Synopsis
Timetrics 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 Timetrics 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 life insurance segment in Peru:
It provides historical values for the Peruvian life insurance segment for the reports 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.
Summary
Timetrics 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 segments 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
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 industrys future.
Key highlights
Life insurance is the largest segment in the Peruvian insurance industry, accounting for 48.0% of the industrys 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.
Table Of Contents
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 Rímac Seguros y Reaseguros - company overview
7.2.2 El Pacífico Vida Compañía de Seguros y Reaseguros - company overview
7.2.3 Interseguro Compañía 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 Perú Vida Compañía de Seguros - company overview
7.2.7 Ohio National Seguros de Vida SA - company overview
7.2.8 Compañía de Seguros de Vida Cámara SA - company overview
7.2.9 Protecta SA Compañía de Seguros - company overview
7.2.10 Rigel Perú SA Compañía 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 Asociación 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 Timetrics Services
9.4 Disclaimer
List Of Tables
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: Rímac Seguros y Reaseguros - Key Facts
Table 58: Rímac Seguros y Reaseguros - Key Financials (PEN Million), 2010-2014
Table 59: El Pacífico Vida Compañía de Seguros y Reaseguros - Key Facts
Table 60: El Pacífico Vida Compañía de Seguros y Reaseguros - Key Financials (PEN Million), 2010-2014
Table 61: Interseguro Compañía de Seguros SA - Key Facts
Table 62: Interseguro Compañía 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 Perú Vida Compañía de Seguros - Key Facts
Table 68: Mapfre Perú Vida Compañía 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: Compañía de Seguros de Vida Cámara SA - Key Facts
Table 72: Compañía de Seguros de Vida Cámara SA - Key Financials (PEN Million), 2010-2014
Table 73: Protecta SA Compañía de Seguros - Key Facts
Table 74: Protecta SA Compañía de Seguros - Key Financials (PEN Million), 2010-2014
Table 75: Rigel Perú SA Compañía de Seguros Vida - Key Facts
Table 76: Rigel Perú SA Compañía 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
List Of Figures
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
