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Life Insurance in Venezuela, Key Trends and Opportunities to 2020

  • June 2017
  • 102 pages
  • Timetric
Report ID: 1054587

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Synopsis
Timetric’s ’Life Insurance in Venezuela, Key Trends and Opportunities to 2020’ report provides a detailed outlook by product category for the Venezuelan life insurance segment, and a comparison of the Venezuelan insurance industry with its regional counterparts.

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 (2011–2015) and forecast period (2015–2020).

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

Summary
Timetric’s ’Life Insurance in Venezuela, Key Trends and Opportunities to 2020’ report provides in-depth market analysis, information and insights into the Venezuelan life insurance segment, including:
- An overview of the Venezuelan life insurance segment
- The Venezuelan life insurance segment’s growth prospects by category
- A comprehensive overview of the Venezuelan economy and demographics
- A comparison of the Venezuelan life insurance segment with its regional counterparts
- The various distribution channels in the Venezuelan life insurance segment
- Details of the competitive landscape in the life insurance segment in Venezuela
- Details of regulatory policy applicable to the Venezuelan insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Venezuela:
- It provides historical values for the Venezuelan life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
- It offers a detailed analysis of the key categories in the Venezuelan life insurance segment, and market forecasts to 2020.
- It provides a comparison of the Venezuelan life insurance segment with its regional counterparts
- It analyzes the various distribution channels for life insurance products in Venezuela.
- It profiles the top 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 life insurance segment, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Venezuelan 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 Venezuelan insurance industry, and their impact on companies and the industry’s future.

Key Highlights
- According to amendments to the Insurance Activities Act 2010 in December 2015, two obligatory contributions – Social Development Tax and Investigation and Development Tax – were imposed on insurers.
- On December 30, 2015, the government amended the minimum capital requirements for insurance companies.
- The Superintendencia de la Actividad Aseguradora (Sudeaseg, the Superintendent of Insurance Activity) imposed the Seguros Solidarios insurance policy, effective from March 2013, which compelled insurers to provide funeral insurance for retirees, pensioners, the elderly, people with disabilities or physical or mental illnesses, and those whose monthly income is equivalent to VEF2,675 (US$97.7).
- The life segment’s insurance penetration was 0.067% in 2015.

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