Venezuela Insurance Market Analysis and Growth Report, 2018
Venezuela Insurance Market Analysis and Growth Report, 2018

Report Summary:

researchFOLKS’ ’‘Venezuela Insurance Market Analysis” report offers a retrospective analysis of trends and events occurred in the industry in the recent few years with forward looking statements and also a comprehensive view on the impact of growing customer data volume and technology adoption in the industry. The report also provides accurately validated market statistics of both life and non-life segments along with the future projections till 2022. 

Technology, connectivity and internet usage has revolutionized the industry and offering huge growth opportunities for the insurers, which is encouraging them to pursue innovation with data and technology providers in order to improve their capabilities and product offerings. However, this has created evolving risks from cyber threats. In our report, we pinpoint how the insurers are responding to changing technology landscape and addressing cyber related issues in greater detail.

Our report also touches on various innovative distribution channels adopted by insurers, market growth drivers, emerging technologies in the market and industry benchmarking with other peer countries and their relative market positioning for both life and non-life business segments. In addition, the report also touches on regulatory framework, and broader implications of regulatory policy changes on insurance market.

Insurance Market in Venezuela - Highlights of the report:

Venezuela has one of the highest insurance penetration of Latin America regions dwarfing the penetration in Peru, Argentina, Chile and Colombia. Non-life insurance segment dominates the insurance industry of the country, followed by personal accident and health insurance segment, and then life insurance. However, personal accident and health insurance segment have rapid growth rate compared to other segments.

Superintendencia de la Actividad Aseguradora is the regulatory body that governs the insurance industry of the country. Venezuela allows composite insurance and 100% foreign direct investment in the insurance sector. Motor third-party liability, student personal accident, aviation third party liability and passenger insurance for land transit are some of the compulsory insurance coverages in the region.

The increase in vehicle prices promoting the motor insurance and rise in demand for private health insurance due to the weak public health system are the two main segments of the industry that contributed almost 80% of the total market share. Leading 10 insurance companies account for more than 70% of the market share in the concentrated insurance industry of Venezuela.

Recent technological innovations like the adoption of ISO's auto claims database for identification of fraudulent auto claims by the automobile companies of the country can augment the insurance industry. Other insurTech capabilities like blockchain, smart contracts and distributed ledger technology are also emerging slowly in the insurance markets of Venezuela.

List of Companies mentioned in the report:

    • Seguros Horizonte
    • Zurich Seguros
    • La Fe Previsora Compañia de Seguros
    • Banesco Seguros, Mercantil Seguros
    • Seguros Provincial
    • Mapfre La Seguridad
    • CA de Seguros
    • CNA de Seguros La Previsora
    • CA de Seguros La Occidental
    • Seguros Caracas de Liberty Mutual

Scope of the report:

    • The overview of insurance industry market and comprehensive analysis of the market drivers
    • It provides conventional and contemporary information about insurance market and predictions till 2022
    • It details the emerging technologies and various distribution channels adopted by insurers to improve the customer base and their economic, regional and business impact on the overall industry
    • Opportunities presented by Insurtech startups to the insurers, investment in Insurtech companies and key trends to watch in Insurtech market
    • Detailed information about existing market leaders, their strategies and government policies driving insurance market

Key Questions answered by the report:

    • What is the penetration rate of life and non-life insurance business segments; and the futuristic overview?
    • Who are the leading insurers in the market and what strategies they are adopting to maintain leadership positions?
    • What are the growth opportunities provided by the alternative distribution channels to the insurance market?
    • How are the emerging technologies and new product launches affecting the local insurers of the country?

Reasons to purchase this report:

    • Enhance the decision-making with the comprehensive information about trends, conventional statistics, and forecast for next five years
    • Understand the competitive landscape in the insurance industry and their marketing strategies
    • Unfold hidden growth opportunities with the use of data about emerging transitions in the market and customer transactional behaviors
    • Broaden the insight about regulatory policies and frameworks that impact insurance industry market
Table of Contents:

1. Definitions

2. Research Methodology

2.1 Research Process

2.1.1 Market Sizing

2.1.2 Competitor Analysis

2.1.3 Market Forecasting

2.1.4 Quality Control Process

3. Executive Summary

4. Industry Benchmarking with Peer Countries

5. Market Attractiveness

6. Regulatory Framework

7. SWOT Analysis

8. Porter’s Five Forces Analysis

9. InsurTech Landscape

10. Industry Enablers/Growth Drivers

11. Market analysis by business segment

12. Market Analysis by Distribution Channels

13. Key Industry Developments

14. Industry Outlook

15. Key Operators in the Market – Company Profiles

16. Appendix

16.1 Industry Stats


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