Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Ecuador Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Ecuador includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Ecuador, as its name implies lies astride the equator, is a low-income developing country and one of the poorest in Latin America despite considerable oil reserves and other natural resources. Although Ecuador has a long recorded history of earthquakes and volcanic eruptions, damage from these events had not caused major losses for insurers until the earthquake of April 2016, discussed elsewhere in this report. The country is also exposed to flooding, including periodic impact from El Nino, but the outcome is usually economic and social distress rather than insurance losses.
From September 2015 supervision of the insurance sector passed formally from the Superintendency of Banks and Insurance (SBS) to the Superintendency of Companies, Securities and Insurance (Superintendencia de Companias, Valores y Seguros - SCVS). The regulator last published statistics for 30 companies writing non-life (including PAH).