Strategic Market Intelligence: Insurance Industry in Paraguay - Key Trends and Opportunities to 2023

Strategic Market Intelligence: Insurance Industry in Paraguay - Key Trends and Opportunities to 2023

  • March 2019 •
  • 101 pages •
  • Report ID: 5754109 •
  • Format: PDF
Strategic Market Intelligence: Insurance Industry in Paraguay - Key Trends and Opportunities to 2023

Summary
The Paraguayan insurance industry is supervised and regulated by The Superintendent of Insurance (SIS), a division of the Central Bank of Paraguay.Composite insurance is not permitted in the Paraguayan insurance industry, but both life and property insurance companies can underwrite and sell accident and health insurance.

According to existing tax legislation, a 3% withholding tax is imposed on reinsurance premiums paid to non-resident reinsurance companies issuing reinsurance contracts covering insurance risks arising in the country.Insurance business is taxed at the standard value added tax rate of 10%, except for life insurance products and services.

Employees are required to pay 9% of their gross salary to social security. Employers also contribute social security taxes at a rate of 16.5% of the gross salary of each employee.

Key Findings
- As of 2018, the Paraguayan insurance industry stood at PYG2,451.9 billion (US$436.3 million) in terms of GWP
- The insurance industry GWP grew at a CAGR of 8.4% during the review period (2014-2018)
- Insurance penetration was at 1.34% in 2018 and has been on a decline since 2015, when it was 1.38%
- About 86% of the total market size by GWP is concentrated in the General Insurance lines
- Almost 80% of the general insurance GWP comprises three lines of business: motor; property; and marine, aviation and transit insurance
- Personal accident insurance was the fastest-growing line of business, registering a CAGR of 16.8% during the review period
- The Paraguayan insurance industry is dominated by domestic insurers
- Mapfre Seguros SA Paraguay, SA Consolidated Insurance and Aseguradora del Este SA were the key general insurers in 2018
- Aseguradora del Este SA, Cenit de Seguros SA and Patria SA were the key life insurers in the same year
- As a result of low internet penetration, insurtech is yet to assume a key role in the Paraguayan insurance industry. Key initiatives are underway to deploy mobile-based microinsurance products to enhance insurance cover over the forecast period
- Professional indemnity insurance is compulsory for registered reinsurance brokers. The law stipulates a minimum liability insurance cover of PYG2.6 billion (US$458,512.0) for brokers to address any claim throughout the policy term

The report "Strategic Market Intelligence: Insurance Industry in Paraguay - Key Trends and Opportunities to 2023", provides a detailed outlook by product category for the Paraguayan insurance industry, and a comparison of the Paraguayan insurance with its regional counterparts.It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined ratio, total assets, total investment income and net earned premium during the review period (2014-2018) and forecast period (2018-2023).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Paraguayan economy and demographics, and provides detailed information on the competitive landscape in the country.The report brings together 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.

Key Highlights
- Key insights and dynamics of the Paraguayan insurance industry
- A comprehensive overview of the Paraguayan economy, government initiatives, FDI, country risk, and investment opportunities
- Paraguayan insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements
- Paraguayan insurance industry’s market structure giving details of retail and commercial lines of business with market shares
- Distribution channels deployed by the Paraguayan insurers
- Details of the competitive landscape, M&A and competitors’ profiles

Companies mentioned: Mapfre Seguros SA Paraguay, SA Consolidated Insurance, Aseguradora del Este SA, Yacyreta Aseguradora SA, Tajy Aseguradora SA, Sancor Seguros del Paraguay SA, Security Insurance Company SA, Patria SA, Aseguradora Paraguaya SA, General Insurance Group SA, Aseguradora del Este SA, Cenit de Seguros SA, Patria SA, Security Insurance, Nappy General Insurance, Seguros Generales SA (SEGESA), Mapfre Seguros SA Paraguay, Regional SA

Scope
- This report provides a comprehensive analysis of the Insurance Industry in Paraguay.
- It provides historical values for the Paraguayan insurance industry for the report’s 2014-2018 review period, and projected figures for the 2018-2023 forecast period.
- It offers a detailed analysis of the key categories in the Paraguayan insurance industry, and market forecasts to 2023.
- It analyzes the various distribution channels for insurance industry products in Paraguay.
- It profiles the top insurance companies in Paraguay and outlines the key regulations affecting them.

Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Paraguayan insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Paraguayan insurance industry.
- Assess the competitive dynamics in the insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing the Paraguayan insurance industry, and their impact on companies and the industry’s future.
Loading...

We are very sorry, but an error occurred.
Please contact support@reportbuyer.com if the problem remains.