Non-Life Insurance in Peru, Key Trends and Opportunities to 2020

Non-Life Insurance in Peru, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Peru Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Peruvian non-life insurance segment, including:

The Peruvian non-life segment's detailed outlook by product category

A comprehensive overview of the Peruvian economy and demographics

A comparison of the Peruvian non-life insurance segment with its regional counterparts

The various distribution channels in the Peruvian non-life insurance segment

Detailed analysis of natural and man-made hazards and their impact on the Peruvian insurance industry

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

Details of regulatory policy applicable to the Peruvian insurance industry

Summary

Timetric's 'Non-Life Insurance in Peru Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Peruvian non-life insurance segment, and a comparison of the Peruvian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Peruvian economy and demographics, explains the various types of natural and man-made hazards and their impact on the Peruvian insurance industry, 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.

Scope

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

It provides historical values for the Peruvian non-life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key categories in the Peruvian non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Peruvian non-life insurance segment with its regional counterparts

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

It analyzes various natural and man-made hazards and their impact on the Peruvian insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

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

Assess the competitive dynamics in the non-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

The Peruvian non-life segment is concentrated, with the 10 leading insurers accounting for 99.7% of the segment's direct written premium in 2015.

Property insurance was the leading non-life insurance category during the review period.

The insurance penetration of the non-life segment was 0.82% in 2015.

SOAT, the obligatory automobile cover, is the main insurance product offered online.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct Marketing

6.1.4 Bancassurance

6.1.5 E-commerce

7 Natural Hazards

7.1 Flooding

7.2 Droughts

7.3 Earthquakes

7.4 Landslides

7.5 Volcanic activity

7.6 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Rimac Seguros y Reaseguros-company overview

8.1.2 El Pacifico Peruano Suiza Compania de Seguros y Reaseguros-company overview

8.1.3 Mapfre Peru Compania de Seguros y Reaseguros SA-company overview

8.1.4 La Positiva Seguros y Reaseguros-company overview

8.1.5 Ace Seguros SA-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Third-party liability insurance for vehicles carrying dangerous goods

9.4.2 Motor third-party liability insurance

9.4.3 Insurance for risky work

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

9.4.5 Aviation liability insurance

9.4.6 Professional indemnity insurance for insurance and reinsurance brokers, and loss adjusters

9.4.7 Liability insurance for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 Association of Insurance Supervisors Latin America

9.5.3 Superintendent of Bank and Insurance

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

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure 99

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Motor Insurance by Product

10.8 Liability Insurance

10.9 Marine, Aviation and Transit Insurance

11 Definition and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Peruvian Real GDP (PEN Billion), 2011-2020

Figure 2: Peruvian Consumer Price Inflation (%), 2011-2020

Figure 3: PEN-US$ Exchange Rate (PEN Billion), 2011-2020

Figure 4: Peruvian Current Account Balance (% of GDP), 2011-2020

Figure 5: Peruvian Unemployment Rate (%), 2011-2020

Figure 6: Peruvian Population by Age Group, 1991-2025

Figure 7: Peruvian Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Peruvian Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Peruvian Non-Life Insurance-Gross Written Premium (PEN Billion), 2011-2020

Figure 10: Peruvian Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Peruvian Non-Life Insurance-Premium per Capita (PEN), 2011-2020

Figure 12: Peruvian Non-Life Insurance-Paid Claims (PEN Billion), 2011-2020

Figure 13: Peruvian Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Peruvian Non-Life Insurance-Total Assets (PEN Billion), 2011-2020

Figure 15: Peruvian Non-Life Insurance-Total Investment Income (PEN Billion), 2011-2020

Figure 16: Peruvian Non-Life Insurance-Investment Portfolio (PEN Billion), 2011-2020

Figure 17: Peruvian Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Peruvian Non-Life Insurance-Direct Written Premium by Category (PEN Billion), 2011-2020

Figure 19: Peruvian Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Peruvian Property Insurance-Construction Value Output by Category (PEN Billion), 2011-2015

Figure 21: Peruvian Property Insurance-Direct Written Premium by Sub-Category (PEN Billion), 2011-2020

Figure 22: Peruvian Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 23: Peruvian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 24: Peruvian Property Insurance-Paid Claims (PEN Million), 2011-2020

Figure 25: Peruvian Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (PEN Billion and %), 2011-2020

Figure 26: Peruvian Motor Insurance-Direct Written Premium by Sub-Category (PEN Billion), 2011-2020

Figure 27: Peruvian Motor Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 28: Peruvian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2020

Figure 29: Peruvian Motor Insurance-Paid Claims (PEN Billion), 2011-2020

Figure 30: Peruvian Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (PEN Billion and %), 2011-2020

Figure 31: Peruvian Liability Insurance-Direct Written Premium (PEN Million), 2011-2020

Figure 32: Peruvian Liability Insurance-Paid Claims (PEN Million), 2011-2020

Figure 33: Peruvian Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (PEN Million and %), 2011-2020

Figure 34: Peruvian Marine, Aviation and Transit Insurance-Direct Written Premium (PEN Million), 2011-2020

Figure 35: Peruvian Marine, Aviation and Transit Insurance-Paid Claims (PEN Million), 2011-2020

Figure 36: Peruvian Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (PEN Million and %), 2011-2020

Figure 37: Peruvian-Frequency of Hazards by Type, 1990-2014

Figure 38: Peruvian Mortality by Hazards Type, 1990-2014

Figure 39: Peruvian Economic Loss by Hazards Type, 1990-2014

Figure 40: Peruvian Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 41: Peru-Insurance Supervision and Control at Various Levels

Figure 42: Peru-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Peruvian Non-Life Insurance-Key Facts, 2015

Table 2: Peruvian Non-Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Peru Government Credit Ratings

Table 4: Peruvian Non-Life Insurance-Gross Written Premium (PEN Billion and US$ Billion), 2011-2015

Table 5: Peruvian Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Peruvian Non-Life Insurance-Gross Written Premium (PEN Billion and US$ Billion), 2015-2020

Table 7: Peruvian Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Peruvian Non-Life Insurance-Premium per Capita (PEN and US$), 2011-2015

Table 9: Peruvian Non-Life Insurance-Premium per Capita (PEN and US$), 2015-2020

Table 10: Peruvian Non-Life Insurance-Paid Claims (PEN Billion and US$ Million), 2011-2015

Table 11: Peruvian Non-Life Insurance-Paid Claims (PEN Billion and US$ Million), 2015-2020

Table 12: Peruvian Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Peruvian Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Peruvian Non-Life Insurance-Total Assets (PEN Billion and US$ Billion), 2011-2015

Table 15: Peruvian Non-Life Insurance-Total Assets (PEN Billion and US$ Billion), 2015-2020

Table 16: Peruvian Non-Life Insurance-Total Investment Income (PEN Million and US$ Million), 2011-2015

Table 17: Peruvian Non-Life Insurance-Total Investment Income (PEN Billion and US$ Million), 2015-2020

Table 18: Peruvian Non-Life Insurance-Investment Portfolio (PEN Billion), 2011-2015

Table 19: Peruvian Non-Life Insurance-Investment Portfolio (PEN Billion), 2015-2020

Table 20: Peruvian Non-Life Insurance-Direct Written Premium by Category (PEN Billion), 2011-2015

Table 21: Peruvian Non-Life Insurance-Direct Written Premium by Category (PEN Billion), 2015-2020

Table 22: Peruvian Property Insurance-Direct Written Premium by Sub-Category (PEN Million), 2011-2015

Table 23: Peruvian Property Insurance-Direct Written Premium by Sub-Category (PEN Million), 2015-2020

Table 24: Peruvian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 25: Peruvian Property Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 26: Peruvian Property Insurance-Paid Claims (PEN Million and US$ Million), 2011-2015

Table 27: Peruvian Property Insurance-Paid Claims (PEN Million and US$ Million), 2015-2020

Table 28: Peruvian Property Insurance-Loss Ratio (%), 2011-2015

Table 29: Peruvian Property Insurance-Loss Ratio (%), 2015-2020

Table 30: Peruvian Motor Insurance-Direct Written Premium by Sub-Category (PEN Billion), 2011-2015

Table 31: Peruvian Motor Insurance-Direct Written Premium by Sub-Category (PEN Billion), 2015-2020

Table 32: Peruvian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2011-2015

Table 33: Peruvian Motor Insurance-Number of Policies Sold by Sub-Category (Thousand), 2015-2020

Table 34: Peruvian Motor Insurance-Paid Claims (PEN Million and US$ Million), 2011-2015

Table 35: Peruvian Motor Insurance-Paid Claims (PEN Billion and US$ Million), 2015-2020

Table 36: Peruvian Motor Insurance-Loss Ratio (%), 2011-2015

Table 37: Peruvian Motor Insurance-Loss Ratio (%), 2015-2020

Table 38: Peruvian Liability Insurance-Direct Written Premium by Sub-Category (PEN Million), 2011-2015

Table 39: Peruvian Liability Insurance-Direct Written Premium by Sub-Category (PEN Million), 2015-2020

Table 40: Peruvian Liability Insurance-Paid Claims (PEN Million and US$ Million), 2011-2015

Table 41: Peruvian Liability Insurance-Paid Claims (PEN Million and US$ Million), 2015-2020

Table 42: Peruvian Liability Insurance-Loss Ratio (%), 2011-2015

Table 43: Peruvian Liability Insurance-Loss Ratio (%), 2015-2020

Table 44: Peruvian Transport Network-Global Rankings

Table 45: Peruvian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (PEN Million), 2011-2015

Table 46: Peruvian Marine, Aviation and Transit Insurance-Direct Written Premium by Sub-Category (PEN Million), 2015-2020

Table 47: Peruvian Marine, Aviation and Transit Insurance-Paid Claims (PEN Million and US$ Million), 2011-2015

Table 48: Peruvian Marine, Aviation and Transit Insurance-Paid Claims (PEN Million and US$ Million), 2015-2020

Table 49: Peruvian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 50: Peruvian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 51: Peruvian Non-Life Segment-Market Shares of Leading Insurers (%), 2015

Table 52: Rimac Seguros y Reaseguros-Key Facts

Table 53: Rimac Seguros y Reaseguros-Key Financials (PEN Billion), 2011-2015

Table 54: El Pacifico Peruano Suiza Compania de Seguros y Reaseguros-Key Facts

Table 55: El Pacifico Peruano Suiza Compania de Seguros y Reaseguros-Key Financials (PEN Million), 2011-2015

Table 56: Mapfre Peru Compania de Seguros y Reaseguros SA-Key Facts

Table 57: Mapfre Peru Compania de Seguros y Reaseguros SA-Key Financials (PEN Million), 2011-2015

Table 58: La Positiva Seguros y Reaseguros-Key Facts

Table 59: La Positiva Seguros y Reaseguros-Key Financials (PEN Million), 2011-2015

Table 60: Ace Seguros SA-Key Facts

Table 61: Ace Seguros SA-Key Financials (PEN Million), 2011-2015

Table 62: Peru-Insurance Regulatory Framework Key Features

Table 63: Peru-Life Insurance Regulatory Framework

Table 64: Peru-Property Insurance Regulatory Framework

Table 65: Peru-Motor Insurance Regulatory Framework

Table 66: Peru-Liability Insurance Regulatory Framework

Table 67: Peru-Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 68: Peru-Maximum Cover for Professional Indemnity Insurance for Insurance Brokers

Table 69: Peru-Investment Limits by Types of Assets

Table 70: Peru-Corporate Tax Rates for the Financial Year 2016

Table 71: Peruvian Insurance Industry-Policies and Premium, 2011-2015

Table 72: Peruvian Insurance Industry-Policies and Premium, 2015-2020

Table 73: Peruvian Non-Life Insurance-Claims and Expenses, 2011-2015

Table 74: Peruvian Non-Life Insurance-Claims and Expenses, 2015-2020

Table 75: Peruvian Non-Life Insurance-Assets and Investments, 2011-2015

Table 76: Peruvian Non-Life Insurance-Assets and Investments, 2015-2020

Table 77: Peruvian Non-Life Insurance-Property Insurance, 2011-2015

Table 78: Peruvian Non-Life Insurance-Property Insurance, 2015-2020

Table 79: Peruvian Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 80: Peruvian Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 81: Peruvian Non-Life Insurance-Motor Insurance, 2011-2015

Table 82: Peruvian Non-Life Insurance-Motor Insurance, 2015-2020

Table 83: Peruvian Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 84: Peruvian Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 85: Peruvian Non-Life Insurance-Liability Insurance, 2011-2015

Table 86: Peruvian Non-Life Insurance-Liability Insurance, 2015-2020

Table 87: Peruvian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 88: Peruvian Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 89: Insurance Industry Definitions

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Rimac Seguros y Reaseguros, El Pacifico Peruano Suiza Compania de Seguros y Reaseguros, Mapfre Peru Compania de Seguros y Reaseguros SA, La Positiva Seguros y Reaseguros, Ace Seguros SA, BNP Paribas Cardif del Peru, Interseguro Compania de Seguros de Vida SA, El Pacifico Vida Compania de Seguros y Reaseguros SA, Insur SA Compania de Seguros, Secrex Compania de Seguros de Crdito y Garantias SA,

Non-life insurance, Economy and demographics, Motor insurance, Property insurance, Liability insurance, Marine insurance, Aviation insurance, Transit insurance , Distribution channels, Agencies, Insurance brokers, Direct marketing, Natural and man-made hazards, Leading companies, Legislation, Compulsory insurance, Supervision and control, Non-admitted insurance, Types of insurance organization

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