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Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2020

  • Published Date: 30 Jun 2017
  • Number of Pages: 118
  • Category: Finance and Banking
  • Country: Venezuela

Synopsis


Timetrics Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2020 report provides a detailed outlook by product category for the Venezuelan non-life insurance segment, and a comparison of the Venezuelan 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 (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Venezuelan economy and demographics, explains the various types of natural hazard and their impact on the Venezuelan insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics 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.

Summary


Timetrics Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2020 report provides in-depth market analysis, information and insights into the Venezuelan non-life insurance segment, including:

The Venezuelan non-life segments detailed outlook by product category

A comprehensive overview of the Venezuelan economy and demographics

A comparison of the Venezuelan non-life insurance segment with its regional counterparts

The various distribution channels in the Venezuelan non-life insurance segment

Detailed analysis of natural hazards and their impact on the Venezuelan insurance industry

Details of the competitive landscape in the non-life insurance segment in Venezuela

Details of regulatory policy applicable to the Venezuelan insurance industry

Scope


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

It provides historical values for the Venezuelan non-life insurance segment for the reports 20112015 review period, and projected figures for the 20152020 forecast period.

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

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

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

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

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

Reasons To Buy


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

Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan 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 Venezuelan insurance industry, and their impact on companies and the industrys future.

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 2014, according to Regulation 008, issued by the Venezuelan Ministry of Popular Power for Tourism (MPPT), Aviation third-party liability insurance is mandatory in Venezuela.

The insurance penetration of the non-life insurance segment was 1.9% in 2015.
Publisher Name : Timetric

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 Profitability
4.2.3 Assets and investments
5 OUTLOOK BY CATEGORY
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Direct Marketing
6.1.4 Bancassurance
6.1.5 E-commerce
7 NATURAL AND MAN-MADE HAZARDS
7.1 Flooding
7.2 Droughts
7.3 Earthquakes
7.4 Storms
7.5 Exposure
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Seguros Caracas de Liberty Mutual company overview
8.1.2 Mercantil Seguros CA Company overview
8.1.3 Mapfre La Seguridad, CA de Seguros company overview
8.1.4 CA de Seguros La Occidental company overview
8.1.5 Pirmide CA, Seguros 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 Motor third-party liability insurance
9.4.2 Travel insurance
9.4.3 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Superintendencia de la Actividad Aseguradora
9.6 Non-Admitted Insurance Regulations
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
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 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology
12 ABOUT TIMETRIC
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetrics Services
12.4 Disclaimer


List of Tables


Table 1: Venezuelan Non-Life Insurance Key Facts, 2015
Table 2: Venezuelan Non-Life Insurance Segment Shares of the Top Insurers, 2015
Table 3: Venezuelan Government Credit Ratings
Table 4: Venezuelan Non-Life Insurance Gross Written Premium (VEF Billion and US$ Billion), 20112015
Table 5: Venezuelan Non-Life Insurance Penetration (%), 20112015
Table 6: Venezuelan Non-Life Insurance Gross Written Premium (VEF Trillion and US$ Billion), 20152020
Table 7: Venezuelan Non-Life Insurance Penetration (%), 20152020
Table 8: Venezuelan Non-Life Insurance Premium per Capita (VEF and US$), 20112015
Table 9: Venezuelan Non-Life Insurance Premium per Capita (VEF and US$), 20152020
Table 10: Venezuelan Non-Life Insurance Profitability Ratio (%), 20112015
Table 11: Venezuelan Non-Life Insurance Profitability Ratio (%), 20152020
Table 12: Venezuelan Non-Life Insurance Total Assets (VEF Billion and US$ Billion), 20112015
Table 13: Venezuelan Non-Life Insurance Total Assets (VEF Billion and US$ Billion), 20152020
Table 14: Venezuelan Non-Life Insurance Total Investment Income (VEF Billion and US$ Million), 20112015
Table 15: Venezuelan Non-Life Insurance Total Investment Income (VEF Billion and US$ Million), 20152020
Table 16: Venezuelan Non-Life Insurance Investment Portfolio (VEF Billion), 20112015
Table 17: Venezuelan Non-Life Insurance Investment Portfolio (VEF Billion), 20152020
Table 18: Venezuelan Non-Life Insurance Direct Written Premium by Category (VEF Billion), 20112015
Table 19: Venezuelan Non-Life Insurance Direct Written Premium by Category (VEF Billion), 20152020
Table 20: Venezuelan Property Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Table 21: Venezuelan Property Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Table 22: Venezuelan Motor Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Table 23: Venezuelan Motor Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Table 24: Venezuelan Liability Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Table 25: Venezuelan Liability Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Table 26: Venezuelan Transport Network Global Rankings
Table 27: Venezuelan Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Table 28: Venezuelan Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Table 29: Venezuelan Non-Life Insurance Segment Shares of the Leading Insurers (%), 2015
Table 30: Seguros Caracas de Liberty Mutual Key Facts
Table 31: Seguros Caracas de Liberty Mutual Key Financials (VEF Billion), 20112015
Table 32: Mercantil Seguros CA Key Facts
Table 33: Mercantil Seguros CA Key Financials (VEF Billion), 20112015
Table 34: Mapfre La Seguridad, CA de Seguros Key Facts
Table 35: Mapfre La Seguridad, CA de Seguros ntal Key Financials (VEF Billion), 20112015
Table 36: CA de Seguros La Occidental Key Facts
Table 37: CA de Seguros La Occidental Key Financials (VEF Billion), 20112015
Table 38: Pirmide CA, Seguros Key Facts
Table 39: Pirmide CA, Seguros Key Financials (VEF Million), 20112015
Table 40: Venezuela Insurance Regulatory Framework Key Features
Table 41: Venezuela Life Insurance Regulatory Framework
Table 42: Venezuela Property Insurance Regulatory Framework
Table 43: Venezuela Motor Insurance Regulatory Framework
Table 44: Venezuela Liability Insurance Regulatory Framework
Table 45: Venezuela Corporate Tax Rates for the Financial Year 2017
Table 46: Venezuelan Insurance Industry Policies and Premium, 20112015
Table 47: Venezuelan Insurance Industry Policies and Premium, 20152020
Table 48: Venezuelan Non-Life Insurance Claims and Expenses, 20112015
Table 49: Venezuelan Non-Life Insurance Claims and Expenses, 20152020
Table 50: Venezuelan Non-Life Insurance Assets and Investments, 20112015
Table 51: Venezuelan Non-Life Insurance Assets and Investments, 20152020
Table 52: Venezuelan Non-Life Insurance Property Insurance, 20112015
Table 53: Venezuelan Non-Life Insurance Property Insurance, 20152020
Table 54: Venezuelan Non-Life Insurance Property Insurance by Product, 20112015
Table 55: Venezuelan Non-Life Insurance Property Insurance by Product, 20152020
Table 56: Venezuelan Non-Life Insurance Motor Insurance, 20112015
Table 57: Venezuelan Non-Life Insurance Motor Insurance, 20152020
Table 58: Venezuelan Non-Life Insurance Motor Insurance by Product, 20112015
Table 59: Venezuelan Non-Life Insurance Motor Insurance by Product, 20152020
Table 60: Venezuelan Non-Life Insurance Liability Insurance, 20112015
Table 61: Venezuelan Non-Life Insurance Liability Insurance, 20152020
Table 62: Venezuelan Non-Life Insurance Marine, Aviation and Transit Insurance, 20112015
Table 63: Venezuelan Non-Life Insurance Marine, Aviation and Transit Insurance, 20152020
Table 64: Insurance Industry Definitions


List of Figures


Figure 1: Venezuelan Real GDP (VEF Billion), 20112020
Figure 2: Venezuelan Inflation Rate (%), 20112015
Figure 3: Venezuelan Inflation Rate (%), 20152020
Figure 4: Venezuelan VEF-US$ Exchange Rate, 20112015
Figure 5: Venezuelan VEF-US$ Exchange Rate, 20152020
Figure 6: Venezuelan Current Account Balance (% of GDP), 20112015
Figure 7: Venezuelan Unemployment Rate, 20112020
Figure 8: Venezuelan Population by Age Group, 19912025
Figure 9: Venezuelan Non-Life Insurance Penetration Regional Comparison (%), 2015
Figure 10: Venezuelan Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 11: Venezuelan Non-Life Insurance Gross Written Premium (VEF Billion), 20112015
Figure 12: Venezuelan Non-Life Insurance Gross Written Premium (VEF Billion), 20152020
Figure 13: Venezuelan Non-Life Insurance Penetration (%), 20112020
Figure 14: Venezuelan Non-Life Insurance Premium per Capita (VEF), 20112015
Figure 15: Venezuelan Non-Life Insurance Premium per Capita (VEF), 20152020
Figure 16: Venezuelan Non-Life Insurance Profitability Ratio (%), 20112020
Figure 17: Venezuelan Non-Life Insurance Total Assets (VEF Billion), 20112015
Figure 18: Venezuelan Non-Life Insurance Total Assets (VEF Billion), 20152020
Figure 19: Venezuelan Non-Life Insurance Total Investment Income (VEF Billion), 20112015
Figure 20: Venezuelan Non-Life Insurance Total Investment Income (VEF Billion), 20152020
Figure 21: Venezuelan Non-Life Insurance Investment Portfolio (VEF Billion), 20112015
Figure 22: Venezuelan Non-Life Insurance Investment Portfolio (VEF Billion), 20152020
Figure 23: Venezuelan Non-Life Insurance Investment Portfolio Dynamics by Category, 20112020
Figure 24: Venezuelan Non-Life Insurance Direct Written Premium by Category (VEF Billion), 20112015
Figure 25: Venezuelan Non-Life Insurance Direct Written Premium by Category (VEF Billion), 20152020
Figure 26: Venezuelan Non-Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 27: Venezuelan Property Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Figure 28: Venezuelan Property Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Figure 29: Venezuelan Property Insurance Direct Written Premium Dynamics by Sub-Category, 20112020
Figure 30: Venezuelan Motor Insurance Direct Written Premium by Sub-Category (VEF Billion), 20112015
Figure 31: Venezuelan Motor Insurance Direct Written Premium by Sub-Category (VEF Billion), 20152020
Figure 32: Venezuelan Motor Insurance Direct Written Premium Dynamics by Sub-Category, 20112020
Figure 33: Venezuelan Liability Insurance Direct Written Premium (VEF Billion), 20112015
Figure 34: Venezuelan Liability Insurance Direct Written Premium (VEF Billion), 20152020
Figure 35: Venezuelan Marine, Aviation and Transit Insurance Direct Written Premium (VEF Billion), 20112015
Figure 36: Venezuelan Marine, Aviation and Transit Insurance Direct Written Premium (VEF Billion), 20152020
Figure 37: Venezuelan Frequency of Hazards by Type, 19902014
Figure 38: Venezuelan Mortality by Hazards Type, 19902014
Figure 39: Venezuelan Economic Loss by Hazards Type, 19902014
Figure 40: Venezuelan Non-Life Insurance Segment Shares of the Leading Insurers (%), 2015
Figure 41: Venezuela Insurance Supervision and Control at Various Levels
Figure 42: Venezuela Insurance Regulatory Frameworks for Company Registration and Operation


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