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Life Insurance in Venezuela, Key Trends and Opportunities to 2020

Life Insurance in Venezuela, Key Trends and Opportunities to 2020

Synopsis

Timetric’s '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 Timetric’s 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

Timetric’s '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.


  • Key Facts and Highlights
    • Table Venezuelan Life Insurance - Key Facts, 2015
    • Table Venezuelan Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Venezuelan Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Venezuelan Life Insurance - Gross Written Premium (VEF Billion and US$ Million), 2011-2015
        • Table Venezuelan Life Insurance - Penetration (%), 2011-2015
        • Table Venezuelan Life Insurance - Gross Written Premium (VEF Billion and US$ Million), 2015-2020
        • Table Venezuelan Life Insurance - Penetration (%), 2015-2020
        • Table Venezuelan Life Insurance - Premium per Capita (VEF and US$), 2011-2015
        • Table Venezuelan Life Insurance - Premium per Capita (VEF and US$), 2015-2020
      • Claims
        • Table Venezuelan Life Insurance - Paid Claims (VEF Million and US$ Million), 2011-2015
        • Table Venezuelan Life Insurance - Paid Claims (VEF Billion and US$ Million), 2015-2020
      • Assets and investments
        • Table Venezuelan Life Insurance - Total Assets (VEF Billion and US$ Million), 2011-2015
        • Table Venezuelan Life Insurance - Total Assets (VEF Billion and US$ Million), 2015-2020
        • Table Venezuelan Life Insurance - Total Investment Income (VEF Million and US$ Million), 2011-2015
        • Table Venezuelan Life Insurance - Total Investment Income (VEF Billion and US$ Million), 2015-2020
        • Table Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2011-2015
        • Table Venezuelan Life Insurance - Investment Portfolio (VEF Billion), 2015-2020
  • Outlook by Sub-Segment
    • Table Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2011-2015
    • Table Venezuelan Life Insurance - Direct Written Premium by Sub-Segment (VEF Billion), 2015-2020
    • Individual Life Insurance
      • Premium
        • Table Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2011-2015
        • Table Venezuelan Individual Life Insurance - Direct Written Premium by Category (VEF Million), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Venezuelan Group Life Insurance - Direct Written Premium by Category (VEF Billion), 2011-2015
        • Table Venezuelan Group Life Insurance - Direct Written Premium by Category (VEF Billion), 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Agencies
      • Brokers
      • Direct Marketing
      • Bancassurance
      • E-commerce
  • Competitive Landscape
    • Table Venezuelan Life Insurance - Segment Shares of the Leading Insurers (%), 2015
    • Company Profiles
      • CNA de Seguros La Previsora - company overview
        • Table CNA de Seguros La Previsora - Key Facts
        • Table CNA de Seguros La Previsora - Key Financials (VEF Billion), 2011-2015
      • Seguros Horizonte SA - company overview
        • Table Seguros Horizonte SA - Key Facts
        • Table Seguros Horizonte SA - Key Financials (US$ Million), 2011-2015
      • Banesco Seguros CA - company overview
        • Table Banesco Seguros CA - Key Facts
        • Table Banesco Seguros CA - Key Financials (US$ Million), 2011-2015
      • Zurich Seguros, SA - company overview
        • Table Zurich Seguros, SA - Key Facts
        • Table Zurich Seguros, SA - Key Financials (VEF Million), 2011-2015
      • Mapfre La Seguridad, CA de Seguros - company overview
        • Table Mapfre La Seguridad, CA de Seguros - Key Facts
        • Table Mapfre La Seguridad, CA de Seguros ntal - Key Financials (VEF Billion), 2011-2015
  • Governance, Risk and Compliance
    • Table Venezuela - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Venezuela - Life Insurance Regulatory Framework
      • Property insurance
        • Table Venezuela - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Venezuela- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Venezuela - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Travel insurance
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Superintendencia de la Actividad Aseguradora
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Venezuela - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Venezuelan Life Insurance - Policies and Premium, 2011-2015
      • Table Venezuelan Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Venezuelan Life Insurance - Claims and Expenses, 2011-2015
      • Table Venezuelan Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Venezuelan Life Insurance - Assets and Investments, 2011-2015
      • Table Venezuelan Life Insurance - Assets and Investments, 2015-2020
    • Individual Life Insurance
      • Table Venezuelan Life Insurance - Individual Life Insurance, 2011-2015
      • Table Venezuelan Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Venezuelan Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Venezuelan Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Group Life Insurance
      • Table Venezuelan Life Insurance - Group Life Insurance, 2011-2015
      • Table Venezuelan Life Insurance - Group Life Insurance, 2015-2020
    • Group Life Insurance by Product
      • Table Venezuelan Life Insurance - Group Life Insurance by Product, 2011-2015
      • Table Venezuelan Life Insurance - Group Life Insurance by Product, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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