The insurance brokerage business in Ecuador experienced notable activity by the end of 2023. The volume of premiums intermediated by brokers and insurance agents was significant, amounting to USD 1,948 million in total. This volume was divided between non-life insurance, which accounted for USD 933.1 million, and life insurance, which reached USD 1,014.6 million. The total premium volume saw a nominal year-on-year growth of 10.9%, with non-life insurance premiums growing by 12.7% and life insurance premiums by 9.3%.
The commission volumes earned by brokers and insurance agents also reflected substantial figures. By December 2023, non-life insurance commissions totaled USD 130 million, while life insurance commissions were slightly higher at USD 147.1 million. The total commissions amounted to USD 277.2 million, showing a nominal year-on-year growth of 8.1%. Specifically, non-life insurance commissions grew by 2.4%, and life insurance commissions grew by 13.6%.
In terms of market share in commissions, five leading brokers stood out. NOVAECUADOR led with a market share of 9.8%, followed by TECNISEGUROS with 6.7%, ASERTEC with 5.3%, ECUAPRIMAS with 5.0%, and GRUPO MANCHENO VILLACRESES with 4.0%. Together, these five brokers managed 30.8% of the total business.
The ranking of brokers with the most significant growth in market share revealed GRUPO MANCHENO VILLACRESES as the top performer, gaining 1.82 percentage points in market share. SEGUSUAREZ followed with a gain of 0.42 percentage points, NOVAECUADOR with 0.34 percentage points, IMBASEGUROS with 0.21 percentage points, and ASPROS with 0.208 percentage points.
These data are sourced from the Q4.2023 market research report by RankingsLatAm. The report highlights the dynamic nature of the insurance brokerage and agency sector in Ecuador, underscoring the competitive landscape and the notable growth and market positioning of key players in the industry.
The commission volumes earned by brokers and insurance agents also reflected substantial figures. By December 2023, non-life insurance commissions totaled USD 130 million, while life insurance commissions were slightly higher at USD 147.1 million. The total commissions amounted to USD 277.2 million, showing a nominal year-on-year growth of 8.1%. Specifically, non-life insurance commissions grew by 2.4%, and life insurance commissions grew by 13.6%.
In terms of market share in commissions, five leading brokers stood out. NOVAECUADOR led with a market share of 9.8%, followed by TECNISEGUROS with 6.7%, ASERTEC with 5.3%, ECUAPRIMAS with 5.0%, and GRUPO MANCHENO VILLACRESES with 4.0%. Together, these five brokers managed 30.8% of the total business.
The ranking of brokers with the most significant growth in market share revealed GRUPO MANCHENO VILLACRESES as the top performer, gaining 1.82 percentage points in market share. SEGUSUAREZ followed with a gain of 0.42 percentage points, NOVAECUADOR with 0.34 percentage points, IMBASEGUROS with 0.21 percentage points, and ASPROS with 0.208 percentage points.
These data are sourced from the Q4.2023 market research report by RankingsLatAm. The report highlights the dynamic nature of the insurance brokerage and agency sector in Ecuador, underscoring the competitive landscape and the notable growth and market positioning of key players in the industry.
