Table of Contents 1 Key Facts and Events 2 Executive Summary 3 Introduction 3.1 What is this Report About? 3.2 Definitions 3.3 Methodology 4 Venezuelan Insurance Industry Attractiveness 4.1 Insurance Industry Size, 2009–2018 5 Life Insurance Outlook 5.1 Consumer Segmentation 5.2 Key Drivers 5.3 Key Trends 5.4 Challenges 5.5 Life Insurance Growth Prospects by Category 5.6 Individual Life Insurance 5.6.1 Individual whole life insurance 5.6.2 Individual general annuity insurance 5.6.3 Other individual other insurance 5.7 Group Whole Life Insurance 5.8 Life Insurance Growth Prospects by Customer Segment 5.8.1 Individual single-premium insurance 5.8.2 Individual non-single-premium insurance 5.8.3 Group single-premium insurance 5.8.4 Group non-single-premium insurance 5.9 Life Insurance Growth Prospects by Product Type 5.9.1 Total non-linked insurance business 6 Analysis by Distribution Channel 6.1 Direct Marketing 6.2 Bancassurance 6.3 Agencies 6.4 E-Commerce 6.5 Brokers 6.6 Other Channels 7 Governance, Risk and Compliance 7.1 Legislation Overview and Historical Evolution 7.2 Latest Changes in Regulations 7.3 Legislation and Market Practice by Type of Insurance 7.3.1 Life insurance 7.3.2 Property insurance 7.3.3 Motor insurance 7.3.4 Liability insurance 7.3.5 Marine, aviation and transit insurance 7.3.6 Personal accident and health insurance 7.4 Compulsory Insurance 7.4.1 Health insurance 7.4.2 Motor third-party liability insurance 7.5 Supervision and Control 7.5.1 International Association of Insurance Supervisors (IAIS) 7.5.2 Superintendencia de la Actividad Aseguradora (Sudeaseg) 7.6 Non-Admitted Insurance Regulations 7.6.1 Overview 7.6.2 Intermediaries 7.6.3 Market practices 7.6.4 Fines and penalties 7.7 Company Registration and Operations 7.7.1 Types of insurance organization 7.7.2 Establishing a local company 7.7.3 Foreign ownership 7.7.4 Types of license 7.7.5 Capital requirements 7.7.6 Solvency margins 7.7.7 Reserve requirements 7.7.8 Investment regulations 7.7.9 Statutory return requirements 7.7.10 Fee structure 7.8 Taxation 7.8.1 Insurance premium or policy taxation 7.8.2 Withholding taxes on premium paid overseas 7.8.3 Corporate tax 7.8.4 VAT 7.8.5 Captives 7.9 Legal System 7.9.1 Introduction 7.9.2 Access to court 7.9.3 Alternative dispute resolution (ADR) 8 Competitive Landscape and Strategic Insights 8.1 Overview 8.2 Leading Companies in the Venezuelan Life Insurance Segment 8.3 Seguros Horizonte, SA, – Company Overview 8.3.1 Seguros Horizonte, SA – key facts 8.3.2 Seguros Horizonte, SA – key financials 8.4 Zurich Seguros, SA – Company Overview 8.4.1 Zurich Seguros, SA – key facts 8.4.2 Zurich Seguros, SA – key financials 8.5 La Fe Previsora Compañia de Seguros SA – Company Overview 8.5.1 La Fe Previsora Compañia de Seguros SA – Key Facts 8.5.2 La Fe Previsora Compañia de Seguros SA – key financials 8.6 Banesco Seguros, CA – Company Overview 8.6.1 Banesco Seguros, CA – key facts 8.6.2 Banesco Seguros, CA – key financials 8.7 Mercantil Seguros CA – Company Overview 8.7.1 Mercantil Seguros CA – key facts 8.7.2 Mercantil Seguros CA, – key financials 8.8 Seguros Provincial, CA – Company Overview 8.8.1 Seguros Provincial, CA, – key facts 8.8.2 Seguros Provincial, CA – key financials 8.9 Mapfre La Seguridad, CA de Seguros – Company Overview 8.9.1 Mapfre La Seguridad, CA de Seguros – key facts 8.9.2 Mapfre La Seguridad, CA de Seguros – key financials 8.10 CNA de Seguros La Previsora – Company Overview 8.10.1 CNA de Seguros La Previsora – key facts 8.10.2 CNA de Seguros La Previsora – key financials 8.11 CA de Seguros La Occidental – Company Overview 8.11.1 CA de Seguros La Occidental – key facts 8.11.2 CA de Seguros La Occidental – key financials 8.12 Seguros Caracas de Liberty Mutual – Company Overview 8.12.1 Seguros Caracas de Liberty Mutual – key facts 8.12.2 Seguros Caracas de Liberty Mutual – key financials 9 Appendix – 1 9.1 Economic Performance 9.1.1 GDP at constant prices (US$) 9.1.2 GDP per capita at constant prices (US$) 9.1.3 GDP at current prices (US$) 9.1.4 GDP per capita at current prices (US$) 9.1.5 Inflation rate 9.1.6 Exports as a percentage of GDP 9.1.7 Imports as a percentage of GDP 9.1.8 Annual average exchange rate US$–VEF 9.2 Infrastructure 9.2.1 Total internet subscribers 9.3 Labor Force 9.3.1 Unemployment rate 9.4 Demographics 9.4.1 Total population 9.4.2 Urban and rural populations 9.4.3 Age distribution of the total population 9.4.4 Life expectancy 10 Appendix – 2 10.1 Methodology 10.2 Contact Timetric 10.3 About Timetric 10.4 Timetric¡¯s Services 10.5 Disclaimer List of Tables
Table 1: Venezuelan Life Insurance – Key Facts, 2013 Table 2: Insurance Industry Definitions Table 3: Venezuelan Insurance Industry – Gross Written Premium by Segment (VEF Billion), 2009–2013 Table 4: Venezuelan Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2009–2013 Table 5: Venezuelan Insurance Industry – Gross Written Premium by Segment (VEF Billion), 2013–2018 Table 6: Venezuelan Insurance Industry – Gross Written Premium by Segment (US$ Billion), 2013–2018 Table 7: Venezuelan Insurance Industry – Gross Written Premium by Segment (Percentage Share), 2009–2018 Table 8: Venezuelan Insurance Industry – Direct Written Premium by Segment (VEF Billion), 2009–2013 Table 9: Venezuelan Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2009–2013 Table 10: Venezuelan Insurance Industry – Direct Written Premium by Segment (VEF Billion), 2013–2018 Table 11: Venezuelan Insurance Industry – Direct Written Premium by Segment (US$ Billion), 2013–2018 Table 12: Venezuelan Insurance Industry – Direct Written Premium by Segment (Percentage Share), 2009–2018 Table 13: Venezuelan Life Insurance – Gross Written Premium by Category (VEF Million), 2009–2013 Table 14: Venezuelan Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013 Table 15: Venezuelan Life Insurance – Gross Written Premium by Category (VEF Million), 2013–2018 Table 16: Venezuelan Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018 Table 17: Venezuelan Life Insurance – New Business Written Premium (VEF Million), 2009–2013 Table 18: Venezuelan Life Insurance – New Business Written Premium (VEF Billion), 2013–2018 Table 19: Venezuelan Life Insurance – Earned Premium (VEF Billion), 2009–2013 Table 20: Venezuelan Life Insurance – Earned Premium (VEF Billion), 2013–2018 Table 21: Venezuelan Life Insurance – Sum Assured (VEF Billion), 2009–2013 Table 22: Venezuelan Life Insurance – Sum Assured (VEF Billion), 2013–2018 Table 23: Venezuelan Life Insurance – Paid Claims (VEF Million), 2009–2013 Table 24: Venezuelan Life Insurance – Paid Claims (VEF Billion), 2013–2018 Table 25: Venezuelan Life Insurance – Incurred Loss (VEF Million), 2009–2013 Table 26: Venezuelan Life Insurance – Incurred Loss (VEF Billion), 2013–2018 Table 27: Venezuelan Life Insurance – Loss Ratio (%), 2009–2013 Table 28: Venezuelan Life Insurance – Loss Ratio (%), 2013–2018 Table 29: Venezuelan Life Insurance – Commissions and Expenses (VEF Million), 2009–2013 Table 30: Venezuelan Life Insurance – Commissions and Expenses (VEF Billion), 2013–2018 Table 31: Venezuelan Life Insurance – Combined Ratio (%), 2009–2013 Table 32: Venezuelan Life Insurance – Combined Ratio (%), 2013–2018 Table 33: Venezuelan Life Insurance – Fraud and Crimes (VEF Million), 2009–2013 Table 34: Venezuelan Life Insurance – Fraud and Crimes (VEF Million), 2013–2018 Table 35: Venezuelan Life Insurance – Total Assets (VEF Billion), 2009–2013 Table 36: Venezuelan Life Insurance – Total Assets (VEF Billion), 2013–2018 Table 37: Venezuelan Life Insurance – Total Investment Income (VEF Million), 2009–2013 Table 38: Venezuelan Life Insurance – Total Investment Income (VEF Million), 2013–2018 Table 39: Venezuelan Life Insurance – Retentions (VEF Billion), 2009–2013 Table 40: Venezuelan Life Insurance – Retentions (VEF Billion), 2013–2018 Table 41: Venezuelan Individual Life Insurance – Gross Written Premium by Category (VEF Million), 2009–2013 Table 42: Venezuelan Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2009–2013 Table 43: Venezuelan Individual Life Insurance – Gross Written Premium by Category (VEF Million), 2013–2018 Table 44: Venezuelan Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2013–2018 Table 45: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Billion), 2009–2013 Table 46: Venezuelan Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2009–2013 Table 47: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Billion), 2013–2018 Table 48: Venezuelan Individual Life Insurance – Direct Written Premium by Category (US$ Billion), 2013–2018 Table 49: Venezuelan Individual Life Insurance – Policies by Category (Thousand), 2009–2013 Table 50: Venezuelan Individual Life Insurance – Policies by Category (Thousand), 2013–2018 Table 51: Venezuelan Individual Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013 Table 52: Venezuelan Individual Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018 Table 53: Venezuelan Individual Whole Life Insurance – Gross Written Premium (VEF Million), 2009–2013 Table 54: Venezuelan Individual Whole Life Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 55: Venezuelan Individual General Annuity Insurance – Number of Active Policies (Thousand), 2009–2013 Table 56: Venezuelan Individual General Annuity Insurance – Number of Active Policies (Thousand), 2013–2018 Table 57: Venezuelan Individual General Annuity Insurance – Gross Written Premium (VEF Million), 2009–2013 Table 58: Venezuelan Individual General Annuity Insurance – Gross Written Premium (VEF Million), 2013–2018 Table 59: Venezuelan Other Individual Insurance – Number of Active Policies (Thousand), 2009–2013 Table 60: Venezuelan Other Individual Insurance – Number of Active Policies (Thousand), 2013–2018 Table 61: Venezuelan Other Individual Insurance – Gross Written Premium (VEF Billion), 2009–2013 Table 62: Venezuelan Other Individual Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 63: Venezuelan Group Whole Life Insurance – Gross Written Premium (VEF Billion), 2009–2013 Table 64: Venezuelan Group Whole Life Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 65: Venezuelan Group Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013 Table 66: Venezuelan Group Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018 Table 67: Venezuelan Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Table 68: Venezuelan Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Table 69: Venezuelan Individual Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Table 70: Venezuelan Individual Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 71: Venezuelan Individual Single-Premium Insurance – Direct Written Premium (VEF Billion), 2009–2013 Table 72: Venezuelan Individual Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Table 73: Venezuelan Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Table 74: Venezuelan Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Table 75: Venezuelan Individual Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Table 76: Venezuelan Individual Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 77: Venezuelan Individual Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2009–2013 Table 78: Venezuelan Individual Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Table 79: Venezuelan Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Table 80: Venezuelan Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Table 81: Venezuelan Group Single-Premium Insurance – Gross Written Premium (VEF Million), 2009–2013 Table 82: Venezuelan Group Single-Premium Insurance – Gross Written Premium (VEF Million), 2013–2018 Table 83: Venezuelan Group Single-Premium Insurance – Direct Written Premium (VEF Million), 2009–2013 Table 84: Venezuelan Group Single-Premium Insurance – Direct Written Premium (VEF Million), 2013–2018 Table 85: Venezuelan Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Table 86: Venezuelan Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Table 87: Venezuelan Group Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Table 88: Venezuelan Group Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Table 89: Venezuelan Group Non-Single-Premium Insurance – Direct Written Premium (VEF Million), 2009–2013 Table 90: Venezuelan Group Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Table 91: Venezuelan Non-Linked Insurance Business – Number of Active Policies (Thousand), 2009–2013 Table 92: Venezuelan Non-Linked Insurance Business – Number of Active Policies (Thousand), 2013–2018 Table 93: Venezuelan Non-Linked Insurance Business – Gross Written Premium (VEF Billion), 2009–2013 Table 94: Venezuelan Non-Linked Insurance Business – Gross Written Premium (VEF Billion), 2013–2018 Table 95: Venezuelan Non-Linked Insurance Business – Direct Written Premium (VEF Billion), 2009–2013 Table 96: Venezuelan Non-Linked Insurance Business – Direct Written Premium (VEF Billion), 2013–2018 Table 97: Venezuelan Life Insurance – Direct Marketing Commission Paid (VEF Million), 2009–2013 Table 98: Venezuelan Life Insurance – Direct Marketing Commission Paid (VEF Million), 2013–2018 Table 99: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Table 100: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Table 101: Venezuelan Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013 Table 102: Venezuelan Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018 Table 103: Venezuelan Life Insurance – Number of Direct Marketing Distributors, 2009–2013 Table 104: Venezuelan Life Insurance – Number of Direct Marketing Distributors, 2013–2018 Table 105: Venezuelan Life Insurance – Bancassurance Commission Paid (VEF Million), 2009–2013 Table 106: Venezuelan Life Insurance – Bancassurance Commission Paid (VEF Million), 2013–2018 Table 107: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Table 108: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Table 109: Venezuelan Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013 Table 110: Venezuelan Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018 Table 111: Venezuelan Life Insurance – Number of Bancassurance Distributors, 2009–2013 Table 112: Venezuelan Life Insurance – Number of Bancassurance Distributors, 2013–2018 Table 113: Venezuelan Life Insurance – Commission Paid to Agencies (VEF Million), 2009–2013 Table 114: Venezuelan Life Insurance – Commission Paid to Agencies (VEF Million), 2013–2018 Table 115: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Table 116: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Billion), 2013–2018 Table 117: Venezuelan Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013 Table 118: Venezuelan Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018 Table 119: Venezuelan Life Insurance – Number of Agencies, 2009–2013 Table 120: Venezuelan Life Insurance – Number of Agencies, 2013–2018 Table 121: Venezuelan Life Insurance – E-Commerce Commission Paid (VEF), 2009–2013 Table 122: Venezuelan Life Insurance – E-Commerce Commission Paid (VEF Million), 2013–2018 Table 123: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Table 124: Venezuelan Life Insurance – Gross Written Premium New Business (VEF Million), 2013–2018 Table 125: Venezuelan Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013 Table 126: Venezuelan Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018 Table 127: Venezuelan Life Insurance – Number of E-Commerce Distributors, 2009–2013 Table 128: Venezuelan Life Insurance – Number of E-Commerce Distributors, 2013–2018 Table 129: Venezuelan Life Insurance – Commission Paid to Brokers (VEF Million), 2009–2013 Table 130: Venezuelan Life Insurance – Commission Paid to Brokers (VEF Million), 2013–2018 Table 131: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Billion), 2009–2013 Table 132: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Table 133: Venezuelan Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013 Table 134: Venezuelan Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018 Table 135: Venezuelan Life Insurance – Number of Brokers, 2009–2013 Table 136: Venezuelan Life Insurance – Number of Brokers, 2013–2018 Table 137: Venezuelan Life Insurance – Commission Paid to Other Channels (VEF Million), 2009–2013 Table 138: Venezuelan Life Insurance – Commission Paid to Other Channels (VEF Million), 2013–2018 Table 139: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Table 140: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Table 141: Venezuelan Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013 Table 142: Venezuelan Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018 Table 143: Venezuelan Life Insurance – Number of Distributors in Other Channels, 2009–2013 Table 144: Venezuelan Life Insurance – Number of Distributors in Other Channels, 2013–2018 Table 145: Venezuela – Life Insurance Regulatory Framework Table 146: Venezuela – Property Insurance Regulatory Framework Table 147: Venezuela – Motor Insurance Regulatory Framework Table 148: Venezuela – Liability Insurance Regulatory Framework Table 149: Venezuela – Corporate Tax Rates for the Financial Year 2015 Table 150: Shares of Key Insurers in the Venezuelan Life Insurance Segment (%), 2013 Table 151: Seguros Horizonte, SA, Key Facts Table 152: Seguros Horizonte, SA, Key Financials (VEF Million), 2009–2012 Table 153: Zurich Seguros, SA, Key Facts Table 154: Zurich Seguros, SA, Key Financials (VEF Million), 2009–2012 Table 155: La Fe Previsora Compañia de Seguros SA, Key Facts Table 156: La Fe Previsora Compañia de Seguros SA, Key Financials (VEF Million), 2009–2012 Table 157: Banesco Seguros, CA, Key Facts Table 158: Banesco Seguros, CA, Key Financials (VEF Million), 2009–2012 Table 159: Mercantil Seguros CA, Key Facts Table 160: Mercantil Seguros CA, Key Financials (VEF Million), 2009–2012 Table 161: Seguros Provincial, CA, Key Facts Table 162: Seguros Provincial, CA, Key Financials (VEF Million), 2009–2012 Table 163: Mapfre La Seguridad, CA de Seguros, Key Facts Table 164: Mapfre La Seguridad, CA de Seguros, Key Financials (VEF Million), 2009–2012 Table 165: CNA de Seguros La Previsora, Key Facts Table 166: CNA de Seguros La Previsora, Key Financials (VEF Million), 2009–2012 Table 167: CA de Seguros La Occidental, Key Facts Table 168: CA de Seguros La Occidental, Key Financials (VEF Million), 2009–2012 Table 169: Seguros Caracas de Liberty Mutual, Key Facts Table 170: Seguros Caracas de Liberty Mutual, Key Financials (VEF Million), 2009–2012 List of Figures
Figure 1: Venezuelan Insurance Industry – Gross Written Premium by Segment (VEF Billion), 2009–2018 Figure 2: Venezuelan Insurance Industry – Gross Written Premium Dynamics by Segment (2009–2018) Figure 3: Venezuelan Insurance Industry – Direct Written Premium by Segment (VEF Billion), 2009–2018 Figure 4: Venezuelan Insurance Industry – Direct Written Premium Dynamics by Segment (2009–2018) Figure 5: Venezuelan Life Insurance – Number of Active Policies and Gross Written Premium (Percentage Share), 2013 Figure 6: Venezuelan GDP at Current Prices (US$ Billion), 2010–2014 Figure 7: Venezuelan Population Distribution by Age Group (%), 2009–2013 Figure 8: Venezuelan Life Insurance – Gross Written Premium by Category (VEF Million), 2009–2018 Figure 9: Venezuelan Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018 Figure 10: Venezuelan Life Insurance – Gross Written Premium Dynamics by Segment (2009–2018) Figure 11: Venezuelan Life Insurance – New Business Written Premium (VEF Million), 2009–2013 Figure 12: Venezuelan Life Insurance – New Business Written Premium (VEF Billion), 2013–2018 Figure 13: Venezuelan Life Insurance – Earned Premium (VEF Billion), 2009–2013 Figure 14: Venezuelan Life Insurance – Earned Premium (VEF Billion), 2013–2018 Figure 15: Venezuelan Life Insurance – Sum Assured (VEF Billion), 2009–2013 Figure 16: Venezuelan Life Insurance – Sum Assured (VEF Billion), 2013–2018 Figure 17: Venezuelan Life Insurance – Paid Claims (VEF Million), 2009–2013 Figure 18: Venezuelan Life Insurance – Paid Claims (VEF Billion), 2013–2018 Figure 19: Venezuelan Life Insurance – Incurred Loss (VEF Million), 2009–2013 Figure 20: Venezuelan Life Insurance – Incurred Loss (VEF Billion), 2013–2018 Figure 21: Venezuelan Life Insurance – Loss Ratio (%), 2009–2013 Figure 22: Venezuelan Life Insurance – Loss Ratio (%), 2013–2018 Figure 23: Venezuelan Life Insurance – Commissions and Expenses (VEF Million), 2009–2013 Figure 24: Venezuelan Life Insurance – Commissions and Expenses (VEF Billion), 2013–2018 Figure 25: Venezuelan Life Insurance – Combined Ratio (%), 2009–2013 Figure 26: Venezuelan Life Insurance – Combined Ratio (%), 2013–2018 Figure 27: Venezuelan Life Insurance – Fraud and Crimes (VEF Million), 2009–2013 Figure 28: Venezuelan Life Insurance – Fraud and Crimes (VEF Million), 2013–2018 Figure 29: Venezuelan Life Insurance – Total Assets (VEF Billion), 2009–2013 Figure 30: Venezuelan Life Insurance – Total Assets (VEF Billion), 2013–2018 Figure 31: Venezuelan Life Insurance – Total Investment Income (VEF Million), 2009–2013 Figure 32: Venezuelan Life Insurance – Total Investment Income (VEF Million), 2013–2018 Figure 33: Venezuelan Life Insurance – Retentions (VEF Billion), 2009–2013 Figure 34: Venezuelan Life Insurance – Retentions (VEF Billion), 2013–2018 Figure 35: Venezuelan Life Insurance – Investment Portfolio (VEF Billion), 2009–2013 Figure 36: Venezuelan Life Insurance – Investment Portfolio, 2009 and 2013 Figure 37: Venezuelan Life Insurance – Penetration (%), 2009–2013 Figure 38: Venezuelan Life Insurance – Density (Number of Policies per Capita), 2009–2013 Figure 39: Venezuelan Life Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 40: Venezuelan Life Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 41: Venezuelan Life Insurance – Number of New Policies Sold (Thousand), 2009–2013 Figure 42: Venezuelan Life Insurance – Number of New Policies Sold (Thousand), 2013–2018 Figure 43: Venezuelan Life Insurance – Premium Per Capita (VEF), 2009–2013 Figure 44: Venezuelan Individual Life Insurance – Gross Written Premium by Category (VEF Million), 2009–2018 Figure 45: Venezuelan Individual Life Insurance – Gross Written Premium by Category (Percentage Share), 2013 and 2018 Figure 46: Venezuelan Individual Life Insurance – Gross Written Premium Dynamics by Category, 2009–2018 Figure 47: Venezuelan Individual Life Insurance – Direct Written Premium by Category (VEF Million), 2009–2018 Figure 48: Venezuelan Individual Life Insurance – Direct Written Premium by Category (Percentage Share), 2013 and 2018 Figure 49: Venezuelan Individual Life Insurance – Direct Written Premium Dynamics by Category, 2009–2018 Figure 50: Venezuelan Individual Life Insurance – Policies by Category (Thousand), 2009–2018 Figure 51: Venezuelan Individual Life Insurance – Policies by Category (Percentage Share), 2013 and 2018 Figure 52: Venezuelan Individual Life Insurance – Policies Dynamics by Category, 2009–2018 Figure 53: Venezuelan Individual Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 54: Venezuelan Individual Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 55: Venezuelan Individual Whole Life Insurance – Gross Written Premium (VEF Million), 2009–2013 Figure 56: Venezuelan Individual Whole Life Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 57: Venezuelan Individual General Annuity Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 58: Venezuelan Individual General Annuity Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 59: Venezuelan Individual General Annuity Insurance – Gross Written Premium (VEF Million), 2009–2013 Figure 60: Venezuelan Individual General Annuity Insurance – Gross Written Premium (VEF Million), 2013–2018 Figure 61: Venezuelan Other Individual Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 62: Venezuelan Other Individual Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 63: Venezuelan Other Individual Insurance – Gross Written Premium (VEF Billion), 2009–2013 Figure 64: Venezuelan Other Individual Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 65: Venezuelan Group Whole Life Insurance – Gross Written Premium (VEF Billion), 2009–2013 Figure 66: Venezuelan Group Whole Life Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 67: Venezuelan Group Whole Life Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 68: Venezuelan Group Whole Life Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 69: Venezuelan Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 70: Venezuelan Individual Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 71: Venezuelan Individual Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Figure 72: Venezuelan Individual Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 73: Venezuelan Individual Single-Premium Insurance – Direct Written Premium (VEF Billion), 2009–2013 Figure 74: Venezuelan Individual Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Figure 75: Venezuelan Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 76: Venezuelan Individual Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 77: Venezuelan Individual Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Figure 78: Venezuelan Individual Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 79: Venezuelan Individual Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2009–2013 Figure 80: Venezuelan Individual Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Figure 81: Venezuelan Group Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 82: Venezuelan Group Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 83: Venezuelan Group Single-Premium Insurance – Gross Written Premium (VEF Million), 2009–2013 Figure 84: Venezuelan Group Single-Premium Insurance – Gross Written Premium (VEF Million), 2013–2018 Figure 85: Venezuelan Group Single-Premium Insurance – Direct Written Premium (VEF Million), 2009–2013 Figure 86: Venezuelan Group Single-Premium Insurance – Direct Written Premium (VEF Million), 2013–2018 Figure 87: Venezuelan Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2009–2013 Figure 88: Venezuelan Group Non-Single-Premium Insurance – Number of Active Policies (Thousand), 2013–2018 Figure 89: Venezuelan Group Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2009–2013 Figure 90: Venezuelan Group Non-Single-Premium Insurance – Gross Written Premium (VEF Billion), 2013–2018 Figure 91: Venezuelan Group Non-Single-Premium Insurance – Direct Written Premium (VEF Million), 2009–2013 Figure 92: Venezuelan Group Non-Single-Premium Insurance – Direct Written Premium (VEF Billion), 2013–2018 Figure 93: Venezuelan Non-Linked Insurance Business – Number of Active Policies (Thousand), 2009–2013 Figure 94: Venezuelan Non-Linked Insurance Business – Number of Active Policies (Thousand), 2013–2018 Figure 95: Venezuelan Non-Linked Insurance Business – Gross Written Premium (VEF Billion), 2009–2013 Figure 96: Venezuelan Non-Linked Insurance Business – Gross Written Premium (VEF Billion), 2013–2018 Figure 97: Venezuelan Non-Linked Insurance Business – Direct Written Premium (VEF Billion), 2009–2013 Figure 98: Venezuelan Non-Linked Insurance Business – Direct Written Premium (VEF Billion), 2013–2018 Figure 99: Venezuelan Life Insurance – New Business Gross Written Premium by Distribution Channel (Percentage Share), 2013 and 2018 Figure 100: Venezuelan Life Insurance – Direct Marketing Commission Paid (VEF Million), 2009–2013 Figure 101: Venezuelan Life Insurance – Direct Marketing Commission Paid (VEF Million), 2013–2018 Figure 102: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 103: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Figure 104: Venezuelan Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2009–2013 Figure 105: Venezuelan Life Insurance – New Policies Sold Through Direct Marketing (Thousand), 2013–2018 Figure 106: Venezuelan Life Insurance – Number of Direct Marketing Distributors, 2009–2013 Figure 107: Venezuelan Life Insurance – Number of Direct Marketing Distributors, 2013–2018 Figure 108: Venezuelan Life Insurance – Bancassurance Commission Paid (VEF Million), 2009–2013 Figure 109: Venezuelan Life Insurance – Bancassurance Commission Paid (VEF Million), 2013–2018 Figure 110: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 111: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Figure 112: Venezuelan Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2009–2013 Figure 113: Venezuelan Life Insurance – New Policies Sold Through Bancassurance (Thousand), 2013–2018 Figure 114: Venezuelan Life Insurance – Number of Bancassurance Distributors, 2009–2013 Figure 115: Venezuelan Life Insurance – Number of Bancassurance Distributors, 2013–2018 Figure 116: Venezuelan Life Insurance – Commission Paid to Agencies (VEF Million), 2009–2013 Figure 117: Venezuelan Life Insurance – Commission Paid to Agencies (VEF Million), 2013–2018 Figure 118: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 119: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Billion), 2013–2018 Figure 120: Venezuelan Life Insurance – New Policies Sold Through Agencies (Thousand), 2009–2013 Figure 121: Venezuelan Life Insurance – New Policies Sold Through Agencies (Thousand), 2013–2018 Figure 122: Venezuelan Life Insurance – Number of Agencies, 2009–2013 Figure 123: Venezuelan Life Insurance – Number of Agencies, 2013–2018 Figure 124: Venezuelan Life Insurance – E-Commerce Commission Paid (VEF), 2009–2013 Figure 125: Venezuelan Life Insurance – E-Commerce Commission Paid (VEF Million), 2013–2018 Figure 126: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 127: Venezuelan Life Insurance – Gross Written Premium New Business (VEF Million), 2013–2018 Figure 128: Venezuelan Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2009–2013 Figure 129: Venezuelan Life Insurance – New Policies Sold Through E-Commerce (Thousand), 2013–2018 Figure 130: Venezuelan Life Insurance – Number of E-Commerce Distributors, 2009–2013 Figure 131: Venezuelan Life Insurance – Number of E-Commerce Distributors, 2013–2018 Figure 132: Venezuelan Life Insurance – Commission Paid to Brokers (VEF Million), 2009–2013 Figure 133: Venezuelan Life Insurance – Commission Paid to Brokers (VEF Million), 2013–2018 Figure 134: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 135: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Figure 136: Venezuelan Life Insurance – New Policies Sold Through Brokers (Thousand), 2009–2013 Figure 137: Venezuelan Life Insurance – New Policies Sold Through Brokers (Thousand), 2013–2018 Figure 138: Venezuelan Life Insurance – Number of Brokers, 2009–2013 Figure 139: Venezuelan Life Insurance – Number of Brokers, 2013–2018 Figure 140: Venezuelan Life Insurance – Commission Paid to Other Channels (VEF Million), 2009–2013 Figure 141: Venezuelan Life Insurance – Commission Paid to Other Channels (VEF Million), 2013–2018 Figure 142: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2009–2013 Figure 143: Venezuelan Life Insurance – New Business Gross Written Premium (VEF Million), 2013–2018 Figure 144: Venezuelan Life Insurance – New Policies Sold Through Other Channels (Thousand), 2009–2013 Figure 145: Venezuelan Life Insurance – New Policies Sold Through Other Channels (Thousand), 2013–2018 Figure 146: Venezuelan Life Insurance – Number of Distributors in Other Channels, 2009–2013 Figure 147: Venezuelan Life Insurance – Number of Distributors in Other Channels, 2013–2018 Figure 148: Venezuela – Insurance Regulatory Framework Figure 149: Venezuela – Insurance Supervision and Control at Various Levels Figure 150: Venezuela – Insurance Regulatory Frameworks for Company Registration and Operation Figure 151: Venezuelan Life Insurance – Segment Shares (%), 2013 Figure 152: Venezuelan GDP at Constant Prices (US$ Billion), 2010–2014 Figure 153: Venezuelan GDP Per Capita at Constant Prices (US$), 2010–2014 Figure 154: Venezuelan GDP at Current Prices (US$ Billion), 2010–2014 Figure 155: Venezuelan GDP Per Capita at Current Prices (US$), 2010–2014 Figure 156: Venezuelan Inflation Rate (%), 2010–2013 Figure 157: Venezuelan Exports as a Percentage of GDP (%), 2009–2013 Figure 158: Venezuelan Imports as a Percentage of GDP (%), 2009–2013 Figure 159: Venezuelan Annual Average Exchange Rate US$–VEF, 2010–2014 Figure 160: Venezuelan Internet Subscriptions (Million), 2010–2014 Figure 161: Venezuelan Unemployment Rate (%), 2010–2014 Figure 162: Venezuelan Total Population (Million), 2010–2014 Figure 163: Venezuelan Urban and Rural Populations (%), 2010–2014 Figure 164: Venezuelan Population Distribution by Age (%), 2010–2014 Figure 165: Venezuelan Life Expectancy (Years), 2010–2014
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