Boston, MA -- (SBWIRE) -- 02/03/2014 -- The Ecuadorian insurance industry is one of the fastest-growing insurance industries in Latin America in terms of gross written premium. It held a market share of 0.9% of the Latin American total premium in 2012, growing from US$883.8 million in 2008 to US$1.5 billion in 2012, at a compound annual growth rate (CAGR) of 14.4% during the review period (2008-2012). Growth in the industry was due to the government's large-scale infrastructure development, economic recovery following the global financial crisis, regulatory changes and increased merger and acquisition activity. These factors are expected to remain buoyant and continue to support the industry over the forecast period (2012-2017) when it is projected to grow at a CAGR of 12.9%.
- The Ecuadorian insurance industry's written premium value grew from US$883.8 million in 2008 to US$1.5 billion in 2012, at a review-period CAGR of 14.4%
- Large public spending on infrastructure and social sector are fueling growth in the insurance industry.
- The Ecuadorian insurance industry faces consolidation.
- The Ecuadorian insurance industry's low penetration rate, measured at 1.8% in 2012, encourages global insurers to look for potential ventures in the country.
- The insurance industry in Ecuador is supervised and regulated by the Superintendency of Banks and Insurance (Superintendencia de Bancos y Seguros - SBS).
- The Ecuadorian insurance industry is fragmented and highly competitive. The 10 leading insurers accounted for 64.7% of the total net written premium in 2012.
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This report provides a comprehensive analysis of the insurance industry in Ecuador:
- It provides historical values for the Ecuadorian insurance industry 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 segments and categories in the Ecuadorian insurance industry, along with forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions .
- It profiles the top insurance companies in Ecuador, and outlines the key regulations affecting them.
Reasons to Get This Report
- Make strategic business decisions using in-depth historic and forecast industry data related in the Ecuadorian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities within the Ecuadorian insurance industry.
- Assess the competitive dynamics in the Ecuadorian insurance industry.
- Identify the growth opportunities and market dynamics within key segments.
- Gain insights into key regulations governing the Ecuadorian insurance industry and its impact on companies and the industry's future.
Companies Mentioned in this Report: Colonial, ACE Seguros SA, Seguros de Pichincha SA Cia Seg Reas, Equivida Compania de Seg y Reas, Seguros Equinoccial SA, AIG Metropolitana Cia de Seg y Reas, Seguros Sucre SA, Panamericana Ecuador SA Co, Latina Seguros y Reaseguros CA, Hispana de Seguros SA
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