Life Insurance in Ecuador, Key Trends and Opportunities to 2021

All the vital news, analysis, and commentary curated by our industry experts.

$1450

Buy Report Download FREE Resources

Published: May 31, 2017 Report Code: GD-IS1491MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Ecuador, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Ecuadorian life insurance segment, and a comparison of the Ecuadorian 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 (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ecuadorian 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 Ecuador:

• It provides historical values for the Ecuadorian life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Ecuadorian life insurance segment, and market forecasts to 2021.

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

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

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

Key Highlights

• The Ecuadorian life segment is concentrated, with the 10 leading companies accounting for 88.6% of the segment’s direct written premium in 2016.

• Microinsurance was one of the fastest growing industries in Ecuador, and had the second highest coverage ratio in Latin America during the review period.

• The segment’s penetration rate stood at 0.35% in 2016.

• MFIs have been the most important channel for the distribution of microinsurance in the country.

Reasons to Buy

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

• Understand the demand-side dynamics, key market trends and growth opportunities in the Ecuadorian 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 Ecuadorian insurance industry, and their impact on companies and the industry's future.

Seguros del Pichincha SA
Seguros Sucre SA
Equivida CompaÑia de Seguros SA
Chubb Seguros Ecuador SA
AIG Metropilitana Cía. de Seguros y Reaseguros SA
Liberty Seguros SA
Pan American Life Insurance
Seguros Rocafuerte SA
BMI Del Ecuador Compania De Seguros De Vida SA
Colvida SA

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 GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

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

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

Frequently asked questions

Life Insurance in Ecuador, Key Trends and Opportunities to 2021 standard reports

Currency USD

Single User

$1,450

Can be used by individual purchaser only

Undecided about purchasing this report?

Enquire Before Buying Download FREE Resources

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Sample Report

Life Insurance in Ecuador, Key Trends and Opportunities to 2021 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

Assess the relevance of the report
Evaluate the quality of the report
Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS

Related reports

View more Financial Services reports

Financial Services

New

Global Wealth Management: Competitive Dynamics 2026

Financial Services

New

Innovation in Insurance: Commercial Lines 2026

Financial Services

New

Blockchain in Financial Services: Strategic Intelligence

Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Life Insurance in Ecuador, Key Trends and Opportunities to 2021 in real time.

Access a live Life Insurance in Ecuador, Key Trends and Opportunities to 2021 dashboard for 12 months, with up-to-the-minute insights.
Fuel your decision making with real-time deal coverage and media activity.
Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.

Tell me more

Reports

Reports by Sector

Report Type

Life Insurance in Ecuador, Key Trends and Opportunities to 2021

Scope

Key Highlights

Reasons to Buy

Table of Contents

Table

Figures

Frequently asked questions

Undecided about purchasing this report?

Get in touch to find out about multi-purchase discounts

Sample Report

Below is a sample report to understand what you are buying

Related reports