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The Insurance Industry in El Salvador, Key Trends and Opportunities to 2018 - Product Image

The Insurance Industry in El Salvador, Key Trends and Opportunities to 2018

  • Published: August 2014
  • Region: El Salvador
  • 142 Pages
  • Timetric

The report provides in-depth industry analysis, information and insights of the insurance industry in El Salvador, including:

- The Salvadoran insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Salvadoran insurance industry
- The current trends and drivers of the Salvadoran insurance industry
- Challenges facing the Salvadoran insurance industry
- The detailed regulatory framework of the Salvadoran insurance industry

Summary
El Salvador is one of the most competitive insurance industries in the Central American Region, with 21 insurance companies operating as of 2012. However in terms of its market size, the country stood fourth after Panama, Costa Rica and Guatemala.

The Salvadoran insurance industry grew at a compound annual growth rate (CAGR) of 4.1% during the review period (2009-2013), and is expected to post a CAGR of 3.4% over the forecast period. The main growth drivers are expected to be the implementation of the new health insurance law which will bring down medicine prices, the efficient regulatory system and the recovery of the Salvadoran economy.

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1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Salvadoran Insurance Industry Overview
3.1 Salvadoran Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual whole life insurance
4.1.2 Individual pension insurance
4.1.3 Other life insurance
4.1.4 Group life insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.4 Reinsurance

5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Aviation liability insurance
5.3.2 Motor third-party liability insurance
5.3.3 Workers’ compensation insurance
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Association of Insurance Supervisors Latin America
5.4.3 Superintendencia Del Sistema Financiero
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)

6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Aseguradora Agrícola Comercial SA - company overview
6.2.2 Asesuisa Vida SA, Seguros De Personas - company overview
6.2.3 La Centro Americana SA - company overview
6.2.4 Aseguradora Suiza Salvadoreña SA - company overview
6.2.5 AIG Vida SA, Seguros De Personas - company overview

7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Labor Force (Million)
7.7 Total Number of Households (Million)
7.8 Total Number of Internet Users (Thousand)
7.9 Urban and Rural Population (Percentage)
7.1 Total Population (Million)

8 Appendix
8.1 Methodology
8.2 Contact
8.3 About
8.4 Services
8.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Salvadoran Insurance Overall Written Premium by Segment (US$ Million), 2009-2013
Table 3: Salvadoran Insurance Overall Written Premium by Segment (US$ Million), 2013-2018
Table 4: Salvadoran Insurance Segmentation (Percentage Share), 2009-2018
Table 5: Salvadoran Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 6: Salvadoran Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 7: Salvadoran Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 8: Salvadoran Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 9: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 10: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 11: Salvadoran Life Insurance - Loss Ratio (%), 2009-2013
Table 12: Salvadoran Life Insurance - Loss Ratio (%), 2013-2018
Table 13: Salvadoran Life Insurance - Combined Ratio (%), 2009-2013
Table 14: Salvadoran Life Insurance - Combined Ratio (%), 2013-2018
Table 15: Salvadoran Life Insurance - Retentions (US$ Million), 2009-2013
Table 16: Salvadoran Life Insurance - Retentions (US$ Million), 2013-2018
Table 17: Salvadoran Individual Whole Life Insurance - Written Premium (US$ Million), 2009-2013
Table 18: Salvadoran Individual Life Insurance - Written Premium (US$ Million), 2013-2018
Table 19: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2009-2013
Table 20: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2013-2018
Table 21: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2009-2013
Table 22: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2013-2018
Table 23: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2009-2013
Table 24: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2013-2018
Table 25: Salvadoran Non-Life Insurance - Written Premium by Category (US$), 2009-2013
Table 26: Salvadoran Non-Life Insurance - Written Premium by Category (US$), 2013-2018
Table 27: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 28: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 29: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 30: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 31: Salvadoran Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Salvadoran Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Salvadoran Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Salvadoran Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 36: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 37: Salvadoran Property Insurance - Written Premium (US$ Million), 2009-2013
Table 38: Salvadoran Property Insurance - Written Premium (US$ Million), 2013-2018
Table 39: Salvadoran Motor Insurance - Written Premium (US$ Million), 2009-2013
Table 40: Salvadoran Motor Insurance - Written Premium (US$ Million), 2013-2018
Table 41: Salvadoran Liability Insurance - Written Premium (US$), 2009-2013
Table 42: Salvadoran Liability Insurance - Written Premium (US$), 2013-2018
Table 43: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Table 44: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Table 45: Salvadoran Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 46: Salvadoran Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 47: Salvadoran Personal Accident and Health Insurance - Paid Claims (US$ Million), 2009-2013
Table 48: Salvadoran Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Table 49: Salvadoran Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Table 50: Salvadoran Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Table 51: Salvadoran Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 52: Salvadoran Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 53: Salvadoran Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 54: Salvadoran Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 55: Salvadoran Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Table 56: Salvadoran Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Table 57: Salvadoran Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Table 58: Salvadoran Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Table 59: Salvadoran Health Insurance - Written Premium (US$ Million), 2009-2013
Table 60: Salvadoran Health Insurance - Written Premium (US$ Million), 2013-2018
Table 61: Salvadoran Reinsurance Ceded by Insurance Industry (US$ Million), 2009-2013
Table 62: Salvadoran Reinsurance Ceded by Insurance Industry (US$ Million), 2013-2018
Table 63: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 64: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 65: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 66: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 67: Salvadoran Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 68: Salvadoran Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 69: El Salvador - Life Insurance Regulatory Framework
Table 70: El Salvador - Property Insurance Regulatory Framework
Table 71: El Salvador - Motor Insurance Regulatory Framework
Table 72: El Salvador - Liability Insurance Regulatory Framework
Table 73: El Salvador - Corporate Tax Rates for the Financial Year 2013
Table 74: Salvadoran Insurance Market Share, 2012
Table 75: Aseguradora Agrícola Comercial SA - Main Products
Table 76: Aseguradora Agrícola Comercial SA - Key Employees
Table 77: Asesuisa Vida SA, Seguros De Personas - Main Products
Table 78: Asesuisa Vida SA, Seguros De Personas - Key Employees
Table 79: La Centro Americana SA - Main Products
Table 80: La Centro Americana SA - Key Employees
Table 81: Aseguradora Suiza Salvadoreña SA - Main Products
Table 82: Aseguradora Suiza Salvadoreña SA - Key Employees
Table 83: AIG Vida SA, Seguros De Personas - Main Products
Table 84: AIG Vida SA, Seguros De Personas - Key Employees

List of Figures

Figure 1: Salvadoran Insurance Overall Written Premium by Segment (US$ Million), 2009-2018
Figure 2: Salvadoran Insurance Market Dynamics by Segment, 2009-2018
Figure 3: Salvadoran Life Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 4: Salvadoran Life Insurance - Written Premium by Category (Percentage Share), 2013 and 2018
Figure 5: Salvadoran Life Insurance - Dynamics by Category, 2009-2018
Figure 6: Salvadoran Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 7: Salvadoran Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 8: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 9: Salvadoran Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 10: Salvadoran Life Insurance - Loss Ratio (%), 2009-2013
Figure 11: Salvadoran Life Insurance - Loss Ratio (%), 2013-2018
Figure 12: Salvadoran Life Insurance - Combined Ratio (%), 2009-2013
Figure 13: Salvadoran Life Insurance - Combined Ratio (%), 2013-2018
Figure 14: Salvadoran Life Insurance - Retentions (US$ Million), 2009-2013
Figure 15: Salvadoran Life Insurance - Retentions (US$ Million), 2013-2018
Figure 16: Salvadoran Life Insurance - Investment (US$ Million), 2009-2013
Figure 17: Salvadoran Life Insurance - Penetration (%), 2009-2013
Figure 18: Salvadoran Life Insurance - Premium Per-Capita (US$), 2009-2013
Figure 19: Salvadoran Individual Whole Life Insurance - Written Premium (US$ Million), 2009-2013
Figure 20: Salvadoran Individual Life Insurance - Written Premium (US$ Million), 2013-2018
Figure 21: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2009-2013
Figure 22: Salvadoran Individual Pension Insurance - Written Premium (US$ Million), 2013-2018
Figure 23: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2009-2013
Figure 24: Salvadoran Other Life Insurance - Written Premium (US$ Million), 2013-2018
Figure 25: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2009-2013
Figure 26: Salvadoran Group Life Insurance - Written Premium (US$ Million), 2013-2018
Figure 27: Salvadoran Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 28: Salvadoran Non-Life Insurance - Written Premium by Category (%), 2013 and 2018
Figure 29: Salvadoran Non-Life Insurance - Dynamics by Category, 2009-2018
Figure 30: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 31: Salvadoran Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 32: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 33: Salvadoran Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 34: Salvadoran Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 35: Salvadoran Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 36: Salvadoran Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 37: Salvadoran Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 38: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2009-2013
Figure 39: Salvadoran Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 40: Salvadoran Non-Life Insurance - Investment (US$ Million), 2009-2013
Figure 41: Salvadoran Non-Life Insurance - Penetration (%), 2009-2013
Figure 42: Salvadoran Non-Life Insurance - Premium Per Capita (US$), 2009-2013
Figure 43: Salvadoran Property Insurance - Written Premium (US$ Million), 2009-2013
Figure 44: Salvadoran Property Insurance - Written Premium (US$ Million), 2013-2018
Figure 45: Salvadoran Motor Insurance - Written Premium (US$ Million), 2009-2013
Figure 46: Salvadoran Motor Insurance - Written Premium (US$ Million), 2013-2018
Figure 47: Salvadoran Liability Insurance - Written Premium (US$), 2009-2013
Figure 48: Salvadoran Liability Insurance - Written Premium (US$), 2013-2018
Figure 49: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2009-2013
Figure 50: Salvadoran Marine, Aviation and Transit Insurance - Written Premium (US$ Million), 2013-2018
Figure 51: Salvadoran Personal Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2018
Figure 52: Salvadoran Personal Accident and Health Insurance - Written Premium by Category (%), 2013 and 2018
Figure 53: Salvadoran Personal Accident and Health Insurance - Dynamics by Category, 2009-2018
Figure 54: Salvadoran Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Figure 55: Salvadoran Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Figure 56: Salvadoran Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 57: Salvadoran Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 58: Salvadoran Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 59: Salvadoran Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 60: Salvadoran Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 61: Salvadoran Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 62: Salvadoran Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Figure 63: Salvadoran Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Figure 64: Salvadoran Personal Accident and Health Insurance - Investment (US$ Million), 2009-2013
Figure 65: Salvadoran Personal Accident and Health Insurance Penetration (%), 2009-2013
Figure 66: Salvadoran Personal Accident and Health Insurance - Premium Per Capita (US$), 2009-2013
Figure 67: Salvadoran Personal Accident Insurance - Written Premium (US$ Million), 2009-2013
Figure 68: Salvadoran Personal Accident Insurance - Written Premium (US$ Million), 2013-2018
Figure 69: Salvadoran Health Insurance - Written Premium (US$ Million), 2009-2013
Figure 70: Salvadoran Health Insurance - Written Premium (US$ Million), 2013-2018
Figure 71: Salvadoran Reinsurance Ceded by Insurance Segment (US$ Million), 2009-2018
Figure 72: Salvadoran Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 73: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 74: Salvadoran Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 75: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 76: Salvadoran Non-life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 77: Salvadoran Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 78: Salvadoran Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 79: El Salvador - Insurance Regulatory Framework
Figure 80: El Salvador - Insurance Supervision and Control at Various Levels
Figure 81: El Salvador - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 82: Salvadoran Insurance Market - Market Share 2012
Figure 83: Salvadoran GDP at Constant Prices (US$ Billion), 2009-2013
Figure 84: Salvadoran GDP at Current Prices (US$ Billion), 2009-2013
Figure 85: Salvadoran GDP Per Capita at Current Prices (US$), 2009-2013
Figure 86: Salvadoran Inflation Rate (%), 2009-2013
Figure 87: Salvadoran Life Expectancy (Number of Years), 2009-2013
Figure 88: Salvadoran Total Labor Force (Million), 2008-2012
Figure 89: Salvadoran Total Number of Households (Million), 2009-2013
Figure 90: Salvadoran Total Number of Internet Users (Thousand), 2008-2012
Figure 91: Salvadoran Urban and Rural Population (%), 2009-2013
Figure 92: Salvadoran Total Population (Million), 2009-2013

- Aseguradora Agrícola Comercial SA
- Asesuisa Vida SA, Seguros De Personas
- La Centro Americana SA
- Aseguradora Suiza Salvadoreña SA
- AIG Vida SA, Seguros De Personas

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