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Synopsis
Timetric’s 'Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Ecuadorian life insurance segment.

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 (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Ecuadorian 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 regulatory structure.

Summary
Timetric’s 'Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Ecuadorian life insurance segment, including:

- The Ecuadorian life insurance segment’s growth prospects by life insurance category

- Key trends, drivers and challenges for the life insurance segment

- A comprehensive overview of the Ecuadorian economy and demographics

- The various distribution channels in the Ecuadorian life insurance segment

- Details of the competitive landscape in the life insurance segment in Ecuador

- Details of regulatory policy applicable to the Ecuadorian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Ecuador:

- It provides historical values for the Ecuadorian 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 Ecuadorian life insurance segment, along with market forecasts until 2019.

- It analyses the various distribution channels for life insurance products in Ecuador.

- It profiles the top life insurance companies in Ecuador 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 Ecuadorian life insurance segment and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Ecuadorian 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 Ecuadorian insurance industry and their impact on companies and the industry's future.

Key Highlights
- The life segment accounted for 14.0% of the Ecuadorian insurance industry’s total gross written premium in 2014.

- The rising middle-class population and expanding economy encouraged life insurance business during the review period.

- In terms of life insurance category performance, group whole life dominated, with a gross written premium of US$291.9 million in 2014.

- In 2014, 44 insurers were authorized to conduct insurance business in Ecuador, with 22 active in the life segment.

- The segment’s penetration was 0.3% in 2014; therefore Low penetration rate provides scope for growth.

Table Of Contents

Life Insurance in Ecuador, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Whole Life Insurance
5.6 Group Whole Life Insurance
5.7 Non-Linked Life Insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Ecuadorian Life Insurance Segment
7.2.1 Seguros del Pichincha SA - company overview
7.2.2 Equivida SA - company overview
7.2.3 ACE Seguros SA - company overview
7.2.4 Liberty Seguros SA - company overview
7.2.5 Pan American Life Insurance - company overview
7.2.6 Colvida SA - company overview
7.2.7 AIG Metropolitana Cia. De Seguros Y Reaseguros SA - company overview
7.2.8 Compañía De Seguros Ecuatoriano-Suiza SA - company overview
7.2.9 Seguros Sucre SA - company overview
7.2.10 BMI Financial Group Inc - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Traffic accident insurance (SOAT)
8.4.2 General insurance under the Social Security Act
8.4.3 Aviation insurance
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Association of Insurance Supervisors Latin America
8.5.3 Superintendency of Banks and Insurance
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Ecuadorian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 5: Ecuadorian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 6: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2010-2014
Table 7: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2014-2019
Table 8: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 9: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2014-2019
Table 10: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2010-2014
Table 11: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2014-2019
Table 12: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2010-2014
Table 13: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2014-2019
Table 14: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2010-2014
Table 15: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2014-2019
Table 16: Ecuadorian Life Insurance - Total Assets (US$ Million), 2010-2014
Table 17: Ecuadorian Life Insurance - Total Assets (US$ Million), 2014-2019
Table 18: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2010-2014
Table 19: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2014-2019
Table 20: Ecuadorian Life Insurance - Net Written Premium (US$ Million), 2010-2014
Table 21: Ecuadorian Life Insurance - Net Written Premium (US$ Million), 2014-2019
Table 22: Ecuadorian Individual Whole Life Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 23: Ecuadorian Individual Whole Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 24: Ecuadorian Individual Whole Life Insurance - Direct Written Premium (US$ Million), 2010-2014
Table 25: Ecuadorian Individual Whole Life Insurance - Direct Written Premium (US$ Million), 2014-2019
Table 26: Ecuadorian Group Whole Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 27: Ecuadorian Group Whole Life Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 28: Ecuadorian Group Whole Life Insurance - Direct Written Premium (US$ Million), 2010-2014
Table 29: Ecuadorian Group Whole Life Insurance - Direct Written Premium (US$ Million), 2014-2019
Table 30: Ecuadorian Non-Linked Insurance Business - Gross Written Premium (US$ Million), 2010-2014
Table 31: Ecuadorian Non-Linked Insurance Business - Gross Written Premium (US$ Million), 2014-2019
Table 32: Ecuadorian Non-Linked Insurance Business - Direct Written Premium (US$ Million), 2010-2014
Table 33: Ecuadorian Non-Linked Insurance Business - Direct Written Premium (US$ Million), 2014-2019
Table 34: Ecuadorian Life Insurance - Number of Banking Entities, 2010-2014
Table 35: Ecuadorian Life Insurance - Number of Banking Entities, 2014-2019
Table 36: Ecuadorian Life Insurance - Number of Insurance Agents, 2010-2014
Table 37: Ecuadorian Life Insurance - Number of Insurance Agents, 2014-2019
Table 38: Ecuadorian Life Insurance - Segment Shares (%), 2014
Table 39: Seguros del Pichincha SA, Key Facts
Table 40: Seguros del Pichincha SA, Key Financials (US$ Million), 2010-2014
Table 41: Equivida SA, Key Facts
Table 42: Equivida SA, Key Financials (US$ Million), 2010-2014
Table 43: ACE Seguros SA, Key Facts
Table 44: ACE Seguros SA, Key Financials (US$ Million), 2010-2014
Table 45: Liberty Seguros SA, Key Facts
Table 46: Liberty Seguros SA, Key Financials (US$ Million), 2010-2014
Table 47: Pan American Life Insurance, Key Facts
Table 48: Pan American Life Insurance, Key Financials (US$ Million), 2010-2014
Table 49: Colvida SA, Key Facts
Table 50: Colvida SA, Key Financials (US$ Million), 2010-2014
Table 51: AIG Metropolitana Cia. de Seguros y Reaseguros SA, Key Facts
Table 52: AIG Metropolitana Cia. de Seguros y Reaseguros SA, Key Financials (US$ Million), 2010-2014
Table 53: Compañía de Seguros Ecuatoriano-Suiza SA, Key Facts
Table 54: Compañía de Seguros Ecuatoriano-Suiza SA, Key Financials (US$ Million), 2010-2014
Table 55: Seguros Sucre SA, Key Facts
Table 56: Seguros Sucre SA, Key Financials (US$ Million), 2010-2014
Table 57: BMI Financial Group Inc., Key Facts
Table 58: BMI Financial Group Inc., Key Financials (US$ Million), 2010-2014
Table 59: Ecuador - Insurance Regulatory Framework Key Features
Table 60: Ecuador - Life Insurance Regulatory Framework
Table 61: Ecuador - Property Insurance Regulatory Framework
Table 62: Ecuador - Motor Insurance Regulatory Framework
Table 63: Ecuador - Liability Insurance Regulatory Framework
Table 64: Ecuador - Compensation Provided by the Insurer in the Event of Accident
Table 65: Ecuador - List of Companies Authorized to Offer SOAT
Table 66: Ecuador - Aviation Insurance Cover
Table 67: Ecuador - Ratings Required for Registration of Reinsurance Business
Table 68: Ecuador - Taxes and Charges Levied on Insurance Premiums
Table 69: Ecuador - Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 70: Ecuador - Corporate Tax Rates in Ecuador for the Financial Year 2015

List of Figures
Figure 1: Ecuadorian Real GDP (US$ Billion), 2010-2019
Figure 2: Ecuadorian Consumer Price Inflation, 2010-2019
Figure 3: Ecuadorian Current Account Balance as Percentage of GDP (%), 2010-2019
Figure 4: Ecuadorian Unemployment Rate, 2010-2019
Figure 5: Ecuadorian Population by Age Group, 1990-2025
Figure 6: Life Insurance Penetration in Latin America (%), 2014
Figure 7: Ecuadorian Population Distribution by Age (%), 2010-2014
Figure 8: Ecuadorian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2019
Figure 9: Ecuadorian Life Insurance - Gross Written Premium by Category (% Share), 2014 and 2019
Figure 10: Ecuadorian Life Insurance - Gross Written Premium Dynamics by Category (2010-2019)
Figure 11: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2010-2014
Figure 12: Ecuadorian Life Insurance - Net Earned Premium (US$ Million), 2014-2019
Figure 13: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2010-2014
Figure 14: Ecuadorian Life Insurance - Paid Claims (US$ Million), 2014-2019
Figure 15: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2010-2014
Figure 16: Ecuadorian Life Insurance - Incurred Loss (US$ Million), 2014-2019
Figure 17: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2010-2014
Figure 18: Ecuadorian Life Insurance - Commissions and Expenses (US$ Million), 2014-2019
Figure 19: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 20: Ecuadorian Life Insurance - Net Written Premium (% of GWP), 2014-2019
Figure 21: Ecuadorian Life Insurance - Total Assets (US$ Million), 2010-2014
Figure 22: Ecuadorian Life Insurance - Total Assets (US$ Million), 2014-2019
Figure 23: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2010-2014
Figure 24: Ecuadorian Life Insurance - Total Investment Income (US$ Million), 2014-2019
Figure 25: Ecuadorian Life Insurance - Net Written Premium (US$ Million), 2010-2014
Figure 26: Ecuadorian Life Insurance - Net Written Premium (US$ Million), 2014-2019
Figure 27: Ecuadorian Life Insurance - Investment Portfolio (US$ Million), 2010-2014
Figure 28: Ecuadorian Life Insurance - Investment Portfolio, 2010 and 2014
Figure 29: Ecuadorian Life Insurance - Penetration (Ratio of Direct Premium to GDP), 2010-2014
Figure 30: Ecuadorian Life Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 31: Ecuadorian Life Insurance - Total Investments (US$), 2010-2014
Figure 32: Ecuadorian Individual Whole Life Insurance - Direct Written Premium (US$ Million), 2010-2014
Figure 33: Ecuadorian Individual Whole Life Insurance - Direct Written Premium (US$ Million), 2014-2019
Figure 34: Ecuadorian Group Whole Life Insurance - Direct Written Premium (US$ Million), 2010-2014
Figure 35: Ecuadorian Group Whole Life Insurance - Direct Written Premium (US$ Million), 2014-2019
Figure 36: Ecuadorian Non-Linked Insurance Business - Gross Written Premium (US$ Million), 2010-2014
Figure 37: Ecuadorian Non-Linked Insurance Business - Gross Written Premium (US$ Million), 2014-2019
Figure 38: Ecuadorian Non-Linked Insurance Business - Direct Written Premium (US$ Million), 2010-2014
Figure 39: Ecuadorian Non-Linked Insurance Business - Direct Written Premium (US$ Million), 2014-2019
Figure 40: Ecuadorian Life Insurance - Number of Banking Entities, 2010-2014
Figure 41: Ecuadorian Life Insurance - Number of Banking Entities, 2014-2019
Figure 42: Ecuadorian Life Insurance - Number of Insurance Agents, 2010-2014
Figure 43: Ecuadorian Life Insurance - Number of Insurance Agents, 2014-2019
Figure 44: Ecuadorian Life Insurance - Segment Shares (%), 2014
Figure 45: Ecuador - Insurance Supervision and Control at Various Levels
Figure 46: Ecuador - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 47: Ecuador - Judiciary System

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