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Synopsis
Timetric’s 'Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Venezuelan non-life insurance segment, and a comparison of the Venezuelan insurance industry with its regional counterparts.

It provides values for 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 (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Venezuelan economy and demographics, explains the various types of natural hazard and their impact on the Venezuelan insurance industry, 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 'Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Venezuelan non-life insurance segment, including:

- The Venezuelan non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the Venezuelan economy and demographics

- A comparison of the Venezuelan insurance industry with its regional counterparts

- The various distribution channels in the Venezuelan non-life insurance segment

- Detailed analysis of natural hazards and their impact on the Venezuelan insurance industry

- Details of the competitive landscape in the non-life insurance segment in Venezuela

- Details of regulatory policy applicable to the Venezuelan insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Venezuela:

- It provides historical values for the Venezuelan non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Venezuelan non-life insurance segment, and market forecasts to 2019.

- It profiles the top non-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 non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan non-life insurance segment.

- Assess the competitive dynamics in the non-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
- Motor insurance was the largest category in the non-life segment in terms of gross written premium.

- The non-life segment’s penetration rate increased from 1.9% in 2010 to 2.5% in 2014, and was attributed to the expansion of property insurance.

- Venezuela’s distribution system has moved away from traditional approaches to more modern methods such as e-commerce, independent agents and direct marketing.

- Product liability insurance is popular in the automobile, consumer goods, healthcare and fast-moving consumer goods industries.

- Seguros Caracas de Liberty Mutual was the leading insurer in the segment, accounting for 19.2% of the non-life segment’s gross written premium in 2014.

Table Of Contents

Non-Life Insurance in Venezuela, Key Trends and Opportunities to 2019
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 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
6.1 Brokers
6.2 Agencies
6.3 Direct Marketing
6.4 Bancassurance
6.5 E-commerce
7 Natural Hazards
7.1 Flooding
7.2 Earthquake and Drought
7.3 Storms
7.4 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Company Profiles
8.2.1 Seguros Caracas de Liberty Mutual - company overview
8.2.2 Mercantil Seguros CA - company overview
8.2.3 Mapfre La Seguridad, CA de Seguros - company overview
8.2.4 CA de Seguros La Occidental - company overview
8.2.5 Estar Seguros, SA - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Travel insurance
9.4.3 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Superintendence de la Actividad Aseguradora
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Venezuelan Non-Life Insurance - Key Facts, 2014
Table 2: Venezuelan Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Venezuelan Government Credit Ratings
Table 4: Venezuelan Non-Life Insurance - Gross Written Premium (VEF Billion and US$ Billion), 2010-2014
Table 5: Venezuelan Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Venezuelan Non-Life Insurance - Gross Written Premium (VEF Billion and US$ Billion), 2014-2019
Table 7: Venezuelan Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Venezuelan Non-Life Insurance - Premium per Capita (VEF and US$), 2010-2014
Table 9: Venezuelan Non-Life Insurance - Premium per Capita (VEF and US$), 2014-2019
Table 10: Venezuelan Non-Life Insurance - Paid Claims (VEF Billion and US$ Billion), 2010-2014
Table 11: Venezuelan Non-Life Insurance - Paid Claims (VEF Billion and US$ Billion), 2014-2019
Table 12: Venezuelan Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 13: Venezuelan Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 14: Venezuelan Non-Life Insurance - Total Assets (VEF Billion and US$ Billion), 2010-2014
Table 15: Venezuelan Non-Life Insurance - Total Assets (VEF Billion and US$ Billion), 2014-2019
Table 16: Venezuelan Non-Life Insurance - Total Investment Income (VEF Billion and US$ Billion), 2010-2014
Table 17: Venezuelan Non-Life Insurance - Total Investment Income (VEF Billion and US$ Billion), 2014-2019
Table 18: Venezuelan Non-Life Insurance - Investment Portfolio (VEF Billion), 2010-2014
Table 19: Venezuelan Non-Life Insurance - Investment Portfolio (VEF Billion), 2014-2019
Table 20: Venezuelan Non-Life Insurance - Gross Written Premium by Category (VEF Billion), 2010-2014
Table 21: Venezuelan Non-Life Insurance - Gross Written Premium by Category (VEF Billion), 2014-2019
Table 22: Venezuelan Property Insurance - Gross Written Premium by Sub-Category (VEF Million), 2010-2014
Table 23: Venezuelan Property Insurance - Gross Written Premium by Sub-Category (VEF Million), 2014-2019
Table 24: Venezuelan Property Insurance - Paid Claims (VEF Million and US$ Million), 2010-2014
Table 25: Venezuelan Property Insurance - Paid Claims (VEF Million and US$ Billion), 2014-2019
Table 26: Venezuelan Property Insurance - Loss Ratio (%), 2010-2014
Table 27: Venezuelan Property Insurance - Loss Ratio (%), 2014-2019
Table 28: Venezuelan Motor Insurance - Gross Written Premium by Sub-Category (VEF Billion), 2010-2014
Table 29: Venezuelan Motor Insurance - Gross Written Premium by Sub-Category (VEF Billion), 2014-2019
Table 30: Venezuelan Motor Insurance - Paid Claims (VEF Billion and US$ Billion), 2010-2014
Table 31: Venezuelan Motor Insurance - Paid Claims (VEF Billion and US$ Billion), 2014-2019
Table 32: Venezuelan Motor Insurance - Loss Ratio (%), 2010-2014
Table 33: Venezuelan Motor Insurance - Loss Ratio (%), 2014-2019
Table 34: Venezuelan Liability Insurance - Gross Written Premium (VEF Billion), 2010-2014
Table 35: Venezuelan Liability Insurance - Gross Written Premium (VEF Billion), 2014-2019
Table 36: Venezuelan Liability Insurance - Paid Claims (VEF Million and US$ Million), 2010-2014
Table 37: Venezuelan Liability Insurance - Paid Claims (VEF Million and US$ Million), 2014-2019
Table 38: Venezuelan Liability Insurance - Loss Ratio (%), 2010-2014
Table 39: Venezuelan Liability Insurance - Loss Ratio (%), 2014-2019
Table 40: Venezuelan Marine, Aviation and Transit Insurance - Gross Written Premium (VEF Billion), 2010-2014
Table 41: Venezuelan Marine, Aviation and Transit Insurance - Gross Written Premium (VEF Billion), 2014-2019
Table 42: Venezuelan Marine, Aviation and Transit Insurance - Paid Claims (VEF Million and US$ Million), 2010-2014
Table 43: Venezuelan Marine, Aviation and Transit Insurance - Paid Claims (VEF Million and US$ Million), 2014-2019
Table 44: Venezuelan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 45: Venezuelan Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 46: Venezuelan Average Annual Loss by Hazards Type (US$ Million), 2005-2014
Table 47: Venezuelan Non-Life Insurance - Market Share (%), 2014
Table 48: Seguros Caracas de Liberty Mutual - Key Facts
Table 49: Seguros Caracas de Liberty Mutual - Key Financials (VEF Million), 2010-2014
Table 50: Mercantil Seguros CA - Key Facts
Table 51: Mercantil Seguros CA - Key Financials (VEF Million), 2010-2014
Table 52: Mapfre La Seguridad, CA de Seguros - Key Facts
Table 53: Mapfre La Seguridad, CA de Seguros - Key Financials (VEF Million), 2010-2014
Table 54: CA de Seguros La Occidental - Key Facts
Table 55: CA de Seguros La Occidental - Key Financials (VEF Million), 2010-2014
Table 56: Estar Seguros, SA - Key Facts
Table 57: Estar Seguros, SA - Key Financials (VEF Million), 2010-2014
Table 58: Venezuela - Insurance Regulatory Framework Key Features
Table 59: Venezuela - Life Insurance Regulatory Framework
Table 60: Venezuela - Property Insurance Regulatory Framework
Table 61: Venezuela - Motor Insurance Regulatory Framework
Table 62: Venezuela - Liability Insurance Regulatory Framework
Table 63: Venezuela - Corporate Tax Rates for the Financial Year 2016
Table 64: Venezuelan Insurance Industry - Policies and Premium, 2010-2014
Table 65: Venezuelan Insurance Industry - Policies and Premium, 2014-2019
Table 66: Venezuelan Non-Life Insurance - Claims and Expenses, 2010-2014
Table 67: Venezuelan Non-Life Insurance - Claims and Expenses, 2014-2019
Table 68: Venezuelan Non-Life Insurance - Assets and Investments, 2010-2014
Table 69: Venezuelan Non-Life Insurance - Assets and Investments, 2014-2019
Table 70: Venezuelan Non-Life Insurance - Property Insurance, 2010-2014
Table 71: Venezuelan Non-Life Insurance - Property Insurance, 2014-2019
Table 72: Venezuelan Non-Life Insurance - Property Insurance by Product, 2010-2014
Table 73: Venezuelan Non-Life Insurance - Property Insurance by Product, 2014-2019
Table 74: Venezuelan Non-Life Insurance - Motor Insurance, 2010-2014
Table 75: Venezuelan Non-Life Insurance - Motor Insurance, 2014-2019
Table 76: Venezuelan Non-Life Insurance - Motor Insurance by Product, 2010-2014
Table 77: Venezuelan Non-Life Insurance - Motor Insurance by Product, 2014-2019
Table 78: Venezuelan Non-Life Insurance - Liability Insurance, 2010-2014
Table 79: Venezuelan Non-Life Insurance - Liability Insurance, 2014-2019
Table 80: Venezuelan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2010-2014
Table 81: Venezuelan Non-Life Insurance - Marine, Aviation and Transit Insurance, 2014-2019
Table 82: Insurance Industry Definitions

List of Figures
Figure 1: Venezuelan Cost of Crude Oil Price (US$), 2010-2015
Figure 2: Venezuelan Real GDP (VEF$ Billion), 2010-2019
Figure 3: VEF - US$ Exchange Rate, 2010-2019
Figure 4: Venezuelan Consumer Price Inflation, 2010-2019
Figure 5: Venezuelan Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 6: Venezuelan Unemployment Rate, 2010-2019
Figure 7: Venezuelan Population by Age Group (Million), 1990-2025
Figure 8: Venezuelan Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 9: Venezuelan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014
Figure 10: Venezuelan Non-Life Insurance - Gross Written Premium (VEF Billion), 2010-2019
Figure 11: Venezuelan Non-Life Insurance - Penetration (%), 2010-2019
Figure 12: Venezuelan Non-Life Insurance - Premium per Capita (VEF), 2010-2019
Figure 13: Venezuelan Non-Life Insurance - Paid Claims (VEF Billion), 2010-2019
Figure 14: Venezuelan Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 15: Venezuelan Non-Life Insurance - Total Assets (VEF Billion), 2010-2019
Figure 16: Venezuelan Non-Life Insurance - Total Investment Income (VEF Billion), 2010-2019
Figure 17: Venezuelan Non-Life Insurance - Investment Portfolio (VEF Billion), 2010-2019
Figure 18: Venezuelan Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 19: Venezuelan Non-Life Insurance - Gross Written Premium by Category (VEF Billion and US$ Billion), 2010-2019
Figure 20: Venezuelan Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 21: Venezuelan Property Insurance - Construction Value Output by Category (VEF Billion), 2010-2014
Figure 22: Venezuelan Property Insurance - Gross Written Premium by Sub-Category (VEF Million), 2010-2019
Figure 23: Venezuelan Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 24: Venezuelan Property Insurance - Paid Claims (VEF Million), 2010-2019
Figure 25: Venezuelan Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2010-2019
Figure 26: Venezuelan Motor Insurance - Gross Written Premium by Sub-Category (VEF Billion), 2010-2019
Figure 27: Venezuelan Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 28: Venezuelan Motor Insurance - Paid Claims (VEF Billion), 2010-2019
Figure 29: Venezuelan Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2010-2019
Figure 30: Venezuelan Liability Insurance - Gross Written Premium (VEF Billion), 2010-2019
Figure 31: Venezuelan Liability Insurance - Paid Claims (VEF Million), 2010-2019
Figure 32: Venezuelan Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2010-2019
Figure 33: Venezuelan Goods Exports and Imports (VEF Billion), 2010-2014
Figure 34: Venezuelan Marine, Aviation and Transit Insurance - Gross Written Premium (VEF Billion), 2010-2019
Figure 35: Venezuelan Marine, Aviation and Transit Insurance - Paid Claims (VEF Million), 2010-2019
Figure 36: Venezuelan Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2010-2019
Figure 37: Venezuela - Frequency of Hazards by Type, 1990-2014
Figure 38: Venezuela - Economic Issues Caused by Hazards by Type, 1990-2014
Figure 39: Venezuela - Mortality Caused by Hazards by Type, 1990-2014
Figure 40: Venezuelan Non-Life Insurance - Market Share (%), 2014
Figure 41: Venezuela - Insurance Supervision and Control at Various Levels
Figure 42: Venezuela - Insurance Regulatory Frameworks for Company Registration and Operation

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