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 Personal Accident Insurance
5.1.1 Premium
5.1.2 Claims
5.1.3 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Claims
5.2.3 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Agencies
6.2 Brokers
6.3 Direct Marketing
6.4 Bancassurance
6.5 E-commerce

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Seguros Horizonte SA - company overview
7.1.2 Seguros Caracas de Liberty Mutual - company overview
7.1.3 Mercantil Seguros CA - company overview
7.1.4 CNA de Seguros La Previsora - company overview
7.1.5 Seguros Qualitas CA - company overview

8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
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 Motor third-party liability insurance
8.4.2 Travel insurance
8.4.3 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 Superintendencia de la Actividad Aseguradora
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 Type 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 margin
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

9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Personal Accident Insurance
9.5 Health Insurance
9.6 Health Insurance by Product

10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables
Table 1: Venezuelan Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Venezuelan Personal Accident and Health Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Venezuelan Government Credit Ratings
Table 4: Venezuelan Personal Accident and Health Insurance - Gross Written Premium (VEF Billion and US$ Billion), 2011-2015
Table 5: Venezuelan Personal Accident and Health Insurance - Penetration (%), 2011-2015
Table 6: Venezuelan Personal Accident and Health Insurance - Gross Written Premium (VEF Billion and US$ Billion), 2015-2020
Table 7: Venezuelan Personal Accident and Health Insurance - Penetration (%), 2015-2020
Table 8: Venezuelan Personal Accident and Health Insurance - Premium per Capita (VEF and US$), 2011-2015
Table 9: Venezuelan Personal Accident and Health Insurance - Premium per Capita (VEF and US$), 2015-2020
Table 10: Venezuelan Personal Accident and Health Insurance - Paid Claims (VEF Billion and US$ Billion), 2011-2015
Table 11: Venezuelan Personal Accident and Health Insurance - Paid Claims (VEF Billion and US$ Million), 2015-2020
Table 12: Venezuelan Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 13: Venezuelan Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 14: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion and US$ Billion), 2011-2015
Table 15: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion and US$ Billion), 2015-2020
Table 16: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion and US$ Million), 2011-2015
Table 17: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion and US$ Million), 2015-2020
Table 18: Venezuelan Personal Accident and Health Insurance - Investment Portfolio (VEF Billion), 2011-2015
Table 19: Venezuelan Personal Accident and Health Insurance - Investment Portfolio (VEF Billion), 2015-2020
Table 20: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion),2011-2015
Table 21: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion), 2015-2020
Table 22: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion and US$ Million), 2011-2015
Table 23: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion and US$ Million), 2015-2020
Table 24: Venezuelan Personal Accident Insurance - Paid Claims (VEF Million and US$ Million), 2011-2015
Table 25: Venezuelan Personal Accident Insurance - Paid Claims (VEF Billion and US$ Million), 2015-2020
Table 26: Venezuelan Personal Accident Insurance - Loss Ratio (%), 2011-2015
Table 27: Venezuelan Personal Accident Insurance - Loss Ratio (%), 2015-2020
Table 28: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2011-2015
Table 29: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2015-2020
Table 30: Venezuelan Health Insurance - Paid Claims (VEF Billion and US$ Billion), 2011-2015
Table 31: Venezuelan Health Insurance - Paid Claims (VEF Billion and US$ Billion), 2015-2020
Table 32: Venezuelan Health Insurance - Loss Ratio (%), 2011-2015
Table 33: Venezuelan Health Insurance - Loss Ratio (%), 2015-2020
Table 34: Venezuelan Personal Accident and Health Insurance - Market Shares of Leading Insurers (%), 2015
Table 35: Seguros Horizonte SA - Key Facts
Table 36: Seguros Horizonte SA - Key Financials (VEF Billion), 2011-2015
Table 37: Seguros Caracas de Liberty Mutual - Key Facts
Table 38: Seguros Caracas de Liberty Mutual - Key Financials (US$ Billion), 2011-2015
Table 39: Mercantil Seguros CA - Key Facts
Table 40: Mercantil Seguros CA - Key Financials (VEF Billion), 2011-2015
Table 41: CNA de Seguros La Previsora - Key Facts
Table 42: CNA de Seguros La Previsora - Key Financials (VEF Billion), 2011-2015
Table 43: Seguros Qualitas CA - Key Facts
Table 44: Seguros Qualitas CA - Key Financials (US$ Billion), 2011-2015
Table 45: Venezuela - Insurance Regulatory Framework Key Features
Table 46: Venezuela - Life Insurance Regulatory Framework
Table 47: Venezuela - Property Insurance Regulatory Framework
Table 48: Venezuela- Motor Insurance Regulatory Framework
Table 49: Venezuela - Liability Insurance Regulatory Framework
Table 50: Venezuela - Corporate Tax Rates for the Financial Year 2017
Table 51: Venezuelan Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 52: Venezuelan Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 53: Venezuelan Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 54: Venezuelan Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 55: Venezuelan Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 56: Venezuelan Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 57: Venezuelan Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
Table 58: Venezuelan Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
Table 59: Venezuelan Personal Accident and Health Insurance - Health Insurance, 2011-2015
Table 60: Venezuelan Personal Accident and Health Insurance - Health Insurance, 2015-2020
Table 61: Venezuelan Personal Accident and Health Insurance - Health by Product, 2011-2015
Table 62: Venezuelan Personal Accident and Health Insurance - Health by Product, 2015-2020
Table 63: Insurance Industry Definitions

List of Figures
Figure 1: Venezuelan Real GDP (VEF Billion), 2011-2020
Figure 2: Venezuelan Inflation Rate (%), 2011-2015
Figure 3: Venezuelan Inflation Rate (%), 2015-2020
Figure 4: Venezuelan VEF-US$ Exchange Rate, 2011-2015
Figure 5: Venezuelan VEF-US$ Exchange Rate, 2015-2020
Figure 6: Venezuelan Current Account Balance (% of GDP), 2011-2015
Figure 7: Venezuelan Unemployment Rate, 2011-2020
Figure 8: Venezuelan Population by Age Group, 1991-2025
Figure 9: Venezuelan Personal Accident and Health Insurance Penetration - Regional Comparison (%), 2015
Figure 10: Venezuelan Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 11: Venezuelan Personal Accident and Health Insurance - Gross Written Premium (VEF Billion), 2011-2015
Figure 12: Venezuelan Personal Accident and Health Insurance - Gross Written Premium (VEF Billion), 2015-2020
Figure 13: Venezuelan Personal Accident and Health Insurance - Penetration (%), 2011-2020
Figure 14: Venezuelan Personal Accident and Health Insurance - Premium per Capita (VEF), 2011-2015
Figure 15: Venezuelan Personal Accident and Health Insurance - Premium per Capita (VEF), 2015-2020
Figure 16: Venezuelan Personal Accident and Health Insurance - Paid Claims (VEF Billion), 2011-2015
Figure 17: Venezuelan Personal Accident and Health Insurance - Paid Claims (VEF Billion), 2015-2020
Figure 18: Venezuelan Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2020
Figure 19: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion), 2011-2015
Figure 20: Venezuelan Personal Accident and Health Insurance - Total Assets (VEF Billion), 2015-2020
Figure 21: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion), 2011-2015
Figure 22: Venezuelan Personal Accident and Health Insurance - Total Investment Income (VEF Billion), 2015-2020
Figure 23: Venezuelan Personal Accident and Health Insurance - Investment Portfolio (VEF Billion), 2011-2015
Figure 24: Venezuelan Personal Accident and Health Insurance - Investment Portfolio (VEF Billion), 2011-2015
Figure 25: Venezuelan Personal Accident and Health Insurance - Investment Portfolio Dynamics by Category, 2015-2020
Figure 26: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion), 2011-2015
Figure 27: Venezuelan Personal Accident and Health Insurance - Direct Written Premium by Category (VEF Billion), 2015-2020
Figure 28: Venezuelan Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 29: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion), 2011-2020
Figure 30: Venezuelan Personal Accident Insurance - Direct Written Premium (VEF Billion), 2011-2020
Figure 31: Venezuelan Personal Accident Insurance - Paid Claims (VEF Billion), 2011-2015
Figure 32: Venezuelan Personal Accident Insurance - Paid Claims (VEF Billion), 2015-2020
Figure 33: Venezuelan Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011-2015
Figure 34: Venezuelan Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2015-2020
Figure 35: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2011-2015
Figure 36: Venezuelan Health Insurance - Direct Written Premium (VEF Billion), 2011-2015
Figure 37: Venezuelan Health Insurance - Paid Claims (VEF Billion), 2011-2020
Figure 38: Venezuelan Health Insurance - Paid Claims (VEF Billion), 2011-2020
Figure 39: Venezuelan Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011-2020
Figure 40: Venezuelan Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (VEF Billion and %), 2011-2020
Figure 41: Venezuelan Personal Accident and Health Insurance - Market Shares of Leading Insurers (%), 2015
Figure 42: Venezuela - Insurance Supervision and Control at Various Levels
Figure 43: Venezuela - Insurance Regulatory Frameworks for Company Registration and Operation

Companies Mentioned
Seguros Horizonte SA
Seguros Caracas de Liberty Mutual
Mercantil Seguros CA
CNA de Seguros La Previsora
Seguros Qualitas CA
CA de Seguros La Occidental
Mapfre La Seguridad, CA de Seguros
Pirámide CA Seguros
La Venezolana de Seguros y Vida CA
Seguros Constituci├│n CA