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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Ecuadorian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Ecuador's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Ecuador non-life (P&C) market as well as trends by line of business. Axco analysts also report on Ecuador's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Ecuador's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Ecuador, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Ecuador, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Ecuador with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
In 2018 Ecuador ranked 57 worldwide for overall premiums and 51 for non-life business only - Peru was 49 and Costa Rica 59 amongst other Latin American countries. After three years of contracting premiums there was a return to limited (1.2%) growth in 2018 and of 4.3% in 2019; nevertheless, premiums in the latter year of USD 1.49bn were only 82.3% of those in 2014. These figures exclude personal accident and healthcare (PAH) premiums of USD 205.5mn in 2019.
Motor remained the largest class in 2019 with 34% of the non-life total ....
This is a brief extract of information; more updated information may be available in the latest published report