Life Insurance in Venezuela, Key Trends and Opportunities to 2020

  • ID: 4332430
  • Report
  • Region: Venezuela
  • 102 pages
  • GlobalData
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FEATURED COMPANIES

  • Banesco Seguros CA
  • Mercantil Seguros CA
  • Seguros Horizonte SA
  • Seguros Provincial CA
  • Universal de Seguros CA
  • Zurich Seguros SA
  • MORE
The 'Life Insurance in Venezuela, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Venezuelan life 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, 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 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:

The 'Life Insurance in Venezuela, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Venezuelan life insurance segment, including:
  • An overview of the Venezuelan life insurance segment
  • The Venezuelan life insurance segment’s growth prospects by category
  • A comprehensive overview of the Venezuelan economy and demographics
  • A comparison of the Venezuelan life insurance segment with its regional counterparts
  • The various distribution channels in the Venezuelan life insurance segment
  • Details of the competitive landscape in the life insurance segment in Venezuela
  • Details of regulatory policy applicable to the Venezuelan insurance industry
Scope:

This report provides a comprehensive analysis of the life insurance segment in Venezuela:
  • It provides historical values for the Venezuelan life 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 life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Venezuelan life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Venezuela.
  • It profiles the top 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan life insurance segment.
  • Assess the competitive dynamics in the 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 industry's future.
Key Highlights:
  • According to amendments to the Insurance Activities Act 2010 in December 2015, two obligatory contributions - Social Development Tax and Investigation and Development Tax - were imposed on insurers.
  • On December 30, 2015, the government amended the minimum capital requirements for insurance companies.
  • The Superintendencia de la Actividad Aseguradora (Sudeaseg, the Superintendent of Insurance Activity) imposed the Seguros Solidarios insurance policy, effective from March 2013, which compelled insurers to provide funeral insurance for retirees, pensioners, the elderly, people with disabilities or physical or mental illnesses, and those whose monthly income is equivalent to VEF2,675 (US$97.7).
  • The life segment’s insurance penetration was 0.067% in 2015.
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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Banesco Seguros CA
  • Mercantil Seguros CA
  • Seguros Horizonte SA
  • Seguros Provincial CA
  • Universal de Seguros CA
  • Zurich Seguros SA
  • MORE
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 Assets and investments
5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Penetration
6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Agencies
6.1.2 Brokers
6.1.3 Direct Marketing
6.1.4 Bancassurance
6.1.5 E-commerce
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 CNA de Seguros La Previsora - company overview
7.1.2 Seguros Horizonte SA - company overview
7.1.3 Banesco Seguros CA - company overview
7.1.4 Zurich Seguros, SA - company overview
7.1.5 Mapfre La Seguridad, CA de Seguros - 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 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Group Life Insurance
9.7 Group Life Insurance by Product
10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology
11 ABOUT TIMETRIC
11.1 Contact
11.2 About
11.3 Services
11.4 Disclaimer

List of Tables:
Table 1: Venezuelan Life Insurance - Key Facts, 2015
Table 2: Venezuelan Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Venezuelan Government Credit Ratings
Table 4: Venezuelan Life Insurance - Gross Written Premium (VEF Billion and US$ Million), 2011-2015
Table 5: Venezuelan Life Insurance - Penetration (%), 2011-2015
Table 6: Venezuelan Life Insurance - Gross Written Premium (VEF Billion and US$ Million), 2015-2020
Table 7: Venezuelan Life Insurance - Penetration (%), 2015-2020
Table 8: Venezuelan Life Insurance - Premium per Capita (VEF and US$), 2011-2015
Table 9: Venezuelan Life Insurance - Premium per Capita (VEF and US$), 2015-2020
Table 10: Venezuelan Life Insurance - Paid Claims (VEF Million and US$ Million), 2011-2015
Table 11: Venezuelan Life Insurance - Paid Claims (VEF Billion and US$ Million), 2015-2020
Table 12: Venezuelan Life Insurance - Total Assets (VEF Billion and US$ Million), 2011-2015
Table 13: Venezuelan Life Insurance - Total Assets (VEF Billion and US$ Million), 2015-2020
Table 14: Venezuelan Life Insurance - Total Investment Income (VEF Million and US$ Million), 2011-2015
Table 15: Venezuelan Life Insurance - Total Investment Income (VEF Billion and US$ Million), 2015-2020
Table 16: Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2011-2015
Table 17: Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2015-2020
Table 18: Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2011-2015
Table 19: Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2015-2020
Table 20: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2011-2015
Table 21: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2015-2020
Table 22: Venezuelan Group Life Insurance - Direct Written Premium by Category (VEF Billion), 2011-2015
Table 23: Venezuelan Group Life Insurance - Direct Written Premium by Category (VEF Billion), 2015-2020
Table 24: Venezuelan Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 25: CNA de Seguros La Previsora - Key Facts
Table 26: CNA de Seguros La Previsora - Key Financials (VEF Billion), 2011-2015
Table 27: Seguros Horizonte SA - Key Facts
Table 28: Seguros Horizonte SA - Key Financials (US$ Million), 2011-2015
Table 29: Banesco Seguros CA - Key Facts
Table 30: Banesco Seguros CA - Key Financials (US$ Million), 2011-2015
Table 31: Zurich Seguros, SA - Key Facts
Table 32: Zurich Seguros, SA - Key Financials (VEF Million), 2011-2015
Table 33: Mapfre La Seguridad, CA de Seguros - Key Facts
Table 34: Mapfre La Seguridad, CA de Seguros ntal - Key Financials (VEF Billion), 2011-2015
Table 35: Venezuela - Insurance Regulatory Framework Key Features
Table 36: Venezuela - Life Insurance Regulatory Framework
Table 37: Venezuela - Property Insurance Regulatory Framework
Table 38: Venezuela- Motor Insurance Regulatory Framework
Table 39: Venezuela - Liability Insurance Regulatory Framework
Table 40: Venezuela - Corporate Tax Rates for the Financial Year 2017
Table 41: Venezuelan Life Insurance - Policies and Premium, 2011-2015
Table 42: Venezuelan Life Insurance - Policies and Premium, 2015-2020
Table 43: Venezuelan Life Insurance - Claims and Expenses, 2011-2015
Table 44: Venezuelan Life Insurance - Claims and Expenses, 2015-2020
Table 45: Venezuelan Life Insurance - Assets and Investments, 2011-2015
Table 46: Venezuelan Life Insurance - Assets and Investments, 2015-2020
Table 47: Venezuelan Life Insurance - Individual Life Insurance, 2011-2015
Table 48: Venezuelan Life Insurance - Individual Life Insurance, 2015-2020
Table 49: Venezuelan Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 50: Venezuelan Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 51: Venezuelan Life Insurance - Group Life Insurance, 2011-2015
Table 52: Venezuelan Life Insurance - Group Life Insurance, 2015-2020
Table 53: Venezuelan Life Insurance - Group Life Insurance by Product, 2011-2015
Table 54: Venezuelan Life Insurance - Group Life Insurance by Product, 2015-2020
Table 55: Insurance Industry Definitions

List of 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 Life Insurance Penetration - Regional Comparison (%), 2015
Figure 10: Venezuelan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 11: Venezuelan Life Insurance - Gross Written Premium (VEF Billion), 2011-2015
Figure 12: Venezuelan Life Insurance - Gross Written Premium (VEF Billion), 2015-2020
Figure 13: Venezuelan Life Insurance - Penetration (%), 2011-2020
Figure 14: Venezuelan Life Insurance - Premium per Capita (VEF), 2011-2015
Figure 15: Venezuelan Life Insurance - Premium per Capita (VEF), 2015-2020
Figure 16: Venezuelan Life Insurance - Paid Claims (VEF Million), 2011-2015
Figure 17: Venezuelan Life Insurance - Paid Claims (VEF Billion), 2015-2020
Figure 18: Venezuelan Life Insurance - Total Assets (VEF Billion), 2011-2015
Figure 19: Venezuelan Life Insurance - Total Assets (VEF Billion), 2015-2020
Figure 20: Venezuelan Life Insurance - Total Investment Income (VEF Million), 2011-2020
Figure 21: Venezuelan Life Insurance - Total Investment Income (VEF Billion), 2011-2020
Figure 22: Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2011-2015
Figure 23: Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2015-2020
Figure 24: Venezuelan Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 25: Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2011-2020
Figure 26: Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2011-2020
Figure 27: Venezuelan Life Insurance - Direct Written Premium Share by Sub-Segment, 2011-2020
Figure 28: Venezuelan Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2011-2020
Figure 29: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2011-2015
Figure 30: Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2015-2020
Figure 31: Venezuelan Individual Life Insurance - Direct Written Premium Share by Category, 2011-2020
Figure 32: Venezuelan Individual Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 33: Venezuelan Individual Life Insurance - Penetration (%), 2011-2015
Figure 34: Venezuelan Individual Life Insurance - Penetration (%), 2015-2020
Figure 35: Venezuelan Group Life Insurance - Direct Written Premium (VEF Billion), 2011-2015
Figure 36: Venezuelan Group Life Insurance - Direct Written Premium (VEF Billion), 2015-2020
Figure 37: Venezuelan Group Life Insurance - Penetration (%), 2011-2015
Figure 38: Venezuelan Group Life Insurance - Penetration (%), 2015-2020
Figure 39: Venezuelan Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Figure 40: Venezuela - Insurance Supervision and Control at Various Levels
Figure 41: Venezuela - Insurance Regulatory Frameworks for Company Registration and Operation
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  • CNA de Seguros La Previsora
  • Seguros Horizonte SA
  • Banesco Seguros CA
  • Zurich Seguros SA
  • Mapfre La Seguridad CA de Seguros
  • Mercantil Seguros CA
  • Seguros Provincial CA
  • La Fe Previsora Compañia de Seguros SA
  • Universal de Seguros CA
  • Seguros Caracas de Liberty Mutual
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