual

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 Premium

5.1.2 Penetration

5.2 Group Life Insurance

5.2.1 Premium

5.2.2 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Brokers

6.1.3 Direct Marketing

6.1.4 Bancassurance

6.1.5 E-commerce

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 CNA de Seguros La Previsora – company overview

7.1.2 Seguros Horizonte SA – company overview

7.1.3 Banesco Seguros CA – company overview

7.1.4 Zurich Seguros, SA – company overview

7.1.5 Mapfre La Seguridad, CA de Seguros – 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 Motor third-party liability insurance

8.4.2 Travel insurance

8.4.3 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Superintendencia de la Actividad Aseguradora

8.6 Non-Admitted Insurance Regulations

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

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Group Life Insurance

9.7 Group Life Insurance by Product

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Venezuelan Life Insurance – Key Facts, 2015

Table 2: Venezuelan Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Venezuelan Government Credit Ratings

Table 4: Venezuelan Life Insurance – Gross Written Premium (VEF Billion and US$ Million), 2011–2015

Table 5: Venezuelan Life Insurance – Penetration (%), 2011–2015

Table 6: Venezuelan Life Insurance – Gross Written Premium (VEF Billion and US$ Million), 2015–2020

Table 7: Venezuelan Life Insurance – Penetration (%), 2015–2020

Table 8: Venezuelan Life Insurance – Premium per Capita (VEF and US$), 2011–2015

Table 9: Venezuelan Life Insurance – Premium per Capita (VEF and US$), 2015–2020

Table 10: Venezuelan Life Insurance – Paid Claims (VEF Million and US$ Million), 2011–2015

Table 11: Venezuelan Life Insurance – Paid Claims (VEF Billion and US$ Million), 2015–2020

Table 12: Venezuelan Life Insurance – Total Assets (VEF Billion and US$ Million), 2011–2015

Table 13: Venezuelan Life Insurance – Total Assets (VEF Billion and US$ Million), 2015–2020

Table 14: Venezuelan Life Insurance – Total Investment Income (VEF Million and US$ Million), 2011–2015

Table 15: Venezuelan Life Insurance – Total Investment Income (VEF Billion and US$ Million), 2015–2020

Table 16: Venezuelan Life Insurance – Investment Portfolio (VEF Billion), 2011–2015

Table 17: Venezuelan Life Insurance – Investment Portfolio (VEF Billion), 2015–2020

Table 18: Venezuelan Life Insurance – Direct Written Premium by Sub-Segment (VEF Billion), 2011–2015

Table 19: Venezuelan Life Insurance – Direct Written Premium by Sub-Segment (VEF Billion), 2015–2020

Table 20: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Million), 2011–2015

Table 21: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Million), 2015–2020

Table 22: Venezuelan Group Life Insurance – Direct Written Premium by Category (VEF Billion), 2011–2015

Table 23: Venezuelan Group Life Insurance – Direct Written Premium by Category (VEF Billion), 2015–2020

Table 24: Venezuelan Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Table 25: CNA de Seguros La Previsora – Key Facts

Table 26: CNA de Seguros La Previsora – Key Financials (VEF Billion), 2011–2015

Table 27: Seguros Horizonte SA – Key Facts

Table 28: Seguros Horizonte SA – Key Financials (US$ Million), 2011–2015

Table 29: Banesco Seguros CA – Key Facts

Table 30: Banesco Seguros CA – Key Financials (US$ Million), 2011–2015

Table 31: Zurich Seguros, SA – Key Facts

Table 32: Zurich Seguros, SA – Key Financials (VEF Million), 2011–2015

Table 33: Mapfre La Seguridad, CA de Seguros – Key Facts

Table 34: Mapfre La Seguridad, CA de Seguros ntal – Key Financials (VEF Billion), 2011–2015

Table 35: Venezuela – Insurance Regulatory Framework Key Features

Table 36: Venezuela – Life Insurance Regulatory Framework

Table 37: Venezuela – Property Insurance Regulatory Framework

Table 38: Venezuela– Motor Insurance Regulatory Framework

Table 39: Venezuela – Liability Insurance Regulatory Framework

Table 40: Venezuela – Corporate Tax Rates for the Financial Year 2017

Table 41: Venezuelan Life Insurance – Policies and Premium, 2011–2015

Table 42: Venezuelan Life Insurance – Policies and Premium, 2015–2020

Table 43: Venezuelan Life Insurance – Claims and Expenses, 2011–2015

Table 44: Venezuelan Life Insurance – Claims and Expenses, 2015–2020

Table 45: Venezuelan Life Insurance – Assets and Investments, 2011–2015

Table 46: Venezuelan Life Insurance – Assets and Investments, 2015–2020

Table 47: Venezuelan Life Insurance – Individual Life Insurance, 2011–2015

Table 48: Venezuelan Life Insurance – Individual Life Insurance, 2015–2020

Table 49: Venezuelan Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 50: Venezuelan Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 51: Venezuelan Life Insurance – Group Life Insurance, 2011–2015

Table 52: Venezuelan Life Insurance – Group Life Insurance, 2015–2020

Table 53: Venezuelan Life Insurance – Group Life Insurance by Product, 2011–2015

Table 54: Venezuelan Life Insurance – Group Life Insurance by Product, 2015–2020

Table 55: Insurance Industry Definitions

Figures

Figure 1: Venezuelan Real GDP (VEF Billion), 2011–2020

Figure 2: Venezuelan Inflation Rate (%), 2011–2015

Figure 3: Venezuelan Inflation Rate (%), 2015–2020

Figure 4: Venezuelan VEF-US$ Exchange Rate, 2011–2015

Figure 5: Venezuelan VEF-US$ Exchange Rate, 2015–2020

Figure 6: Venezuelan Current Account Balance (% of GDP), 2011–2015

Figure 7: Venezuelan Unemployment Rate, 2011–2020

Figure 8: Venezuelan Population by Age Group, 1991–2025

Figure 9: Venezuelan Life Insurance Penetration – Regional Comparison (%), 2015

Figure 10: Venezuelan Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 11: Venezuelan Life Insurance – Gross Written Premium (VEF Billion), 2011–2015

Figure 12: Venezuelan Life Insurance – Gross Written Premium (VEF Billion), 2015–2020

Figure 13: Venezuelan Life Insurance – Penetration (%), 2011–2020

Figure 14: Venezuelan Life Insurance – Premium per Capita (VEF), 2011–2015

Figure 15: Venezuelan Life Insurance – Premium per Capita (VEF), 2015–2020

Figure 16: Venezuelan Life Insurance – Paid Claims (VEF Million), 2011–2015

Figure 17: Venezuelan Life Insurance – Paid Claims (VEF Billion), 2015–2020

Figure 18: Venezuelan Life Insurance – Total Assets (VEF Billion), 2011–2015

Figure 19: Venezuelan Life Insurance – Total Assets (VEF Billion), 2015–2020

Figure 20: Venezuelan Life Insurance – Total Investment Income (VEF Million), 2011–2020

Figure 21: Venezuelan Life Insurance – Total Investment Income (VEF Billion), 2011–2020

Figure 22: Venezuelan Life Insurance – Investment Portfolio (VEF Billion), 2011–2015

Figure 23: Venezuelan Life Insurance – Investment Portfolio (VEF Billion), 2015–2020

Figure 24: Venezuelan Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 25: Venezuelan Life Insurance – Direct Written Premium by Sub-Segment (VEF Billion), 2011–2020

Figure 26: Venezuelan Life Insurance – Direct Written Premium by Sub-Segment (VEF Billion), 2011–2020

Figure 27: Venezuelan Life Insurance – Direct Written Premium Share by Sub-Segment, 2011–2020

Figure 28: Venezuelan Life Insurance – Direct Written Premium Dynamics by Sub-Segment, 2011–2020

Figure 29: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Million), 2011–2015

Figure 30: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Million), 2015–2020

Figure 31: Venezuelan Individual Life Insurance – Direct Written Premium Share by Category, 2011–2020

Figure 32: Venezuelan Individual Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 33: Venezuelan Individual Life Insurance – Penetration (%), 2011–2015

Figure 34: Venezuelan Individual Life Insurance – Penetration (%), 2015–2020

Figure 35: Venezuelan Group Life Insurance – Direct Written Premium (VEF Billion), 2011–2015

Figure 36: Venezuelan Group Life Insurance – Direct Written Premium (VEF Billion), 2015–2020

Figure 37: Venezuelan Group Life Insurance – Penetration (%), 2011–2015

Figure 38: Venezuelan Group Life Insurance – Penetration (%), 2015–2020

Figure 39: Venezuelan Life Insurance – Segment Shares of the Leading Insurers (%), 2015

Figure 40: Venezuela – Insurance Supervision and Control at Various Levels

Figure 41: Venezuela – Insurance Regulatory Frameworks for Company Registration and Operation

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