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Personal Accident and Health Insurance in Ecuador, Key Trends and Opportunities to 2021

  • Published Date: 31 May 2017
  • Number of Pages: 101
  • Category: Finance and Banking
  • Country: Ecuador

Synopsis


Timetrics Personal Accident and Health Insurance in Ecuador, Key Trends and Opportunities to 2021 report provides a detailed outlook by product category for the Ecuadorian personal accident and health 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, combined ratio, total assets, total investment income and retentions during the review period (20122016) and forecast period (20162021).

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 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 Personal Accident and Health Insurance in Ecuador, Key Trends and Opportunities to 2021 report provides in-depth market analysis, information and insights into the Ecuadorian personal accident and health insurance segment, including:

An overview of the Ecuadorian personal accident and health insurance segment

The Ecuadorian personal accident and health insurance segments growth prospects by category

A comprehensive overview of the Ecuadorian economy and demographics

A comparison of the Ecuadorian personal accident and health insurance segment with its regional counterparts

The various distribution channels in the Ecuadorian personal accident and health insurance segment

Details of the competitive landscape in the personal accident and health insurance segment in Ecuador

Details of regulatory policy applicable to the Ecuadorian insurance industry

Scope


This report provides a comprehensive analysis of the personal accident and health insurance segment in Ecuador:

It provides historical values for the Ecuadorian personal accident and health insurance segment for the reports 20122016 review period, and projected figures for the 20162021 forecast period.

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

It provides a comparison of the Ecuadorian 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 Ecuador.

It profiles the top personal accident and health insurance companies in Ecuador, 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 Ecuadorian personal accident and health insurance segment, and each category within it.

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

Key Highlights


Ecuadorian personal accident and health segment is highly concentrated, with the 10 leading companies accounting for 91.5% of the total gross written premium generated in 2015.

The demand for better private healthcare facilities and specialized healthcare services amongst the richer population and demand for health services such as dental treatment and cosmetic surgeries and prescribed drugs not covered by the social security supplemented the growth of private health insurance products.

Ecuadors personal accident and health insurance penetration stood at 0.15% in 2016.




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 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
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Chubb Seguros Ecuador SA company overview
7.1.2 Pan American Life Insurance company overview
7.1.3 Bupa Ecuador SA company overview
7.1.4 BMI Financial Group Inc. company overview
7.1.5 Equivida 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 Personal Accident Insurance
9.5 Health Insurance
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetrics Services
11.4 Disclaimer


List of Tables


Table 1: Ecuadorian Personal Accident and Health Insurance Key Facts, 2016
Table 2: Ecuadorian Personal Accident and Health Insurance Segment Shares of the Top Insurers, 2016
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Personal Accident and Health Insurance Gross Written Premium (US$ Million), 20122016
Table 5: Ecuadorian Personal Accident and Health Insurance Penetration (%), 20122016
Table 6: Ecuadorian Personal Accident and Health Insurance Gross Written Premium (US$ Million), 20162021
Table 7: Ecuadorian Personal Accident and Health Insurance Penetration (%), 20162021
Table 8: Ecuadorian Personal Accident and Health Insurance Premium per Capita (US$), 20122016
Table 9: Ecuadorian Personal Accident and Health Insurance Premium per Capita (US$), 20162021
Table 10: Ecuadorian Personal Accident and Health Insurance Paid Claims (US$ Million), 20122016
Table 11: Ecuadorian Personal Accident and Health Insurance Paid Claims (US$ Million), 20162021
Table 12: Ecuadorian Personal Accident and Health Insurance Profitability Ratio (%), 20122016
Table 13: Ecuadorian Personal Accident and Health Insurance Profitability Ratio (%), 20162021
Table 14: Ecuadorian Personal Accident and Health Insurance Total Assets (US$ Million), 20122016
Table 15: Ecuadorian Personal Accident and Health Insurance Total Assets (US$ Million), 20162021
Table 16: Ecuadorian Personal Accident and Health Insurance Total Investment Income (US$ Million), 20122016
Table 17: Ecuadorian Personal Accident and Health Insurance Total Investment Income (US$ Million), 20162021
Table 18: Ecuadorian Personal Accident and Health Insurance Investment Portfolio (US$ Million), 20122016
Table 19: Ecuadorian Personal Accident and Health Insurance Investment Portfolio (US$ Million), 20162021
Table 20: Ecuadorian Personal Accident and Health Insurance Direct Written Premium by Category (US$ Billion),20122016
Table 21: Ecuadorian Personal Accident and Health Insurance Direct Written Premium by Category (US$ Billion), 20162021
Table 22: Ecuadorian Personal Accident Insurance Direct Written Premium (US$ Million), 20122016
Table 23: Ecuadorian Personal Accident Insurance Direct Written Premium (US$ Million), 20162021
Table 24: Ecuadorian Personal Accident Insurance Paid Claims (US$ Million), 20122016
Table 25: Ecuadorian Personal Accident Insurance Paid Claims (US$ Million), 20162021
Table 26: Ecuadorian Personal Accident Insurance Loss Ratio (%), 20122016
Table 27: Ecuadorian Personal Accident Insurance Loss Ratio (%), 20162021
Table 28: Ecuadorian Health Insurance Direct Written Premium (US$ Million), 20122016
Table 29: Ecuadorian Health Insurance Direct Written Premium (US$ Million), 20162021
Table 30: Ecuadorian Health Insurance Paid Claims (US$ Million), 20122016
Table 31: Ecuadorian Health Insurance Paid Claims (US$ Million), 20162021
Table 32: Ecuadorian Health Insurance Loss Ratio (%), 20122016
Table 33: Ecuadorian Health Insurance Loss Ratio (%), 20162021
Table 34: Ecuadorian Personal Accident and Health Segment Market Shares of Leading Insurers (%), 2016
Table 35: Chubb Seguros Ecuador SA Key Facts
Table 36: Chubb Seguros Ecuador SA Key Financials (US$ Million), 20122016
Table 37: Pan American Life Insurance Key Facts
Table 38: Pan American Life Insurance Key Financials (US$ Million), 20152016
Table 39: Bupa Ecuador SA Key Facts
Table 40: Bupa Ecuador SA Key Financials (US$ Million), 20122016
Table 41: BMI Financial Group Inc. Key Facts
Table 42: BMI Financial Group Inc. Key Financials (US$ Million), 20122016
Table 43: Equivida SA Key Facts
Table 44: Equivida SA Key Financials (US$ Million), 20122016
Table 45: Ecuador Insurance Regulatory Framework Key Features
Table 46: Ecuador Life Insurance Regulatory Framework
Table 47: Ecuador Property Insurance Regulatory Framework
Table 48: Ecuador Motor Insurance Regulatory Framework
Table 49: Ecuador Liability Insurance Regulatory Framework
Table 50: Ecuador Compensation Provided by the Insurer in the Event of Accident
Table 51: Ecuador List of Companies Authorized to Offer SOAT
Table 52: Ecuador Aviation Insurance Cover
Table 53: Ecuador Ratings Required for Registration of Reinsurance Business
Table 54: Ecuador Taxes and Charges Levied on Insurance Premiums
Table 55: Ecuador Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 56: Ecuador Corporate Tax Rates in Ecuador for the Financial Year 2016
Table 57: Ecuadorian Personal Accident and Health Insurance Industry Policies and Premium, 20122016
Table 58: Ecuadorian Personal Accident and Health Insurance Industry Policies and Premium, 20162021
Table 59: Ecuadorian Personal Accident and Health Insurance Claims and Expenses, 20122016
Table 60: Ecuadorian Personal Accident and Health Insurance Claims and Expenses, 20162021
Table 61: Ecuadorian Personal Accident and Health Insurance Assets and Investments, 20122016
Table 62: Ecuadorian Personal Accident and Health Insurance Assets and Investments, 20162021
Table 63: Ecuadorian Personal Accident and Health Insurance Personal Accident Insurance, 20122016
Table 64: Ecuadorian Personal Accident and Health Insurance Personal Accident Insurance, 20162021
Table 65: Ecuadorian Personal Accident and Health Insurance Health Insurance, 20122016
Table 66: Ecuadorian Personal Accident and Health Insurance Health Insurance, 20162021
Table 67: Insurance Industry Definitions


List of Figures


Figure 1: Ecuadorian Real GDP (US$ Billion), 20122021
Figure 2: Ecuadorian Inflation Rate, 20122021
Figure 3: Ecuadorian Current Account Balance (% of GDP), 20122016
Figure 4: Ecuadorian Unemployment Rate, 20122021
Figure 5: Ecuadorian Population by Age Group, 19912025
Figure 6: Ecuadorian Personal Accident and Health Insurance Penetration Regional Comparison (%), 2015
Figure 7: Ecuadorian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 8: Ecuadorian Personal Accident and Health Insurance Gross Written Premium (US$ Million), 20122021
Figure 9: Ecuadorian Personal Accident and Health Insurance Penetration (%), 20122021
Figure 10: Ecuadorian Personal Accident and Health Insurance Premium per Capita (US$), 20122021
Figure 11: Ecuadorian Personal Accident and Health Insurance Paid Claims (US$ Million), 20122021
Figure 12: Ecuadorian Personal Accident and Health Insurance Profitability Ratio (%), 20122021
Figure 13: Ecuadorian Personal Accident and Health Insurance Total Assets (US$ Million), 20122021
Figure 14: Ecuadorian Personal Accident and Health Insurance Total Investment Income (US$ Million), 20122021
Figure 15: Ecuadorian Personal Accident and Health Insurance Investment Portfolio (US$ Million), 20122021
Figure 16: Ecuadorian Personal Accident and Health Insurance Investment Portfolio Dynamics by Types of Investment, 20122021
Figure 17: Ecuadorian Personal Accident and Health Insurance Direct Written Premium by Category (US$ Billion), 20122021
Figure 18: Ecuadorian Personal Accident and Health Insurance Direct Written Premium Dynamics by Category, 20122021
Figure 19: Ecuadorian Personal Accident Insurance Direct Written Premium (US$ Million), 20122021
Figure 20: Ecuadorian Personal Accident Insurance Paid Claims (US$ Million), 20122021
Figure 21: Ecuadorian Personal Accident Insurance Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 20122021
Figure 22: Ecuadorian Health Insurance Direct Written Premium by Sub-Category (US$ Billion), 20122021
Figure 23: Ecuadorian Health Insurance Paid Claims (US$ Million), 20122021
Figure 24: Ecuadorian Health Insurance Earned Premium, Incurred Loss and Loss Ratio (US$ Billion and %), 20122021
Figure 25: Ecuadorian Personal Accident and Health Segment Market Shares of Leading Insurers (%), 2016
Figure 26: Ecuador Insurance Supervision and Control at Various Levels
Figure 27: Ecuador Insurance Regulatory Frameworks for Company Registration and Operation
Figure 28: Ecuador Judiciary System


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