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Venezuela

Venezuela

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

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 Venezuela 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 Venezuela includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Venezuela can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP (USD)
Insurance Penetration (%)
GMT -4
Caracas
VEF
28.70 mn
1,363,127.93
4,072.54
477.82
0.28

Since the discovery of oil in the early 20th century, petroleum has contributed substantially to Venezuelan government revenue, accounting for over 96% of export revenue and approximately 25% of GDP. Venezuela's oil-fuelled boom, which was built on exports, has dissipated due to declining output, low investment, poor incentives for outside capital, and depressed commodity prices from mid-2014. The fall in revenue and subsequent interventions have precipitated multiple devaluations. The economy continues to face some of the highest rates of inflation in the world.

There has been a major contraction of market premiums in hard currency in the inflationary environment which spiralled into hyperinflation from 2017. Total market premium income for 2018 was VES 26.1bn, of which non-life premiums accounted for 59.4%. 

In 2019 there were 48 insurers licensed to operate, one of them under regulatory supervision. Most were composites registered for both general (non-life) and life classes, with four registered for non-life only and one for funeral insurances only. There were also 16 co-operatives, all dedicated mainly if not exclusively to motor business.

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