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Synopsis
Timetric’s 'Non-Life Insurance in Ecuador, Key Trends and Opportunities to 2019' report provides detailed outlook by product category in the Ecuadorian non-life insurance segment and a comparison of the Ecuadorian 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 Ecuadorian economy and demographics, explains the various types of natural hazard and their impact on the Ecuadorian 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 regulatory structure.

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

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

- A comprehensive overview of the Ecuadorian economy and demographics

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

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

- 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 non-life insurance segment in Ecuador:

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

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

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

Key Highlights
- The non-life gross written premium rose from US$983.6 million in 2010 to US$1.8 billion in 2014, at a review-period CAGR of 16.5%.

- The growth was primarily backed by the expansion of property insurance which grew at a review-period CAGR of 20.8%.

- Motor insurance, with a total gross written premium of US$637.9 million that year, was the second-largest category, accounting for 35.2% of the segment’s gross written premium.

- In 2014, the non-life penetration in Ecuador stood at 1.7%.

- Multimedia and cyber-liability insurance have become a new way to secure products and services for information technology companies.

- The Ecuadorian non-life insurance segment is concentrated, with the top 10 companies accounting for 74.5% of the gross written premium in 2014.

Table Of Contents

Non-Life Insurance in Ecuador, 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
7 Natural Hazards
7.1 Flood and Landslide
7.2 Earthquake
7.3 Volcanic Activity
7.4 Tsunami
7.5 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Seguros Sucre SA
8.3.2 Seguros Equinoccial
8.3.3 QBE Seguros Colonial SA
8.3.4 ACE Seguros SA
8.3.5 Mapfre Atlas Compania de Seguros SA
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 Traffic accident insurance (SOAT)
9.4.2 General insurance under the Social Security Act
9.4.3 Aviation insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 Association of Insurance Supervisors Latin America
9.5.3 Superintendency of Banks and Insurance
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 (ADR)
10 Databook
10.1 Policies and Premium
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: Ecuadorian Non-Life Insurance - Key Facts, 2014
Table 2: Ecuadorian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Ecuadorian Government Credit Ratings
Table 4: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 5: Ecuadorian Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 7: Ecuadorian Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2010-2014
Table 9: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2014-2019
Table 10: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 11: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019
Table 12: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 13: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 14: Ecuadorian Non-Life Insurance - Total Assets (US$ Million), 2010-2014
Table 15: Ecuadorian Non-Life Insurance - Total Assets (US$ Million), 2014-2019
Table 16: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2010-2014
Table 17: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2014-2019
Table 18: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2010-2014
Table 19: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2014-2019
Table 20: Ecuadorian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 21: Ecuadorian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 22: Ecuadorian Property Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 23: Ecuadorian Property Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 24: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2010-2014
Table 25: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2014-2019
Table 26: Ecuadorian Property Insurance - Loss Ratio (%), 2010-2014
Table 27: Ecuadorian Property Insurance - Loss Ratio (%), 2014-2019
Table 28: Ecuadorian Motor Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 29: Ecuadorian Motor Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 30: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2010-2014
Table 31: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2014-2019
Table 32: Ecuadorian Motor Insurance - Loss Ratio (%), 2010-2014
Table 33: Ecuadorian Motor Insurance - Loss Ratio (%), 2014-2019
Table 34: Ecuadorian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 35: Ecuadorian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 36: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2010-2014
Table 37: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2014-2019
Table 38: Ecuadorian Liability Insurance - Loss Ratio (%), 2010-2014
Table 39: Ecuadorian Liability Insurance - Loss Ratio (%), 2014-2019
Table 40: Ecuadorian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 41: Ecuadorian Marine, Aviation and Transit Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 42: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2010-2014
Table 43: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2014-2019
Table 44: Ecuadorian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 45: Ecuadorian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 46: Ecuadorian Average Annual Loss by Hazard (US$ Million), 1990-2014
Table 47: Ecuadorian Non-Life Insurance - Segment Shares (%), 2014
Table 48: Seguros Sucre SA - Key Facts
Table 49: Seguros Sucre SA - Key Financials (US$ Million), 2010-2014
Table 50: Seguros Equinoccial - Key Facts
Table 51: Seguros Equinoccial - Key Financials (US$ Million), 2010-2014
Table 52: QBE Seguros Colonial SA - Key Facts
Table 53: QBE Seguros Colonial SA - Key Financials (US$ Million), 2010-2014
Table 54: ACE Seguros SA - Key Facts
Table 55: ACE Seguros SA - Key Financials (US$ Million), 2010-2014
Table 56: Mapfre Atlas Compania de Seguros SA - Key Facts
Table 57: Mapfre Atlas Compania de Seguros SA - Key Financials (US$ Million), 2010-2014
Table 58: Ecuador - Insurance Regulatory Framework Key Features
Table 59: Ecuador - Life Insurance Regulatory Framework
Table 60: Ecuador - Property Insurance Regulatory Framework
Table 61: Ecuador - Motor Insurance Regulatory Framework
Table 62: Ecuador - Liability Insurance Regulatory Framework
Table 63: Ecuador - Compensation Provided by the Insurer in the Event of Accident
Table 64: Ecuador - List of Companies Authorized to Offer SOAT
Table 65: Ecuador - Aviation Insurance Cover
Table 66: Ecuador - Ratings Required for Registration of Reinsurance Business
Table 67: Ecuador - Taxes and Charges Levied on Insurance Premiums
Table 68: Ecuador - Issuing Fees Charged to the Insured by Insurer Based on Value of Premiums
Table 69: Ecuador - Corporate Tax Rates in Ecuador for the Financial Year 2015
Table 70: Ecuadorian Insurance Industry - Policies and Premium, 2010-2014
Table 71: Ecuadorian Insurance Industry - Policies and Premium, 2014-2019
Table 72: Ecuadorian Non-Life Insurance - Policies and Premium, 2010-2014
Table 73: Ecuadorian Non-Life Insurance - Policies and Premium, 2014-2019
Table 74: Ecuadorian Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 75: Ecuadorian Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 76: Ecuadorian Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 77: Ecuadorian Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 78: Ecuadorian Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 79: Ecuadorian Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 80: Ecuadorian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 81: Ecuadorian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 82: Ecuadorian Non-Life Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 83: Ecuadorian Non-Life Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 84: Ecuadorian Non-Life Insurance - Direct Written Premium by Sub-Category (US$ Million), 2010-2014
Table 85: Ecuadorian Non-Life Insurance - Direct Written Premium by Sub-Category (US$ Million), 2014-2019
Table 86: Ecuadorian Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 87: Ecuadorian Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 88: Insurance Industry Definitions

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: Ecuadorian Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 7: Ecuadorian Insurance Segment Direct Written Premium Share - Regional Comparison (%), 2014
Figure 8: Ecuadorian Non-Life Insurance - Gross Written Premium (US$ Million), 2010-2019
Figure 9: Ecuadorian Non-Life Insurance - Penetration (%), 2010-2019
Figure 10: Ecuadorian Non-Life Insurance - Premium per Capita (US$), 2010-2019
Figure 11: Ecuadorian Non-Life Insurance - Paid Claims (US$ Million), 2010-2019
Figure 12: Ecuadorian Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 13: Ecuadorian Non-Life Insurance - Total Assets (US$ Million), 2010-2019
Figure 14: Ecuadorian Non-Life Insurance - Total Investment Income (US$ Million), 2010-2019
Figure 15: Ecuadorian Non-Life Insurance - Investment Portfolio (US$ Million), 2010-2019
Figure 16: Ecuadorian Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 17: Ecuadorian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2019
Figure 18: Ecuadorian Non-Life Insurance - Gross Written Premium Dynamics by Category 2010-2019
Figure 19: Ecuadorian Property Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2019
Figure 20: Ecuadorian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 21: Ecuadorian Property Insurance - Paid Claims (US$ Million), 2010-2019
Figure 22: Ecuadorian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ and %), 2010-2019
Figure 23: Ecuadorian Total Vehicles Sold (Thousand), 2000-2014
Figure 24: Ecuadorian Motor Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2019
Figure 25: Ecuadorian Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 26: Ecuadorian Motor Insurance - Paid Claims (US$ Million), 2010-2019
Figure 27: Ecuadorian Motor Insurance- Earned Premium, Incurred Loss and Loss Ratio (US$ and %), 2010-2019
Figure 28: Ecuadorian Liability Insurance - Gross Written Premium (US$ Million), 2010-2019
Figure 29: Ecuadorian Liability Insurance - Paid Claims (US$ Million), 2010-2019
Figure 30: Ecuadorian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ and %), 2010-2019
Figure 31: Ecuadorian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2019
Figure 32: Ecuadorian Marine, Aviation and Transit Insurance - Paid Claims (US$ Million), 2010-2019
Figure 33: Ecuadorian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (US$ Million and %), 2010-2019
Figure 34: Ecuadorian - Frequency and Combined Economic Losses of Natural Disasters by Type, 1990-2014
Figure 35: Ecuadorian Non-Life Insurance - Segment Shares (%), 2014
Figure 36: Ecuadorian Non-Life Insurance - Gross Written Premium Growth of Top Insurers Relative to Overall Segment Overall (%), 2010-2014
Figure 37: Ecuador - Insurance Supervision and Control at Various Levels
Figure 38: Ecuador - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 39: Ecuador - Judiciary System

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