Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2021

Powered by

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

$1450
Buy Report View Sample

Published: May 31, 2017 Report Code: GD-IS1492MR-ST

Select Item

GlobalData’s 'Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Ecuadorian non-life insurance segment, and a comparison of the Ecuadorian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Ecuadorian insurance industry, 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 non-life insurance segment in Ecuador:

• It provides historical values for the Ecuadorian non-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 non-life insurance segment, and market forecasts to 2021.

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

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

• It analyzes various natural hazards and their impact on the Ecuadorian insurance industry

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

Key Highlights

• Ecuadorian non-life segment is concentrated, with the 10 leading insurers accounting for 73.8% of the segment’s direct written premium in 2016.

• Property insurance was the leading non-life insurance category during the review period.

• The increase in car theft prompted an increase in the demand for motor insurance during the review period.

• The liability category has significant untapped potential in Ecuador, but requires government support and business opportunities to increase its market share.

Reasons to Buy

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

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

• Assess the competitive dynamics in the non-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 Sucre SA
Seguros Equinoccial
QBE Seguros Colonial SA
Chubb Seguros Ecuador SA
Aseguradora Del Sur CA
AIG Metropolitana Cia. De Seguros Y Reaseguros SA
Seguros Rocafuerte
Liberty Seguros SA
Mapfre Atlas Compania de Seguros SA
Ecuatoriano-Suiza SA

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 GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

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

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

Frequently asked questions

Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2021 standard reports
Currency USD
$1,450

Can be used by individual purchaser only

Most Popular
$2,900

Can be shared by unlimited users within one corporate location e.g. a regional office

$4,350

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Non-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
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
United Kingdom (UK) Travel Insurance Distribution Dynamics by Channels and…
$1,295 | March 2024
Financial Services
New
United Kingdom (UK) Private Landlord Insurance Market Analysis and Competitive…
$3,450 | April 2024
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 Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2021 in real time.

  • Access a live Non-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