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Latin American Insurance Industry

Product Type: Market Research Report
Published by: Global Industry Analysts
Published: March 2008
Product Code: R263-3389
Description
The Latin American Insurance Industry Report provides insightful analysis, market overview, industry structure and outlook of life insurance, non-life insurance and reinsurance industries in Argentina, Brazil, Chile, Mexico and other emerging insurance markets of the region. Richly laden with quantitative analysis, the report also provides the reader with an exhaustive statistical preface to the industry in the region. Get to know about various types of life and non-life insurance products in the regional markets, backed by statistical inference of key players in these markets. The closely summarized market report is designed to offer a broad, macro level picture of the trends, challenges, market structure/basics, recent mergers & acquisitions, and strategic corporate developments witnessed by the industry in Latin America. The report also peeps into the recent past/ historical perspective of the region’s insurance markets and corporate developments within the industry. A regional level discussion also looks into the leading companies’ footing in these markets along with their annual written premiums and/ or market shares. The report discusses several key and niche players within the region.

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Table of Contents
1. Market Overview


Table 1: Latin American Recent Past, Current & Future Analysis


for Insurance Industry by Region - Argentina, Brazil, Chile,


Mexico and Rest of Latin America Markets Independently Analyzed


with Annual Premium Income in US$ Billion for the Years 2005


through 2010 (includes corresponding Graph/Chart)






Table 2: Latin American 6-Year Perspective for Insurance


Industry by Region - Percentage Breakdown of Premium Income for


Argentina, Brazil, Chile, Mexico and Rest of Latin America


Markets for 2005, 2008, and 2010 (includes corresponding


Graph/Chart)






Table 3: Latin American Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010 (includes corresponding


Graph/Chart)






Table 4: Latin American 6-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2008, and 2010


(includes corresponding Graph/Chart)






Table 5: Latin American Recent Past, Current & Future Analysis


for Life Insurance Industry by Region - Argentina, Brazil,


Chile, Mexico and Rest of Latin America Markets Independently


Analyzed with Annual Premium Income in US$ Billion for the


Years 2005 through 2010 (includes corresponding Graph/Chart)






Table 6: Latin American Recent Past, Current & Future Analysis


for Non-Life Insurance Industry by Region - Argentina, Brazil,


Chile, Mexico and Rest of Latin America Markets Independently


Analyzed with Annual Premium Income in US$ Billion for the


Years 2005 through 2010 (includes corresponding Graph/Chart)






Table 7: Latin American 6-Year Perspective for Life Insurance


Industry by Region - Percentage Breakdown of Premium Income for


Argentina, Brazil, Chile, Mexico and Rest of Latin America


Markets for 2005, 2008, and 2010 (includes corresponding


Graph/Chart)






Table 8: Latin American 6-Year Perspective for Non-Life


Insurance Industry by Region - Percentage Breakdown of Premium


Income for Argentina, Brazil, Chile, Mexico and Rest of Latin


America Markets for 2005, 2008, and 2010 (includes


corresponding Graph/Chart)






Table 9: Insurance Industry in Latin America (2006): Total


Premiums Per Capita in US$ Ranked by Country - Bahamas,


Trinidad and Tobago, Chile, Jamaica and Venezuela






Table 10: Insurance Industry in Latin America (2006): Total


Premiums as a Percentage of GDP by Leading Country - Bahamas,


Trinidad and Tobago, Jamaica, Chile and Brazil (includes


corresponding Graph/Chart)


Consolidation and Globalization Have a Positive Impact


Potential Growth Markets in the Region


Private Pension and Life Insurance - In the Growth Mode


Reinsurance Picks Up Momentum


The Foreign Dominion

The Changing Face of Reinsurance


Promotion of Intra-Regional Trading


Infrastructure Development Attracts Foreign Investment


Outlook


2. A Recent Past Perspective

Table 11: Insurance Industry in Latin America (2000): Annual


Insurance Premium in US$ Billion by Country for Brazil,


Mexico, Argentina, Chile, Colombia, and Others (includes


corresponding Graph/Chart)






Table 12: Insurance Industry in Latin America (2000): Major


Countries by Written Premium in US$ Billion (includes


corresponding Graph/Chart)






Table 13: Insurance Industry in Latin America (2000): Major


Countries for Life Insurance by Written Premium in US$ Billion






Table 14: Insurance Industry in Latin America (2000): Major


Countries for Non-Life Insurance by Written Premium in US$


Billion (includes corresponding Graph/Chart)






Table 15: Insurance Industry in Latin America (1999 & 2000):


Leading Insurers Ranked by Net Written Premium in US$ Million


(includes corresponding Graph/Chart)


ARGENTINEAN INSURANCE INDUSTRY


1. Market Overview

Sector Representation & Market Size


Table 16: Argentine Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010 (includes


corresponding Graph/Chart)






Table 17: Argentine 5-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2006, 2008, and 2010 (includes


corresponding Graph/Chart)






Table 18: Argentinean Insurance Industry (2006): Per Capita


Premium in US$, and Penetration of Insurance by Category -


Life and Non-Life


Facts & Stats


Geographic Characteristics


2. Insurance Industry Structure

Regulatory Overview


Taxation


Premium Payment


Internationalization of the Market


Liberalization of Argentina

Foreign Participation - Positive for the Market


Insurance in the Country’s GDP

Reinsurance in Argentina


Relevance of Insurance-Related Education in Argentina.


Insurance Industry - Future Prospects


3. Life Insurance Sector

Table 19: Argentinean Life Insurance Market by Segment (In %)


(includes corresponding Graph/Chart)


Collapse and Reconstruction of the Life Business


Group Life: Victor of Difficult Times


Pensions System Benefits from Privatization


Private Funds Help Raise Memberships


Market Leaders

Table 20: Argentinean Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for


Origenes Retiro, Consolidar Retiro, Caja Seguros Vida, HSBC


NY Life Retiro, Siembra Retiro, Zurich Life, Nacion Retiro,


HSBC NY Life Vida, Siembra Vida, and Internacional Vida


(includes corresponding Graph/Chart)






Table 21: Top-Five Players in the Life Insurance Industry of


Argentina (2002) - Gross Written Premium in US$ Million by


Companies for Caja Seguros Vida, HSBC- NYL Retiro, HSBC-NYL


Vida, ALICO, and Internacional Vida (includes corresponding


Graph/Chart)


4. Non-Life Insurance Sector

Table 22: Argentinean General & Property Insurance Market


(2006): Percentage Breakdown of Premiums by Segments -


Vehicle, Fire, Transport, Theft & Similar Threats, Hale, Work


Related Risk, and Others (includes corresponding Graph/Chart)






Table 23: Argentinean Personal Insurance Market (2006):


Percentage Breakdown of Premiums by Category - Life, Accident,


Supplemental Retirement, Pension and Work Compensation


(includes corresponding Graph/Chart)


Compulsory Insurance


Brokers & Agents


Various Insurance Covers


Workers Compensation and Employers’ Liability


Key Benefits of Workers’ Compensation Law


Workers’ Compensation - On Road to Profitability


Property Damage


Civil Liability


Engineering/Construction


Automobile


Special Classes


Market Leaders


Table 24: Argentinean Non-Life Insurance Industry (2003):


Gross Written Premium in US$ Million by Leading Companies


for HSBC Buenos Aires, Federacion Patronal, Caja Seguros,


Meridional, Mapfre Argentina, Provincia, Zurich Argentina,


San Cristobal, Segunda C.S.L., and Sancor (includes


corresponding Graph/Chart)






Table 25: Top-Five Players in the Non-Life Insurance


Industry of Argentina (2002) - Gross Written Premiums in US$


Million for Caja Seguros, Provincia, Federacion Patronal,


HSBC-Buenos Aires, and Meridional (includes corresponding


Graph/Chart)


5. A Recent Past Perspective of Argentinean Insurance Industry

Table 26: Argentinean Insurance Industry (1999 & 2000): Leading


Insurers’ Gross Premiums Written in US$ Million and Market


Share in % (includes corresponding Graph/Chart)


A Backgrounder


Traditional Insurance Products Available During Mid-90s


Provisional Life: Non-Traditional Insurance Product


A Review of Major Amendments to Law


The Workers’ Compensation Law of 1995


Other Developments


6. Recent Industry Activity

AR Growth to Acquire Stake in Probenefit


ING to Acquire Origenes AFJP and Origenes Seguros de Retiro


7. Strategic Corporate Development in Recent Past

Grupo Financiero Galicia Acquires Stake in Sudamericana Holding


BRAZILIAN INSURANCE INDUSTRY


1. Industry Overview

Table 27: Brazilian Recent Past, Current & Future Analysis for


Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010






Table 28: Brazilian 5-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2006, 2008, and 2010






Table 29: Brazilian Insurance Industry (2006): Per Capita


Premium in US$, and Penetration of Insurance by Category -


Life and Non-Life


The Brazilian Insurance Market Holds High Growth Potential

Brazilian Insurance Industry - Current Trends


Brazil Opens Reinsurance Sector


Brazil to Liberalize The Country’s Insurance Sector


Brazil’s Regulatory Framework


Scenario in Brazilian Markets for Prospective Insurers


Income and Buying Power of Population


The ‘Real’ Growth Engine


Intense M&A Activity Limits Players


Regulatory Environment


Functions of IRB

Rules Governing Reinsurance Retrocessions


Monopoly Comes to an End


Better Scope for Expansion in Reinsurance

How Much a Tariff Market?


Emerging Avenues


Transportation Insurance Gaining Momentum

2. Key Insurance Segments

Table 30: Brazilian Insurance Industry (2006): Percentage


Breakdown of Net Written Premium by Segment - Auto, Group


Life/Personal Accident, Property, Marine, and Others


(includes corresponding Graph/Chart)






Table 31: Brazilian Insurance Industry (2004): Leading


Sectors’ Market Share by Type for Automobile, Life, Health,


Fire, Personal Accidents, Property, Residential, Risks, and


Other (includes corresponding Graph/Chart)


General Insurance


Strong Bias for Non-Life Insurance


A Wide Array of Perils in Property Insurance


DPVAT - Compulsory Auto Insurance


Life and Health Insurance - Growth Avenues of the Future


Pension


Capitalization


3. Market Leaders

Table 32: Leading Players in Brazilian Insurance Industry


(2005): Percentage Market Share by Gross Written Premiums of


Companies -Alianca, AGF Brasil, Bradesco Auto/Re Companhia de


Seguros, Caixa, Itau Seguros, Mapfre Vera Cruz, Porto Seguro,


Real SA, Sul America, Unibanco AIG Seguros, and Others


(includes corresponding Graph/Chart)






Table 33: Brazilian Insurance Industry: Leading Players by


Gross Written Premiums (GWP) in € Millions for 2004 (1H)


(includes corresponding Graph/Chart)


Life Insurance Sector

Table 34: Brazilian Life Insurance Market (2006 & 2007):


Percentage Market Shares of Leading Companies by Premiums -


Bradesco Vida e Previdência, Itaú Vida e Previdência, Caixa


Vida e Previdência, Companhia de Seguros Aliança do Brasil,


Brasilprev Seguros e Previdência, and Others (includes


corresponding Graph/Chart)






Table 35: Brazilian Life Insurance Industry (2004): Gross


Written Premium in US$ Million by Leading Companies for


Bradesco Vida, Itau Vida e Previdencia, Santander, Caixa


Vida, Brasilprev, Alianca do Brasil, Real Vida, COSESP,


Unibanco AIG, and Vera Cruz Vida (includes corresponding


Graph/Chart)






Table 36: Top-Five Players in the Brazilian Life Insurance


Market (2002) - Gross Written Premium in US$ Million for


Bradesco Vida, Itau Vida Previdencia, Alianca do Brasil,


COSESP, and Unibanco AIG Seguros (includes corresponding


Graph/Chart)


Non-Life / General Insurance Sector


Table 37: Brazilian General Insurance Market (2006 & 2007):


Percentage Market Shares of Leading Companies by Premiums -


Porto Seguro - Companhia de Seguros Gerais, Unibanco AIG


Seguros, Bradesco Auto/Re Companhia de Seguros, Itaú Seguros,


SulAmerica Companhia Nacional de Seguros, Mapfre Vera Cruz


Seguradora, Tokio Marine Seguradora, and Others (includes


corresponding Graph/Chart)






Table 38: Brazilian Non-Life Insurance Industry (2003):


Gross Written Premium in US$ Million by Leading Companies


for Bradesco, Unibanco AIG, Porto Seguro CIA, Itau, Sul


Amercia CIA Nacional, Caixa, Real, Vera Cruz, Maritima, and


Brasil Veiculos (includes corresponding Graph/Chart)


4. Insurance Industry 2000-2001: A Recent Past Perspective

Table 39: Brazilian Insurance Industry (2000): Premium Revenues


by Sector in R$ Million (includes corresponding Graph/Chart)


Table 40: Brazilian Insurance Industry (1999 & 2000): Leading


Insurers by Gross Premiums Written in US$ Million (includes


corresponding Graph/Chart)


Prevailing Conditions During the Dawn of the New Millennium


Robust Economy Boosts Industry


General Insurance Market Structure


Property and Casualty Sector


Major Perils


Life and Health Insurance - Growth Avenues of the Future


Agricultural Insurance Expands


Reinsurance - The End of Monopoly


Banks and Foreign Capital - The Lifeline of Brazilian


Insurance Industry


Table 41: Market Share of Major Multinationals in Brazil


During 2000 (includes corresponding Graph/Chart)


Europeans Enter the Fray


5. Recent Industry Activity

HSBC Brazil to Divest Property and Casualty Insurance Business


Nationwide Maritime to Divest Life and Pension Operations


6. Strategic Corporate Development in Recent Past

CNP Assurances Acquires Stake in Sasse


7. Focus on Select Brazilian Players

Bradesco Vida E Previdência


Grupo Bradesco de Seguros


Unibanco AIG


CHILEAN INSURANCE INDUSTRY


1. Chile at a Glance - Key Facts and Characteristics

2. Insurance Industry Highlights

3. Market Overview

A Recent Past Perspective


Current Scenario


Table 42: Chilean Recent Past, Current & Future Analysis for


Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010






Table 43: Chilean 6-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2005, 2007, and 2010


Insurance Market Experiences Concentration


A Well Developed Market


BiceCorp Amalgamates La Construccion and Bice Vida - A Key


Corporate Development


Regulatory Overview


Insurance Legislations


Key Changes to Legislations


Regulations for Fronting Policies


Superintendencia de Valoresy Seguros (SVS) - The Regulatory


Body


Non-Admitted Insurance


Compulsory Insurance


Registration and Operational Rules


Taxation Structure


A Study of the Distribution Channels


Going Direct


Bancassurance - Playing a Well-Defined Role


Agencies and Brokerages


Sales Agents


Claims Adjusters


4. Life and Pension Sector

Individual and Group Life Insurance

Consumer Lending by Insurers


Social Security Programs


AFP Insurance

Annuities


Major Players: Life Insurance


Table 44: Chilean Life Insurance Industry (2004): Gross


Written Premium in US$ Million by Leading Companies for ING,


Consorcio, Metlife, Principal, Chilena, La Construccion,


Vida, Penta, Interamericana, and Euroamerica (includes


corresponding Graph/Chart)






Table 45: Top-Five Players in the Life Insurance Industry of


Chile (2003) - Gross Written Premium in US$ Million for


Metlife, Consorcio, Principal, ING, and La Construccion


(includes corresponding Graph/Chart)


5. Non-Life Insurance Sector

Impact of Deregulation


Major Players


Table 46: Chilean Non-Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for Cruz


del Sur, Chilena, MAPFRE Seguros, Interamericana, Royal &


SunAlliance, AGF Allianz, Americas, Magallanes, BCI, and ING


(includes corresponding Graph/Chart)


6. Reinsurance in Chile

Major Trends in the Sector


Requirements for a Reinsurer


Key Reinsurance Types


Treaty Reinsurance


Reinsurance Commissions in Chile by Sector


Catastrophe Reinsurance


Facultative Reinsurance


Reinsurance Commissions in Chile by Sector


Alternative Risk Transfer


7. A Recent Past Perspective of Non-Life Insurance Sector

Table 47: Breakdown of Chilean Non-Life Insurance Market by


Category for 2001 (includes corresponding Graph/Chart)


Key Developments


Pools and Organizations


Motor Insurance


Market Overview


Voluntary Motor Insurance


Table 48: Chilean Premium for Voluntary and SOAP Insurance:


1999-2001 (In CLP Billion) (includes corresponding


Graph/Chart)






Table 49: Percentage Market Share of Motor Insurers in


Chile for 2001 (includes corresponding Graph/Chart)






Table 50: Leading Brokers of Motor Insurance for 2000 (In


US$ Million) (includes corresponding Graph/Chart)


SOAP (seguro obligatorio de accidentespersonales)


Legal Trends

Perspective of Distribution Channels


Natural Hazard Cover

Earthquakes

Table 51: Major Earthquakes in Chile During the 20th


Century (Damages in US$ Million)


Floods

Other Hazards

Property Coverage

Table 52: Premium Written for Chilean Property Insurance:


1999-2001 (In US$ Million) (includes corresponding


Graph/Chart)


Homeowners’ Cover

An Overview

Coverage Scope


Cover for Social Hazards

Terrorism

Burglary & Theft


Riots and Strikes


Commercial and Industrial Insurance

An Overview

Leading Chilean Companies: 2000


Fire Cover


Table 53: Percentage Market Share of Chilean Fire Insurers


by Company for 2001 (includes corresponding Graph/Chart)






Table 54: Major Brokers for Fire Insurance in Chile for 2001


(In US$ Million) (includes corresponding Graph/Chart)


Business Interruption

Package Plans


Reinsurance Perspective


Engineering and Construction

Table 55: Percentage Market Share of Construction &


Engineering Insurers in Chile for 2001 (includes


corresponding Graph/Chart)


Machinery Breakdown

Table 56: Percentage Share of Chilean Machinery Breakdown


Insurers for 2001 (includes corresponding Graph/Chart)






Table 57: Percentage Share of Chilean Electronic Breakdown


Insurers for 2001 (includes corresponding Graph/Chart)


Workmen’s Compensation and Employers’ Liability

A Brief Profile


Coverage Patterns


Table 58: Chilean Insurance Industry (2001): Percentage


Break-up of Workforce Accident by Industry (includes


corresponding Graph/Chart)


Third Party Liability

Products Liability

General Third Party Liability


Table 59: Leading General Third Party Insurers in Chile for


2001: Percentage Market Share by Company (includes


corresponding Graph/Chart)


D & O Liability

Professional Indemnity


Pollution and Environmental Liability


Multinational Insurance


Agricultural Insurance


Table 60: Gross Written Premium in CLP Billion for Chilean


Agriculture Sector (2000 & 2001)


Livestock Insurance


Surety, Credits & Bonds

Table 61: Leading Bond Insurers in Chile for 2001:


Percentage Market Share by Company (includes corresponding


Graph/Chart)






Table 62: Credit Insurers in Chile for 2001: Percentage


Market Share by Company (includes corresponding Graph/Chart)


Construction and Other Bonds


Export and Domestic Trade Credit


Aviation, Marine and Transit


Market Highlights


Table 63: Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)


Marine Cargo


Key Trends


Table 64: Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)






Table 65: Leading Marine Cargo Insurers in Chile for 2001:


Percentage Market Share by Company (includes corresponding


Graph/Chart)


Potential Hazards

Coverage Scope


Table 66: Leading Marine Cargo Brokers in Chile: 2000 (In


US$ Million) (includes corresponding Graph/Chart)


Marine Hull

Table 67: Percentage Share of Marine Hull Insurers in Chile


for 2001 (includes corresponding Graph/Chart)


An Overview of Risks


Brokers Dominate Distribution

Table 68: Leading Brokers for Marine Hull Insurance in


Chile: 2000 (In US$ Million) (includes corresponding


Graph/Chart)


Oil and Energy Cover

Natural Gas

Electricity


Aviation

Table 69: Gross Premium Written: 1999-2001 (In CLP Billion)


(includes corresponding Graph/Chart)


Key Aviation Insurers


Other Related Sectors


Other Major Categories

E-Insurance

Kidnap and Ransom


Financial Risks


Personal Accident

Coverage Scope

Table 70: Total Gross Premium Written for 1999-2001 in CLP


Billion (includes corresponding Graph/Chart)






Table 71: Leading Personal Accident Insurers in Chile for


2001: Market Share by Company (includes corresponding


Graph/Chart)


Travel Insurance

Reinsurance


Table 72: Chilean Reinsurance Market for 1999-2001: Premium


and Claims Ceded in CLP Billion (includes corresponding


Graph/Chart)






Table 73: Major Reinsurance Brokers in Chile for 2001 by


Percentage of Premiums Ceded (includes corresponding


Graph/Chart)


8. Recent Industry Activity

Grupo Security Carries Out Merger of Vida Security and Rentas


Security


Willis Acquires Chilean MGT


Seguros Divests its Annuity Business


9. Strategic Corporate Development in Recent Past

MetLife Acquires Seguros de Vida Santander and Soince


Reinsurance


MEXICAN INSURANCE INDUSTRY


1. Market Overview

Market Infancy Paints Brighter Prospects


Table 74: Mexican Recent Past, Current & Future Analysis for


Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2010 (includes


corresponding Graph/Chart)






Table 75: Mexican 6-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2005, 2008, and 2010 (includes


corresponding Graph/Chart)






Table 76: Mexican Insurance Industry (2006): Per Capita


Premium in US$, and Penetration of Insurance by Category -


Life and Non-Life






Table 77: Mexican Insurance Industry (2005): Percentage


Breakdown of Total Insurance Premiums by Category - Auto,


Catastrophe, Civil Liability, Death and Disability, Fire,


Group Life, Individual Life, MAT, Medical, and Others


(includes corresponding Graph/Chart)


Premium Tax in Mexico

Insurance Brokers


Environmental Risks


Challenges Before the Mexican Insurance Industry


Failings of Mexican Insurers


Mindset of Mexicans - An Obstacle for Insurance Sector


Outlook


A Promising Future


Competitive Landscape


Table 78: Leading Players in Mexican Insurance Industry


(2005): Percentage Market Share by Gross Written Premiums of


Companies - ABA, Banamex, Bancomer, Banorte, GNP, ING


Comercial America, Inbursa, Monterrey, Mapfre, Qualitas, and


Others (includes corresponding Graph/Chart)






Table 79: Leading Players in the Mexican Insurance Industry


(2004): Percentage Market Share for Grupo Nacional


Provincial, Seguros Comercial America, MetLife Mexico,


Seguros Banamex, Seguros Inbursa, Seguros Monterrey New York


Life, Mapfire, Tepeyac, Qualitas, Seguros Bbva Bancomer,


Zurich and Others (includes corresponding Graph/Chart)


Table 80: Mexican Insurance Industry (2004): Leading


Companies’ Percentage Business Mix for Life, Auto,


Accident/Illness, and Other Non-Life


2. A Segmental Perspective

2a. Life Insurance

Market Leaders

Table 81: Leading Players in Mexican Life Insurance Market


(2005): Percentage Market Share by Company - Comercial


America, GNP, MetLife Mexico, Seguros Monterrey New York


Life, Seguros Bancomer, S.A. de C.V., and Others (includes


corresponding Graph/Chart)






Table 82: Top-Five Players in the Mexican Life Insurance


Industry (2003) - Gross Written Premiums in US$ Million for


Metlife Mexico, G.N.P., Monterrey New York Life, ING


Comercial America, and Banamex (includes corresponding


Graph/Chart)


2b. Health Insurance - A Growth Prospect


Cross-Border Health Insurance Market

ISES


2c. Non-Life Insurance


Table 83: Mexican Property & Casualty Insurance Market (2005):


Percentage Breakdown by Category - Agriculture, Automobile,


Credit, Earthquake, Fire, Marine & Transportation, Liability,


and Mixed (includes corresponding Graph/Chart)






Table 84: Non-Life Insurance Industry in Mexico (1H


2001-2004): Gross Premium Income in US$ Billion (includes


corresponding Graph/Chart)


Market Leaders


Table 85: Mexican Non-Life Insurance Industry (2004) - Gross


Written Premiums in US$ Million by Leading Companies for ING,


Comercial America, G.N.P., Inbursa, Zurich, Aba/Seguros,


Qualitas, Mapfre Tepeyac, BBVA Bancomer, Allianz Mexico and


Atlas (includes corresponding Graph/Chart)






Table 86: Top-Five Players in the Mexican Non-Life Insurance


Industry (2003) - Gross Written Premiums in US$ Million for


ING Comercial America, G.N.P., Inbursa, Mapfre Tepeyac, and


Zurich (Consolidado) (includes corresponding Graph/Chart)


Auto Insurance


Commercial and Homeowners Property


Liability Limitations


3. A Recent Past Perspective

2000-2001: Emergence as the ‘Happening’ Place

Table 87: Mexican Insurance Industry (2000 & 2001): Premium


Written in Billion Pesos by Type of Insurance for Life,


Pension, Health & Accident, Auto, and Others (includes


corresponding Graph/Chart)


Leading Players


Table 88: Mexican Insurance Industry (1999 & 2000): Leading


Insurers Ranked by Gross Written Premium in US$ Million


(includes corresponding Graph/Chart)


4. A Backgrounder on the Market

Undeveloped Nature of Insurance


Impact of Globalization


NAFTA and the Insurance Industry


Legislation Reshapes the Market


Structural Changes Come to Fruition


The Darker Side


Life and Pensions Scenario


5. Recent Industry Activity

MetLife to Acquire AFORE Actinver


QBE Group Acquires Seguros Cumbre


Aegon Purchases 49% Stake in Seguros Argos


6. Strategic Corporate Developments in Recent Past

MetLife Acquires Seguros Genesis SA


Stewart Information Services Establishes Subsidiary in Mexico


ING Ups Stake in Seguros Comercial America


ING Renames Mexican Subsidiaries


7. Focus on Select Mexican Players

Grupo Nacional Provincial, S.A.


ING Seguros Comercial America S.A. de C.V..


MetLife Mexico, S.A.


Seguros Inbursa.


LATIN AMERICAN EMERGING INSURANCE MARKETS


1. Barbados

Life Insurance Industry


Table 89: Life Insurance Industry of Barbados (2003): Gross


Written Premium in US$ Million by Leading Companies for Life


of Barbados, CLICO International, Sagicor Life, British


American, American Life, Colonial Life, and Insurance


Corporation of Barbados (includes corresponding Graph/Chart)


Non-Life Insurance Industry


Table 90: Non-Life Insurance Industry of Barbados (2003):


Gross Written Premium in US$ Million by Leading Companies for


Insurance Corporation of Barbados, United Insurance, Barbados


Fire And Commercial, Caribbean Home Insurance, C.G.I.


Consumers' Guarantee Ins. Co. Ltd., Clico International


General Insurance Ltd., Sagicor Life Inc., Co-Operators


General Insurance Co. Ltd., Trident Insurance, and NEM (West


Indies Insurance Limited) (includes corresponding


Graph/Chart)


2. Bermuda

Table 91: Bermuda Insurance Market: Gross Premiums Written and


Net Premiums Written in US$ Billion for Years 2001to 2004


(includes corresponding Graph/Chart)


History of Insurance Market


Market Leaders


Table 92: Property & Casualty Insurance Industry of Bermuda


(2005 & 2006): Net Written Premium in US$ Billion for Select


Companies -ACE Limited, XL Capital, Everest Re, PartnerRe,


Arch Capital, Axis Capital, Aspen Insurance, Endurance


Specialty, Renaissance Re, Allied World Assurance, and Max Re


Capital Ltd (includes corresponding Graph/Chart)






Table 93: Non-Life Insurance Industry of Bermuda (2003):


Written Premium in US$ Billion by Leading Companies for ACE,


XL Capital, Partner Re, Arch Capital, AXIS Capital, Endurance


Speciality, Allied World Assurance, Renaissance Re, Everest


Reinsurance and ALEA (includes corresponding Graph/Chart)


3. Colombia

Market Overview


Table 94: Colombian Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Billion for the Years 2005 through 2009 (includes


corresponding Graph/Chart






Table 95: Colombian 5-Year Perspective for Insurance Industry


by Segment - Percentage Breakdown of Premium Income for Life


and Non-Life Markets for 2005, 2007, and 2009 (includes


corresponding Graph/Chart)


Life Insurance Industry


Table 96: Colombian Life Insurance Industry (2004): Gross


Written Premium in US$ Million by Leading Companies for


Suramericana, Bolivar, Vidalfa, Colpatria, Colseguros,


Suratep, Royal & SunAlliance, BBVA, Colmena, and Mapfre


(includes corresponding Graph/Chart)






Table 97: Leading Players in the Colombian Life Insurance


Industry (2003) - Gross Written Premium in US$ Million for


Suramericana, Bolivar, Vidalfa, Colpatria, and


Colseguros(includes corresponding Graph/Chart)


Non-Life Insurance Industry


Table 98: Leading Players in the Colombian Non-Life Insurance


Industry (2003) - Gross Written Premium in US$ Million for


Previsora, Colseguros, Liberty, Suramericana, and Estado


(includes corresponding Graph/Chart)


Insurance in Colombia: A Historical Perspective


Table 99: Insurance Industry in Colombia (1999 & 2000):


Leading Insurers Ranked by Gross Premiums Written (In US$


Million) (includes corresponding Graph/Chart)


4. Costa Rica

Table 100: Costa Rican Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 101: Costa Rican 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


5. Dominican Republic

Market Overview


Table 102: Dominican Republic Recent Past, Current & Future


Analysis for Insurance Industry by Segment - Life and


Non-Life Markets Independently Analyzed with Annual Premium


Income in US$ Million for the Years 2005 through 2009


(includes corresponding Graph/Chart)






Table 103: Dominican Republic 5-Year Perspective for


Insurance Industry by Segment - Percentage Breakdown of


Premium Income for Life and Non-Life Markets for 2005, 2007,


and 2009 (includes corresponding Graph/Chart)


Life Insurance Market


Table 104: Leading Players in the Life Insurance Industry of


Dominican Republic (2003) - Gross Written Premium in US$


Million for Seguros Popular, Segna, Colonial De Seguros, Cia


de Seguros Palic, and Seguros Banreservas (includes


corresponding Graph/Chart)


Non-Life Insurance Market


Table 105: Dominican Republic Non-Life Insurance Industry


(2003): Gross Written Premium in US$ Million by Leading


Companies for Seguros Popular, Seguros Banreservas, Segna,


Colonial de Seguros, Cia De Seguros Palic, PROSEGUROS,


Seguros Pepin, Monumential de Seguros, Union de Seguros, and


Confederacion del Canada (includes corresponding Graph/Chart)






Table 106: Leading Players in the Non-Life Insurance Industry


of Dominican Republic (2002) - Gross Written Premium in US$


Million for Segna, Seguros Popular, Intercontinental de


Seguros, Colonial de Seguros, and Cia. De Seguros Palic


(includes corresponding Graph/Chart)


The Health Insurance Sector


6. Ecuador

Market Overview


Table 107: Ecuadorian Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 108: Ecuadorian 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


Life Insurance Market

Table 109: Ecuadorian Life Insurance Industry (2007):


Percentage Breakup of Insured Population for Domestic and


Offshore Insurance Companies by Policy Type (includes


corresponding Graph/Chart)






Table 110: Ecuadorian Life Insurance Industry (2006-2008):


Percentage Market Share for Domestic and Offshore Insurance


Companies by Policy Type (includes corresponding Graph/Chart)


Market Leaders-A Recent Past Perspective

Table 111: Ecuadorian Life Insurance Industry (2004): Gross


Written Premium in US$ Million by Leading Companies for Pan


American Life, BMI, Equivida, Pichincha, Bolivar,


Rocafuerte, Colvida, Ace, Panamericana, and Rio Guayas


(includes corresponding Graph/Chart)






Table 112: Ecuadorian Health and Medical Assistance


Insurance Market (2004): Policywriting in US$ Millions and


Percentage Breakdown by Category - IESS, Prepaid-Medicine


Companies, and Private Insurance Companies (includes


corresponding Graph/Chart)






Table 113: Leading Players in Ecuadorian Health Insurance


Market (2004): Percentage Market Share of Insurance and


Prepaid Medicine by Company - BMI, Bolívar, Ecuasanitas,


Health, Humana, PALIC, Pichincha, Rocafuerte, Bolívar, Salud


Coop, Other Prepaid-Medicine Companies, and Other Insurance


Companies (includes corresponding Graph/Chart)






Table 114: Leading Players in Life Insurance Industry of


Ecuador (2003) - Gross Written Premium in US$ Million for


Pan American Life, Pichincha, Bolivar, Equivida, and


Panamericana (includes corresponding Graph/Chart)


Non-Life Insurance Market


Table 115: Leading Players in the Non-Life Insurance


Industry of Ecuador (2003) - Gross Written Premium in US$


Million for Colonial, Equinoccial, AIG Metropolitana,


Interoceanica, and Aseguradora del Sur (includes


corresponding Graph/Chart)


Health Care Insurance


7. El Salvador

Market Overview


Table 116: El Salvador Recent Past, Current & Future


Analysis for Insurance Industry by Segment - Life and


Non-Life Markets Independently Analyzed with Annual Premium


Income in US$ Million for the Years 2005 through 2009


(includes corresponding Graph/Chart)






Table 117: El Salvador 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


Market Leaders - A Recent Past Perspective

Table 118: Insurance Industry of El Salvador (2003): Gross


Written Premium in US$ Million by Leading Companies for SISA


Vida, La Centro Americana, Compania General de Seguros,


Segurose Inversiones, Aseguradora Suiza Salvadorena,


Aseguradora Agricola, Asesuisa Vida, Internacional de


Seguros, AIG Union y Desarrollo, and BBVA Seguros (includes


corresponding Graph/Chart)






Table 119: Leading Players in the Insurance Industry of El


Salvador (2002) - Gross Written Premium in US$ Million for


Aseguradora Suiza Salvadorena; SISA, Vida; Seguros e


Inversiones; La Centro Americana; and Compania General de


Seguros (includes corresponding Graph/Chart)


8. Guatemala

Leading Players: Non-Life Insurance


Table 120: Leading Players in the Non-Life Insurance Industry


of Guatemala (2003) - Gross Written Premium in US$ Million


for G&T, Roble, General, Universales, and Occidente


(includes corresponding Graph/Chart)


9. Honduras

Leading Players: Life Insurance Sector


Table 121: Honduran Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for


Palic, Adhorro, Interamericana, Atlantida, Aseguradora,


Crefisa, Continental, Previsa, Del Pais, and Equidad


(includes corresponding Graph/Chart)






Table 122: Leading Players in the Life Insurance Industry of


Honduras (2002) - Gross Written Premium in US$ Million for


Palic, Aseguradora, Adhorro, Atlantida, and Crefisa (includes


corresponding Graph/Chart)


Leading Players: Non-Life Insurance Sector

Table 123: Honduran Non-Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for


Ahorro, Atlantida, Interamericana, Aseguradora, American,


Continental, Crefisa, Previsa, Del Pais, and Equidad


(includes corresponding Graph/Chart)






Table 124: Leading Players in the Non-Life Insurance


Industry of Honduras (2002) - Gross Written Premium in US$


Million for Adhorro, Interamericana, Atlantida, Aseguradora,


and Continental (includes corresponding Graph/Chart)


10. Jamaica

Market Overview


Table 125: Jamaican Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life


Markets Independently Analyzed with Annual Premium Income in


US$ Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 126: Jamaican 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


Life Insurance Sector

Table 127: Leading Players in the Jamaican Life Insurance


Industry (2003) - Gross Written Premium in US$ Million for


Life of Jamaica, Guardian Life, Blue Cross, First Life, and


Cuna Mutual (includes corresponding Graph/Chart)


Non-Life Insurance Sector

Table 128: Leading Players in the Jamaican Non-Life Insurance


Industry (2003) - Gross Written Premium in US$ Million for


United General, NEM, Insurance Co. of West Indies, Dyoll,


and West Indies Alliance (includes corresponding


Graph/Chart)


11. Panama

Industry Overview


Table 129: Panamanian Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life Markets


Independently Analyzed with Annual Premium Income in US$


Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 130: Panamanian 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


Life Insurance Sector

Table 131: Life Insurance Industry in Panama (2004): Gross


Written Premium in US$ Million by Leading Companies for


Aseguradora Mundial, Compania Internacional, ASSA, Compania


Nacional, American Life, Assicurazioni Generali, Pan


American, Pan America Life, British American, and Compania


Istmena (includes corresponding Graph/Chart)






Table 132: Leading Players in the Life Insurance Industry of


Panama (2003) - Gross Written Premium in US$ Million for


Aseguradora Mundial, ASSA, Compania Internacional, American


Life, and Assicurazioni Generali (includes corresponding


Graph/Chart)


Non-Life Insurance Sector

Table 133: Leading Players in the Non-Life Insurance


Industry of Panama (2003) - Gross Written Premium in US$


Million for ASSA, Compania Internacional, Compania Nacional,


Aseguradora Mundial, and Assicurazioni Generali (includes


corresponding Graph/Chart)


12. Peru

Market Overview


Table 134: Peruvian Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life


Markets Independently Analyzed with Annual Premium Income in


US$ Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 135: Peruvian 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)






Table 136: Peruvian Insurance Industry (2006 & 2007):


Percentage Breakdown of Market Shares by Company - Rimac, El


Pacifico Peruano Suiza, El Pacifico Vida, Invita, La


Positiva, Interseguro, and Others (includes corresponding


Graph/Chart)


Life Insurance Sector


Table 137: Leading Players in the Life Insurance Industry of


Peru (2003) - Gross Written Premium in US$ Million for El


Pacifico Vida, Interseguro, Rimac International, InVita, and


Mapfre Peru Vida (includes corresponding Graph/Chart)


Non-Life Insurance Sector


Table 138: Leading Players in the Non-Life Insurance Industry


of Peru (2003) - Gross Written Premium in US$ Million for


Rimac Internacional, El Pacifico Peruano Suiza, La Positiva,


Royal & SunAlliance, and Generali Peru (includes


corresponding Graph/Chart)


13. Trinidad and Tobago

Market Overview


Table 139: Trinidad and Tobago Recent Past, Current & Future


Analysis for Insurance Industry by Segment - Life and


Non-Life Markets Independently Analyzed with Annual Premium


Income in US$ Million for the Years 2005 through 2009


(includes corresponding Graph/Chart)






Table 140: Trinidad and Tobago 5-Year Perspective for


Insurance Industry by Segment - Percentage Breakdown of


Premium Income for Life and Non-Life Markets for 2005, 2007,


and 2009 (includes corresponding Graph/Chart)


Life Insurance Sector

Table 141: Life Insurance Industry in Trinidad and Tobago


(2003): Gross Written Premium in US$ Million by Leading


Companies for Clico, Guardian, Sagicor, Algico, British


American, Maritime, Tatil, Cuna, Life of Barbados, and


Bancassurance (includes corresponding Graph/Chart)






Table 142: Leading Players in the Life Insurance Industry of


Trinidad and Tobago (2002) - Gross Written Premium in US$


Million for Clico, Sagicor, Guardian, Maritime, and Algico


(includes corresponding Graph/Chart)


Non-Life Insurance Sector

Table 143: Non-Life Insurance Industry in Trinidad and Tobago


(2003): Gross Written Premium in US$ Million by Leading


Companies for Chic, Algico, Maritime, Nemwil, Colfire, Tatil,


Beacon, Capital, GTM, and Gulf (includes corresponding


Graph/Chart)






Table 144: Leading Players in the Non-Life Insurance Industry


of Trinidad and Tobago (2002) - Gross Written Premium in US$


Million for Algico, Chic, Nemwil, Colfire, and Tatil


(includes corresponding Graph/Chart)


14. Uruguay

Life Insurance Sector


Table 145: Uruguayan Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for Banco


de Seguros del Estado, ALICO, Real Uruguaya, Metropolitan


Life, Cooperativa de Seguros Sucro, and Santander (includes


corresponding Graph/Chart)






Table 146: Leading Players in the Life Insurance Industry of


Uruguay (2002) - Gross Written Premium in US$ Million for


Banco de Seguros del Estado, Real Uruguaya, ALICO,


Cooperativa de Seguros Surco, and Metropolitan Life (includes


corresponding Graph/Chart)


Non-Life Insurance Sector

Table 147: Uruguayan Non-Life Insurance Industry (2003):


Gross Written Premium in US$ Million by Leading Companies for


Banco de Seguros del Estado, Royal & SunAlliance, Porto


Seguro-Seguros, AIG Uruguay, Mapfre Uruguay, AXA Seguros,


Real Uruguaya, FAR, Compania Uruguaya de Seguros, and Alianca


de Bahia (includes corresponding Graph/Chart)






Table 148: Leading Players in the Non-Life Insurance Industry


of Uruguay (2002) - Gross Written Premium in US$ Million for


Banco de Seguros del Estado, Royal & SunAlliance, Porto


Seguro-Seguros, AIG Uruguay, and Mapfre Uruguay (includes


corresponding Graph/Chart)


15. Venezuela

Market Overview


Table 149: Venezuelan Recent Past, Current & Future Analysis


for Insurance Industry by Segment - Life and Non-Life


Markets Independently Analyzed with Annual Premium Income in


US$ Million for the Years 2005 through 2009 (includes


corresponding Graph/Chart)






Table 150: Venezuelan 5-Year Perspective for Insurance


Industry by Segment - Percentage Breakdown of Premium Income


for Life and Non-Life Markets for 2005, 2007, and 2009


(includes corresponding Graph/Chart)


Life Insurance Sector

Table 151: Venezuelan Life Insurance Industry (2003): Gross


Written Premium in US$ Million by Leading Companies for


Mapfre, Caracas de Liberty, Previsora, Bancentro,


Multinacional, Horizonte, Ban Valor, Mercantil, Nuevo Mundo,


and Adriatica (includes corresponding Graph/Chart)






Table 152: Leading Players in the Venezuelan Life Insurance


Industry (2002) - Gross Written Premium in US$ Million for


Seguridad, Multinacional de Seguros, Horizonte, Previsora


C.N.A., and Caracas de Liberty Mutual (includes


corresponding Graph/Chart)


Non-Life Insurance Sector

Table 153: Venezuelan Non-Life Insurance Industry (2003):


Gross Written Premium in US$ Million by Leading Companies for


Caracas de Liberty Mutual, Mercantil, Zurich, Mapfre,


Multinacional, Adriatica, Catatumbo, Bancentro, Nuevo Mundo,


and Previsora (includes corresponding Graph/Chart)






Table 154: Leading Players in the Venezuelan Non-Life


Insurance Industry (2002) - Gross Written Premium in US$


Million for Caracas de Liberty Mutual, Mercantil, Zurich


Seguros, Seguridad, and Multinacional de Seguros (includes


corresponding Graph/Chart)


16. Recent Industry Activity

Validus Acquires Talbot


Brit Insurance to Establish New Reinsurance Company


Hiscox acquires Kidnap and Ransom Business from Aon


Lexington Insurance Opens Office in Bermuda


Olympus Divests from Talbot


Max Re Capital Changes its Name


Fortress Group to Buy Alea


PXRE and Argonaut Pens Merger Deal


Enstar Acquires Inter-Ocean Holdings


Argus Takes Over Tremont International


AGF to Sell Adriatica de Seguros


Global Tuition & Education Insurance to Acquire R&SA Seguros de Vida


Scor to Bid for Acquisition of Scottish Re


Hiscox Pens Reinsurance Agreement with WL Ross & Co


17. Strategic Corporate Developments in Recent Past

Stewart Title Acquires Majority Stake in San Juan Abstract


Mariategui Teams Up with HLA Global Insurance Network




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