Boston, MA -- (SBWIRE) -- 01/03/2014 -- The life segment accounted for the lowest share of the Venezuelan insurance industry during the review period (2008-2012). It did, however, register significant growth, which indicates an increase in public awareness of the benefits of life insurance. Funeral insurance, which was made compulsory for retirees, pensioners, the disabled and low-income families, also contributed to the growth. The life segment posted a review-period CAGR of 26.6%. Regulatory changes and an increase in consumer confidence will support growth over the forecast period (2012-2017); the segment is expected post a forecast-period CAGR of 27.6%.

Key Highlights

- The life segment posted a review-period CAGR of 26.6%. Regulatory changes and an increase in consumer confidence will support growth over the forecast period (2012-2017)
- In the life segment, funeral insurance was made mandatory for retirees, pensioners, the disabled and low-income families
- Venezuela's young and rapidly growing population is expected to play a vital role in the growth of life insurance in the long term
- The Venezuelan life insurance segment is mainly supported by savings products. Insurers typically provide life insurance as an additional benefit to encourage the sale of other financial products
- In terms of new business written premium generated within the life segment, agencies accounted for 46.9% in 2012, followed by brokers with 32.7%

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Scope

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

- It provides historical values for Venezuelan life insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Venezuelan life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Venezuela
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Venezuela for the life insurance business
- It provides a detailed analysis of the reinsurance segment in Venezuela and its growth prospects
- It profiles the top life insurance companies in Venezuela and outlines the key regulations affecting them

Reasons to Get This Report

- 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 within the Venezuelan life insurance segment

Companies Mentioned in this Report: Seguros Horizonte CA, Seguros la Fe CA, Zurich Seguros SA, Banesco Seguros CA, Seguros Mercantil CA, Seguros Provincial CA, CNA de Seguros La Previsora, CA de Seguros La Occidental, Mapfre la Seguridad CA de Seguros, Seguros Caracas de Liberty Mutual CA

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