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Life Insurance Market in Latin America 2016-2020

About the Life Insurance Market in Latin America

Life insurance is a major tool in basic estate planning. The compensation received as part of life insurance claim is tax free and often exceeds the premiums paid. In the current market scenario, there are many top life insurance vendors offering a huge number of product portfolios. With this scenario in place, the demand for life insurance policies is calculated on the basis of the rate at which transparent products are being provided by vendors to customers. Unit-linked insurance plan (ULIP) products, which offer both insurance and investment under a single plan, have started including basic life insurance products. This has boosted transparency in life insurance products as these policies are geared with guarantees such as death benefits. This increase in demand for less complex products among customers has led to the entry of new non-traditional players (or local players), intensifying competition in the life insurance industry.

Technavio’s analysts forecast the life insurance market in Latin America to grow at a CAGR of 5.87% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the life insurance market in Latin America for 2016-2020. To calculate the market size, Technavio considers the total premium volume in Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru, Uruguay, and Venezuela. The market is divided into the following segments based on regions:

  • Argentina
  • Brazil
  • Chile
  • Colombia
  • Ecuador
  • Mexico
  • Panama
  • Peru
  • Uruguay
  • Venezuela
Technavio's report, Life Insurance Market in Latin America 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • AXA
  • Bradesco
  • Itaú Unibanco Holding
  • Mapfre
  • Zurich Insurance
Other prominent vendors
  • Allianz
  • American International Group (AIG)
  • Aviva
  • Brasilprev
  • CNP
  • Grupo Nacional Provincial
  • Liberty Mutual
  • MetLife
  • Porto Seguro
Market driver
  • Creating favorable environment to improve profitability
  • For a full, detailed list, view our report
Market challenge
  • Regulatory and macroeconomic changes
  • For a full, detailed list, view our report
Market trend
  • Rise in use of BPO for closed-book operations
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2020 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Life Insurance Market in Latin America 2016-2020

Technavio recognizes the following companies as the key players in the life insurance market in Latin America: AXA, Bradesco Seguros, Itaú Unibanco Holding, Mapfre, and Zurich Insurance.

Other Prominent Vendors in the market are: Allianz, American International Group (AIG), Aviva, Brasilprev, CNP, Grupo Nacional Provincial, Liberty Mutual, MetLife, and Porto Seguro.

Commenting on the report, an analyst from Technavio’s team said: “One trend inciting growth in this market is the rising use of BPO for closed-book operations. Recently, there has been an improvement in capital management, leading to greater performance of different investments. Many life insurance vendors are working to achieve market leading investment performance. Such efforts may help vendors develop and sustain a huge asset base to harvest high profitability.”

According to the report, one driver fostering growth in this market is the use of multiple channels to reach broader audience. In the last decade, Latin American countries have created an environment that is conducive to the growth of life insurance premiums. Conditions such as sound economic environments, product innovations, improvement in insurance regulations, and multiple distribution channels have also helped increase premium amounts. Life insurance regulatory bodies and other policyholders are encouraging healthy competition as low inflation has cast a positive effect on insurance premium growth.

Further, the report states that one challenge hampering this market’s growth prospects is the lack of standard financial models. Currently, life insurance companies do not use any specific financial models. The lack of such a system has resulted in several challenges, including inadequate underwriting practices. Therefore, insurance companies have come up with the cash flow testing and hedging models. These models help solve issues arising in the day-to-day operations, improve profit, and manage risks better.



Companies Mentioned

AXA, Bradesco Seguros, Itaú Unibanco Holding, Mapfre, Zurich Insurance, Allianz, American International Group (AIG), Aviva, Brasilprev, CNP, Grupo Nacional Provincial, Liberty Mutual, MetLife, Porto Seguro.

  • Executive summary
    • Highlights
  • Scope of the report
    • Market overview
      • Table Countries covered for market analysis
    • Top-vendor offerings
      • Table Product offerings
  • Market research methodology
    • Research methodology
    • Economic indicators
  • Introduction
    • Key market highlights
    • Life insurance overview
      • Table Two fundamental principles of life insurance
      • Table Life cycle of a life insurance
      • Table Personal uses of life insurance business
      • Table Benefits of mandatory coverage
  • Market landscape
    • Market overview
      • Table Types of life insurance
    • Market size and forecast
      • Table Life insurance market in Latin America 2015-2020 ($ billions)
      • Table Investments involved in life insurance policies
    • Five forces analysis
      • Table Five forces analysis
  • Geographical segmentation
    • Geographical segmentation
      • Table Geographical segmentation of life insurance market in Latin America 2015
      • Table Geographical segmentation of life insurance market in Latin America 2020
    • Brazil
      • Table Life insurance market in Brazil 2015-2020 ($ billions)
    • Mexico
      • Table Life insurance market in Mexico 2015-2020 ($ billions)
    • Venezuela
      • Table Life insurance market in Venezuela 2015-2020 ($ billions)
    • Argentina
      • Table Life insurance market in Argentina 2015-2020 ($ billions)
    • Chile
      • Table Life insurance market in Chile 2015-2020 ($ billions)
    • Colombia
      • Table Life insurance market in Colombia 2015-2020 ($ billions)
    • Peru
      • Table Life insurance market in Peru 2015-2020 ($ billions)
    • Ecuador
      • Table Life insurance market in Ecuador 2015-2020 ($ millions)
    • Panama
      • Table Life insurance market in Panama 2015-2020 ($ millions)
    • Uruguay
      • Table Life insurance market in Uruguay 2015-2020 ($ millions)
  • Market drivers
    • Creating favorable environment to improve profitability
    • Use of multiple channels to reach broader audience
      • Table Social media benefits to insurance firms
    • Rise in life expectancy to increase demand for retirement policies
      • Table Life expectancy in Latin America 2015
  • Impact of drivers
    • Table Impact of drivers
  • Market challenges
    • Regulatory and macroeconomic changes
    • Challenges faced by life insurance brokerage firms
      • Table Challenges faced by insurance brokerage firms
    • Underwriting challenges
    • Lack of standard financial models
  • Impact of drivers and challenges
    • Table Impact of drivers and challenges
  • Market trends
    • Rise in use of BPO for closed-book operations
    • Big data analytics
    • Improved profitability through better customer segmentation
      • Table Factors that drive customer satisfaction
      • Table Customer connectivity
      • Table Innovations in customer services
  • Vendor landscape
    • Competitive landscape
    • Other prominent vendors
  • Key vendor analysis
    • AXA Group
    • Bradesco Serguros
    • Itaú Unibanco
    • Mapfre
    • Zurich Insurance Group
  • Appendix
    • List of abbreviation
  • Explore Technavio

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