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Venezuela Insurance Report Q1 2016

  • January 2016
  • -
  • Business Monitor International
  • -
  • 53 pages

BMI View: The short term outlook for Venezuela's insurance market remains highly unsettled. Currency movements alongside extreme inflation mean that in the short term we expect to see heavy losses in US dollar terms in conjunction with rampant growth in local currency terms. The strong premium growth we are forecasting in both the life and non life markets is not, therefore, indicative of a healthy expanding market and strong consumer appetite. At present, we do expect some real growth in the industry by the end of our forecast period in 2019 - based primarily on increasing demand for private health insurance - though we caution that significant headwinds to expansion remain.

Key Updates And Forecasts

-US based insurer Liberty Mutual has posted a net loss of USD427mn in its Q3 2015 results owing to heavy losses in its Venezuelan business. The group has now committed to selling Venezuelan holding Caracas de Liberty Mutual.

-British insurance firm RSA is divesting all of its Latin America holdings to Colombia's GrupoSura for GBP403mn (USD617mn) including a limited presence in Venezuela via Estar Seguros.

-Rampant inflation continues to distort growth rates. In the underdeveloped life sector, premiums are set to expand from VEF6.3bn in 2015 to VEF31.3bn in 2019 with much more subdued growth in US dollar terms. -Similar trends will be seen in the larger non-life sector where premiums are set to expand from VEF171.2bn in 2015 to VEF772.7bn.

Table Of Contents

Venezuela Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Venezuela 2012-2019) 5
SWOT 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Venezuela 2012-2019) 12
Table: Life Insurance Claims (Venezuela 2007-2013) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Venezuela 2012-2019) 16
Table: Non-Life Insurance Claims (Venezuela 2008-2013) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Venezuela 2012-2019) 28
Industry Risk Reward Index 30
Latin America Insurance Risk/Reward Index 30
Table: Latin America and the Caribbean Insurance Risk/Reward Index 31
Market Overview 32
Life Market Overview 32
Product Offering 32
Competitive Landscape 32
Table: Life Insurance Market (USDmn) 2008-2013 34
Non Life Market Overview 35
Product Offering 35
Competitive Landscape 36
Table: Company Performance, Non-Life Insurance Market (USDmn) 2008-2013 38
Company Profile 39
Caracas de Liberty Mutual 39
Horizonte 41
Seguros Mercantil 43
MAPFRE La Seguridad 45
Methodology 47
Industry Forecast Methodology 47
Risk/Reward Index Methodology 50
Table: Indicators 52
Table: Weighting of Indicators 53

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