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Venezuela Insurance Report Q4 2016

  • October 2016
  • -
  • Business Monitor International
  • -
  • 61 pages

Includes 3 FREE quarterly updates

BMI View:

We have made some forecast revisions in our Q4 2016 Venezuela insurance update. We are of the opinion that the Venezuelan insurance market will remain severely affected by the ongoing economic crisis, political uncertainty and the prolonged slump in global oil prices. Furthermore, the hyperinflationary environment in the country, the high interest rates and the increasingly chaotic policy environment exacerbate the woes of the insurance industry. Health insurance will be the main victim of these trends, particularly following President Maduro's decision to give substantial control to the insurance regulator to tax insurance companies to bolster public healthcare. While growth is impressive in local currency terms due to depreciation, the market experienced a sharp contraction in USD terms in 2015 and future premium growth will be faced with a multitude of challenges. In an apparent attack on the insurance sector, President Maduro issued a Law-Decree in December 2015 amending several provisions of the Insurance Activity Act of 2010. This repeals the entire Insurance Contract Act with powers to rule insurance contracts given to the government insurance regulator Superintendencia de la Actividad Asegutadora (Sudeaseg, Superintendent of Insurance Activity), effectively taking on Congress's role - a decision that has dubious legality. Under Article 8 of the new Insurance Activity Act, Sudeaseg can now order the payment of claims and calculate an adjustment based on a mix of interest and inflation correction. Insurance companies are also obliged to pay a 1-3% Social Development tax on premium income and a 5% Investigation and Development of the Insurance Activity tax on profit. Revenues from the Social Development tax will be reinvested in the public healthcare system. The erosion of profit margins and increasingly erratic policy-making will act as a disincentive for non-life providers at a time when the Venezuelan economy is in serious trouble.

Table Of Contents

Venezuela Insurance Report Q4 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Venezuela 2013-2020) 7
SWOT 9
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Table: Life Premiums (Venezuela 2013-2020) 14
Table: Life Insurance Claims (Venezuela 2008-2013) 15
Non-Life Premiums Forecast 16
Table: Non-Life Premiums (Venezuela 2013-2020) 19
Table: Non-Life Insurance Claims (Venezuela 2009-2015) 21
Non-Life Sub-Sector Forecast 22
Table: Non-Life Insurance Premiums By Product Line (Venezuela 2013-2020) 33
Industry Risk Reward Index 35
Insurance Risk/Reward Index 35
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q416 36
Market Overview 37
Life Market Overview 37
Product Offering 37
Competitive Landscape 37
Table: Top 10 Life Insurance Providers By Gross Premiums Written, 2013 39
Table: Life Insurance Market, 2008-2013 (USDmn) 41
Non-Life Market Overview 42
Product Offering 42
Competitive Landscape 43
Table: Top 10 Life Insurance Providers by Gross Premiums Written, 2013 43
Table: Company Performance, Non-Life Insurance Market, 2008-2013 (USDmn) 46
Company Profile 47
Caracas de Liberty Mutual 47
Horizonte 49
Seguros Mercantil 51
MAPFRE La Seguridad 53
Methodology 55
Industry Forecast Methodology 55
Sector-Specific Methodology 56
Risk/Reward Index Methodology 58
Table: Indicators 60
Venezuela Insurance Report Q4 2016$$
Table: Weighting of Indicators 61

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