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Life Insurance in Peru, Key Trends and Opportunities to 2019

Life Insurance in Peru, Key Trends and Opportunities to 2019


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Executive Summary

Timetric's 'Life Insurance in Peru, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Peruvian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Peruvian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric's 'Life Insurance in Peru, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Peruvian life insurance segment, including:

The Peruvian life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Peruvian economy and demographics

The various distribution channels in the Peruvian life insurance segment

Details of the competitive landscape in the life insurance segment in Peru

Details of regulatory policy applicable to the Peruvian insurance industry

Scope

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

It provides historical values for the Peruvian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Peruvian life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for life insurance products in Peru.

It profiles the top life insurance companies in Peru and outlines the key regulations affecting them.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Peruvian life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Peruvian life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Peruvian insurance industry, and their impact on companies and the industry's future.

Key Highlights

Life insurance is the largest segment in the Peruvian insurance industry, accounting for 48.0% of the industry's gross written premium in 2014.

The pension and individual whole life categories accounted for 84.1% of the life gross written premium in 2014.

Peruvian law requires employers to pay life insurance premiums for employees who have worked with the same employer for more than four years.

Pension funds form the largest category in the Peruvian life segment, which is expected to drive growth in pension insurance over the forecast period.

As a result, the life gross written premium is expected to record a forecast-period CAGR of 17.6% to reach PEN11.2 billion (US$3.5 billion) in 2019.

1 Key Facts and Highlights

2 Executive Summary

3 Introduction

3.1 What is this Report About?

3.2 Definitions

3.3 Methodology

4 Economy and Demography

5 Life Insurance Outlook

5.1 Key Drivers

5.2 Key Trends

5.3 Challenges

5.4 Life Insurance Growth Prospects by Category

5.5 Individual Life Insurance

5.5.1 Individual whole life insurance

5.5.2 Individual pension insurance

5.5.3 Individual supplementary insurance

5.5.4 Other individual life insurance

5.6 Group Life Insurance

6 Analysis by Distribution Channel

7 Competitive Landscape and Strategic Insights

7.1 Overview

7.2 Leading Companies in the Peruvian Life Insurance Segment

7.2.1 Rimac Seguros y Reaseguros - company overview

7.2.2 El Pacifico Vida Compania de Seguros y Reaseguros - company overview

7.2.3 Interseguro Compania de Seguros SA - company overview

7.2.4 Seguros Sura SA - company overview

7.2.5 La Positiva Vida Seguros SA - company overview

7.2.6 Mapfre Peru Vida Compania de Seguros - company overview

7.2.7 Ohio National Seguros de Vida SA - company overview

7.2.8 Compania de Seguros de Vida Camara SA - company overview

7.2.9 Protecta SA Compania de Seguros - company overview

7.2.10 Rigel Peru SA Compania de Seguros Vida - company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulations

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Third-party liability insurance for vehicles carrying dangerous goods

8.4.2 Motor third-party liability insurance

8.4.3 Insurance for risky work

8.4.4 Group life insurance for all employees with more than four years service

8.4.5 Aviation liability

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 Superintendent of Bank and Insurance (SBS)

8.5.3 Peruvian Association of Insurance (LA Asociacin Peruana de Empresas de Seguros - Apeseg)

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Types of insurance organization

8.7.2 Establishing a domestic company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margins

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Appendix

9.1 Contact Timetric

9.2 About Timetric

9.3 Timetric's Services

9.4 Disclaimer

Figure 1: Peruvian Real GDP (PEN Billion), 2010-2019

Figure 2: PEN-US$ Exchange Rate, 2010-2019

Figure 3: Peruvian Consumer Price Inflation, 2010-2019

Figure 4: Peruvian Current Account Balance as Percentage of GDP (%), 2010-2019

Figure 5: Peruvian Unemployment Rate, 2010-2019

Figure 6: Peruvian Population by Age Group, 1990-2025

Figure 7: Peruvian Life Insurance - Gross Written Premium by Category (PEN Billion), 2010-2019

Figure 8: Peruvian Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 9: Peruvian Life Insurance - Gross Written Premium Dynamics by Segment (2010-2019)

Figure 10: Peruvian Life Insurance - Net Earned Premium (PEN Billion), 2010-2014

Figure 11: Peruvian Life Insurance - Net Earned Premium (PEN Billion), 2014-2019

Figure 12: Peruvian Life Insurance - Paid Claims (PEN Billion), 2010-2014

Figure 13: Peruvian Life Insurance - Paid Claims (PEN Billion), 2014-2019

Figure 14: Peruvian Life Insurance - Incurred Loss (PEN Billion), 2010-2014

Figure 15: Peruvian Life Insurance - Incurred Loss (PEN Billion), 2014-2019

Figure 16: Peruvian Life Insurance - Number of Policies per Capita, 2010-2014

Figure 17: Peruvian Life Insurance - Number of Policies per Capita, 2014-2019

Figure 18: Peruvian Life Insurance - Commissions and Expenses (PEN Million), 2010-2014

Figure 19: Peruvian Life Insurance - Commissions and Expenses (PEN Million), 2014-2019

Figure 20: Peruvian Life Insurance - Net Written Premium (% of GWP), 2010-2014

Figure 21: Peruvian Life Insurance - Net Written Premium (% of GWP), 2014-2019

Figure 22: Peruvian Life Insurance - Total Assets (PEN Billion), 2010-2014

Figure 23: Peruvian Life Insurance - Total Assets (PEN Billion), 2014-2019

Figure 24: Peruvian Life Insurance - Total Investment Income (PEN Million), 2010-2014

Figure 25: Peruvian Life Insurance - Total Investment Income (PEN Million), 2014-2019

Figure 26: Peruvian Life Insurance - Net Written Premium (PEN Billion), 2010-2014

Figure 27: Peruvian Life Insurance - Net Written Premium (PEN Billion), 2014-2019

Figure 28: Peruvian Life Insurance - Investment Portfolio (PEN Billion), 2010-2014

Figure 29: Peruvian Life Insurance - Investment Portfolio Shares (%), 2010 and 2014

Figure 30: Peruvian Life Insurance - Penetration (%), 2010-2014

Figure 31: Peruvian Life Insurance - Density (%), 2010-2014

Figure 32: Peruvian Life Insurance - Number of Active Policies (Million), 2010-2014

Figure 33: Peruvian Life Insurance - Number of Active Policies (Million), 2014-2019

Figure 34: Peruvian Life Insurance - Total Investments (PEN Billion), 2010-2014

Figure 35: Peruvian Individual Life Insurance - Gross Written Premium by Category (PEN Billion), 2010-2019

Figure 36: Peruvian Individual Life Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 37: Peruvian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019

Figure 38: Peruvian Individual Life Insurance - Direct Written Premium by Category (PEN Billion), 2010-2019

Figure 39: Peruvian Individual Life Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 40: Peruvian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019

Figure 41: Peruvian Individual Life Insurance - Policies by Category (Million), 2010-2019

Figure 42: Peruvian Individual Life Insurance - Policies by Category (Percentage Share), 2014 and 2019

Figure 43: Peruvian Individual Life Insurance - Policies Dynamics by Category, 2010-2019

Figure 44: Peruvian Individual Whole Life Insurance - Number of Active Policies (Million), 2010-2014

Figure 45: Peruvian Individual Whole Life Insurance - Number of Active Policies (Million), 2014-2019

Figure 46: Peruvian Individual Whole Life Insurance - Direct Written Premium (PEN Billion), 2010-2014

Figure 47: Peruvian Individual Whole Life Insurance - Direct Written Premium (PEN Billion), 2014-2019

Figure 48: Peruvian Individual Pension Insurance - Number of Active Policies (Million), 2010-2014

Figure 49: Peruvian Individual Pension Insurance - Number of Active Policies (Million), 2014-2019

Figure 50: Peruvian Individual Pension Insurance - Direct Written Premium (PEN Billion), 2010-2014

Figure 51: Peruvian Individual Pension Insurance - Direct Written Premium (PEN Billion), 2014-2019

Figure 52: Peruvian Individual Supplementary Insurance - Number of Active Policies (Million), 2010-2014

Figure 53: Peruvian Individual Supplementary Insurance - Number of Active Policies (Million), 2014-2019

Figure 54: Peruvian Individual Supplementary Insurance - Direct Written Premium (PEN Million), 2010-2014

Figure 55: Peruvian Individual Supplementary Insurance - Direct Written Premium (PEN Million), 2014-2019

Figure 56: Peruvian Other Individual Life Insurance - Number of Active Policies (Million), 2010-2014

Figure 57: Peruvian Other Individual Life Insurance - Number of Active Policies (Million), 2014-2019

Figure 58: Peruvian Other Individual Life Insurance - Direct Written Premium (PEN Million), 2010-2014

Figure 59: Peruvian Other Individual Life Insurance - Direct Written Premium (PEN Million), 2014-2019

Figure 60: Peruvian Group Whole Life Insurance - Number of Active Policies (Million), 2010-2014

Figure 61: Peruvian Group Whole Life Insurance - Number of Active Policies (Million), 2014-2019

Figure 62: Peruvian Group Whole Life Insurance - Direct Written Premium (PEN Million), 2010-2014

Figure 63: Peruvian Group Whole Life Insurance - Direct Written Premium (PEN Million), 2014-2019

Figure 64: Peruvian Life Insurance Segment Shares (%), 2014

Figure 65: Peru - Insurance Supervision and Control at Various Levels

Figure 66: Peru - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Peruvian Life Insurance - Key Facts, 2014

Table 2: Insurance Industry Definitions

Table 3: Peruvian Government Credit Ratings

Table 4: Peruvian Life Insurance - Gross Written Premium by Category (PEN Million), 2010-2014

Table 5: Peruvian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014

Table 6: Peruvian Life Insurance - Gross Written Premium by Category (PEN Million), 2014-2019

Table 7: Peruvian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019

Table 8: Peruvian Life Insurance - Net Earned Premium (PEN Billion), 2010-2014

Table 9: Peruvian Life Insurance - Net Earned Premium (PEN Billion), 2014-2019

Table 10: Peruvian Life Insurance - Paid Claims (PEN Billion), 2010-2014

Table 11: Peruvian Life Insurance - Paid Claims (PEN Billion), 2014-2019

Table 12: Peruvian Life Insurance - Incurred Loss (PEN Billion), 2010-2014

Table 13: Peruvian Life Insurance - Incurred Loss (PEN Billion), 2014-2019

Table 14: Peruvian Life Insurance - Number of Policies per Capita, 2010-2014

Table 15: Peruvian Life Insurance - Number of Policies per Capita, 2014-2019

Table 16: Peruvian Life Insurance - Commissions and Expenses (PEN Million), 2010-2014

Table 17: Peruvian Life Insurance - Commissions and Expenses (PEN Million), 2014-2019

Table 18: Peruvian Life Insurance - Net Written Premium (% of GWP), 2010-2014

Table 19: Peruvian Life Insurance - Net Written Premium (% of GWP), 2014-2019

Table 20: Peruvian Life Insurance - Total Assets (PEN Billion), 2010-2014

Table 21: Peruvian Life Insurance - Total Assets (PEN Billion), 2014-2019

Table 22: Peruvian Life Insurance - Total Investment Income (PEN Million), 2010-2014

Table 23: Peruvian Life Insurance - Total Investment Income (PEN Million), 2014-2019

Table 24: Peruvian Life Insurance - Net Written Premium (PEN Billion), 2010-2014

Table 25: Peruvian Life Insurance - Net Written Premium (PEN Billion), 2014-2019

Table 26: Peruvian Individual Life Insurance - Gross Written Premium by Category (PEN Million), 2010-2014

Table 27: Peruvian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014

Table 28: Peruvian Individual Life Insurance - Gross Written Premium by Category (PEN Million), 2014-2019

Table 29: Peruvian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019

Table 30: Peruvian Individual Life Insurance - Direct Written Premium by Category (PEN Million), 2010-2014

Table 31: Peruvian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014

Table 32: Peruvian Individual Life Insurance - Direct Written Premium by Category (PEN Million), 2014-2019

Table 33: Peruvian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019

Table 34: Peruvian Individual Life Insurance - Policies by Category (Million), 2010-2014

Table 35: Peruvian Individual Life Insurance - Policies by Category (Million), 2014-2019

Table 36: Peruvian Individual Whole Life Insurance - Number of Active Policies (Million), 2010-2014

Table 37: Peruvian Individual Whole Life Insurance - Number of Active Policies (Million), 2014-2019

Table 38: Peruvian Individual Whole Life Insurance - Direct Written Premium (PEN Billion), 2010-2014

Table 39: Peruvian Individual Whole Life Insurance - Direct Written Premium (PEN Billion), 2014-2019

Table 40: Peruvian Individual Pension Insurance - Number of Active Policies (Million), 2010-2014

Table 41: Peruvian Individual Pension Insurance - Number of Active Policies (Million), 2014-2019

Table 42: Peruvian Individual Pension Insurance - Direct Written Premium (PEN Billion), 2010-2014

Table 43: Peruvian Individual Pension Insurance - Direct Written Premium (PEN Billion), 2014-2019

Table 44: Peruvian Individual Supplementary Insurance - Number of Active Policies (Million), 2010-2014

Table 45: Peruvian Individual Supplementary Insurance - Number of Active Policies (Million), 2014-2019

Table 46: Peruvian Individual Supplementary Insurance - Direct Written Premium (PEN Million), 2010-2014

Table 47: Peruvian Individual Supplementary Insurance - Direct Written Premium (PEN Million), 2014-2019

Table 48: Peruvian Other Individual Life Insurance - Number of Active Policies (Million), 2010-2014

Table 49: Peruvian Other Individual Life Insurance - Number of Active Policies (Million), 2014-2019

Table 50: Peruvian Other Individual Life Insurance - Direct Written Premium (PEN Million), 2010-2014

Table 51: Peruvian Other Individual Life Insurance - Direct Written Premium (PEN Million), 2014-2019

Table 52: Peruvian Group Whole Life Insurance - Number of Active Policies (Million), 2010-2014

Table 53: Peruvian Group Whole Life Insurance - Number of Active Policies (Million), 2014-2019

Table 54: Peruvian Group Whole Life Insurance - Direct Written Premium (PEN Million), 2010-2014

Table 55: Peruvian Group Whole Life Insurance - Direct Written Premium (PEN Million), 2014-2019

Table 56: Peruvian Life Insurance Segment Shares (%), 2014

Table 57: Rimac Seguros y Reaseguros - Key Facts

Table 58: Rimac Seguros y Reaseguros - Key Financials (PEN Million), 2010-2014

Table 59: El Pacifico Vida Compania de Seguros y Reaseguros - Key Facts

Table 60: El Pacifico Vida Compania de Seguros y Reaseguros - Key Financials (PEN Million), 2010-2014

Table 61: Interseguro Compania de Seguros SA - Key Facts

Table 62: Interseguro Compania de Seguros SA - Key Financials (PEN Million), 2010-2014

Table 63: Seguros Sura SA - Key Facts

Table 64: Seguros Sura SA - Key Financials (PEN Million), 2010-2014

Table 65: La Positiva Vida Seguros SA - Key Facts

Table 66: La Positiva Vida Seguros SA - Key Financials (PEN Million), 2010-2014

Table 67: Mapfre Peru Vida Compania de Seguros - Key Facts

Table 68: Mapfre Peru Vida Compania de Seguros - Key Financials (PEN Million), 2010-2014

Table 69: Ohio National Seguros de Vida SA - Key Facts

Table 70: Ohio National Seguros de Vida SA - Key Financials (PEN Million), 2010-2014

Table 71: Compania de Seguros de Vida Camara SA - Key Facts

Table 72: Compania de Seguros de Vida Camara SA - Key Financials (PEN Million), 2010-2014

Table 73: Protecta SA Compania de Seguros - Key Facts

Table 74: Protecta SA Compania de Seguros - Key Financials (PEN Million), 2010-2014

Table 75: Rigel Peru SA Compania de Seguros Vida - Key Facts

Table 76: Rigel Peru SA Compania de Seguros Vida - Key Financials (PEN Million), 2013-2014

Table 77: Peru - Insurance Regulatory Framework Key Features

Table 78: Peru - Life Insurance Regulatory Framework

Table 79: Peru - Property Insurance Regulatory Framework

Table 80: Peru - Motor Insurance Regulatory Framework

Table 81: Peru - Liability Insurance Regulatory Framework

Table 82: Peru - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 83: Peru - Corporate Tax Rates for the Financial Year 2015

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Rimac Seguros y Reaseguros

El Pacifico Vida Compania de Seguros y Reaseguros

Interseguro Compania de Seguros SA

Seguros Sura SA

La Positiva Vida Seguros SA

MAPFRE Peru Vida Compania de Seguros y Reaseguros SA

Ohio National Seguros de Vida SA

Compania de Seguros de Vida Camara SA

Protecta SA Compania de Seguros

Rigel Peru SA Compania de Seguros Vida

Life insurance

Economy and Demographics

Individual whole life insurance

Group life insurance

Linked insurance business

Non-linked insurance business

Distribution channels

Bancassurance

Brokers

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization


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