Personal Accident and Health Insurance in Venezuela, Key Trends and Opportunities to 2020

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Published: June 30, 2017 Report Code: GD-IS1510MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Venezuela, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Venezuelan personal accident and health 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, combined ratio, 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 personal accident and health insurance segment in Venezuela:

• It provides historical values for the Venezuelan personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Venezuelan personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Venezuela.

• It profiles the top personal accident and health insurance companies in Venezuela, and outlines the key regulations affecting them.

Key Highlights

• On December 30, 2015, the government amended the minimum capital requirements for insurance companies (Article 19 of the Insurance Activities Act 2010).

• In March 2014, Regulation 008 – which was issued by the Venezuelan Ministry of Popular Power for Tourism (MPPT) – made travel insurance mandatory for all people traveling to and from Venezuela.

• The penetration of the personal accident and health segment was 0.96% in 2015.

Reasons to Buy

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

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

• Assess the competitive dynamics in the personal accident and health 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.

Seguros Horizonte SA
Seguros Caracas de Liberty Mutual
Mercantil Seguros CA
CNA de Seguros La Previsora
Seguros Qualitas CA
CA de Seguros La Occidental
Mapfre La Seguridad
CA de Seguros
Pirámide CA Seguros
La Venezolana de Seguros y Vida CA
Seguros Constitución CA

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

6.1 Agencies

6.2 Brokers

6.3 Direct Marketing

6.4 Bancassurance

6.5 E-commerce

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Seguros Horizonte SA – company overview

7.1.2 Seguros Caracas de Liberty Mutual – company overview

7.1.3 Mercantil Seguros CA – company overview

7.1.4 CNA de Seguros La Previsora – company overview

7.1.5 Seguros Qualitas CA – 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 Personal Accident Insurance

9.5 Health Insurance

9.6 Health 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 Personal Accident and Health Insurance – Key Facts, 2014

Table 2: Venezuelan Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Venezuelan Government Credit Ratings

Table 4: Venezuelan Personal Accident and Health Insurance – Gross Written Premium (VEF Billion and US$ Billion), 2011–2015

Table 5: Venezuelan Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Venezuelan Personal Accident and Health Insurance – Gross Written Premium (VEF Billion and US$ Billion), 2015–2020

Table 7: Venezuelan Personal Accident and Health Insurance – Penetration (%), 2015–2020

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

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

Table 10: Venezuelan Personal Accident and Health Insurance – Paid Claims (VEF Billion and US$ Billion), 2011–2015

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

Table 12: Venezuelan Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 13: Venezuelan Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 14: Venezuelan Personal Accident and Health Insurance – Total Assets (VEF Billion and US$ Billion), 2011–2015

Table 15: Venezuelan Personal Accident and Health Insurance – Total Assets (VEF Billion and US$ Billion), 2015–2020

Table 16: Venezuelan Personal Accident and Health Insurance – Total Investment Income (VEF Billion and US$ Million), 2011–2015

Table 17: Venezuelan Personal Accident and Health Insurance – Total Investment Income (VEF Billion and US$ Million), 2015–2020

Table 18: Venezuelan Personal Accident and Health Insurance – Investment Portfolio (VEF Billion), 2011–2015

Table 19: Venezuelan Personal Accident and Health Insurance – Investment Portfolio (VEF Billion), 2015–2020

Table 20: Venezuelan Personal Accident and Health Insurance – Direct Written Premium by Category (VEF Billion),2011–2015

Table 21: Venezuelan Personal Accident and Health Insurance – Direct Written Premium by Category (VEF Billion), 2015–2020

Table 22: Venezuelan Personal Accident Insurance – Direct Written Premium (VEF Billion and US$ Million), 2011–2015

Table 23: Venezuelan Personal Accident Insurance – Direct Written Premium (VEF Billion and US$ Million), 2015–2020

Table 24: Venezuelan Personal Accident Insurance – Paid Claims (VEF Million and US$ Million), 2011–2015

Table 25: Venezuelan Personal Accident Insurance – Paid Claims (VEF Billion and US$ Million), 2015–2020

Table 26: Venezuelan Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 27: Venezuelan Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 28: Venezuelan Health Insurance – Direct Written Premium (VEF Billion), 2011–2015

Table 29: Venezuelan Health Insurance – Direct Written Premium (VEF Billion), 2015–2020

Table 30: Venezuelan Health Insurance – Paid Claims (VEF Billion and US$ Billion), 2011–2015

Table 31: Venezuelan Health Insurance – Paid Claims (VEF Billion and US$ Billion), 2015–2020

Table 32: Venezuelan Health Insurance – Loss Ratio (%), 2011–2015

Table 33: Venezuelan Health Insurance – Loss Ratio (%), 2015–2020

Table 34: Venezuelan Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015

Table 35: Seguros Horizonte SA – Key Facts

Table 36: Seguros Horizonte SA – Key Financials (VEF Billion), 2011–2015

Table 37: Seguros Caracas de Liberty Mutual – Key Facts

Table 38: Seguros Caracas de Liberty Mutual – Key Financials (US$ Billion), 2011–2015

Table 39: Mercantil Seguros CA – Key Facts

Table 40: Mercantil Seguros CA – Key Financials (VEF Billion), 2011–2015

Table 41: CNA de Seguros La Previsora – Key Facts

Table 42: CNA de Seguros La Previsora – Key Financials (VEF Billion), 2011–2015

Table 43: Seguros Qualitas CA – Key Facts

Table 44: Seguros Qualitas CA – Key Financials (US$ Billion), 2011–2015

Table 45: Venezuela – Insurance Regulatory Framework Key Features

Table 46: Venezuela – Life Insurance Regulatory Framework

Table 47: Venezuela – Property Insurance Regulatory Framework

Table 48: Venezuela– Motor Insurance Regulatory Framework

Table 49: Venezuela – Liability Insurance Regulatory Framework

Table 50: Venezuela – Corporate Tax Rates for the Financial Year 2017

Table 51: Venezuelan Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 52: Venezuelan Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 53: Venezuelan Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 54: Venezuelan Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 55: Venezuelan Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 56: Venezuelan Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 57: Venezuelan Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 58: Venezuelan Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 59: Venezuelan Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 60: Venezuelan Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 61: Venezuelan Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 62: Venezuelan Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 63: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 11: Venezuelan Personal Accident and Health Insurance – Gross Written Premium (VEF Billion), 2011–2015

Figure 12: Venezuelan Personal Accident and Health Insurance – Gross Written Premium (VEF Billion), 2015–2020

Figure 13: Venezuelan Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 14: Venezuelan Personal Accident and Health Insurance – Premium per Capita (VEF), 2011–2015

Figure 15: Venezuelan Personal Accident and Health Insurance – Premium per Capita (VEF), 2015–2020

Figure 16: Venezuelan Personal Accident and Health Insurance – Paid Claims (VEF Billion), 2011–2015

Figure 17: Venezuelan Personal Accident and Health Insurance – Paid Claims (VEF Billion), 2015–2020

Figure 18: Venezuelan Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 19: Venezuelan Personal Accident and Health Insurance – Total Assets (VEF Billion), 2011–2015

Figure 20: Venezuelan Personal Accident and Health Insurance – Total Assets (VEF Billion), 2015–2020

Figure 21: Venezuelan Personal Accident and Health Insurance – Total Investment Income (VEF Billion), 2011–2015

Figure 22: Venezuelan Personal Accident and Health Insurance – Total Investment Income (VEF Billion), 2015–2020

Figure 23: Venezuelan Personal Accident and Health Insurance – Investment Portfolio (VEF Billion), 2011–2015

Figure 24: Venezuelan Personal Accident and Health Insurance – Investment Portfolio (VEF Billion), 2011–2015

Figure 25: Venezuelan Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2015–2020

Figure 26: Venezuelan Personal Accident and Health Insurance – Direct Written Premium by Category (VEF Billion), 2011–2015

Figure 27: Venezuelan Personal Accident and Health Insurance – Direct Written Premium by Category (VEF Billion), 2015–2020

Figure 28: Venezuelan Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 29: Venezuelan Personal Accident Insurance – Direct Written Premium (VEF Billion), 2011–2020

Figure 30: Venezuelan Personal Accident Insurance – Direct Written Premium (VEF Billion), 2011–2020

Figure 31: Venezuelan Personal Accident Insurance – Paid Claims (VEF Billion), 2011–2015

Figure 32: Venezuelan Personal Accident Insurance – Paid Claims (VEF Billion), 2015–2020

Figure 33: Venezuelan Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011–2015

Figure 34: Venezuelan Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2015–2020

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

Figure 36: Venezuelan Health Insurance – Direct Written Premium (VEF Billion), 2011–2015

Figure 37: Venezuelan Health Insurance – Paid Claims (VEF Billion), 2011–2020

Figure 38: Venezuelan Health Insurance – Paid Claims (VEF Billion), 2011–2020

Figure 39: Venezuelan Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011–2020

Figure 40: Venezuelan Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011–2020

Figure 41: Venezuelan Personal Accident and Health Insurance – Market Shares of Leading Insurers (%), 2015

Figure 42: Venezuela – Insurance Supervision and Control at Various Levels

Figure 43: Venezuela – Insurance Regulatory Frameworks for Company Registration and Operation

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