The insurance market in Ecuador has shown positive growth during the period 2022.Q2 - 2023.Q2. The insurers that stand out for their highest year-on-year growth in market share in written premiums are BUPA ECUADOR, CHUBB SEGUROS ECUADOR, INTEROCEANICA, UNIDOS and LA UNION. This increase in participation reflects greater customer confidence in their services and the positioning of these companies in the Ecuadorian market.
Insurers in Ecuador
Highest year-on-year market share growth ranking
Direct written premiums
BUPA ECUADOR, with a growth of 0.64%, has managed to strengthen its presence in the insurance market, reaching a share of 2.4% in June 2023. On the other hand, CHUBB SEGUROS ECUADOR has experienced a growth of 0. 59%, consolidating its position as one of the main players in the sector, with a participation of 9.6% in the same period.
Regarding the annual variation by type of coverage, the impressive growth of the "MEDICAL ASSISTANCE" stands out with 24.12%. However, not all categories have shown positive results. The "INDIVIDUAL LIFE" line experienced a decrease of 4.22%.
The market volume (Net written premiums) has increased by 11.08% compared to the previous year, reaching USD 1086 million in June 2023. This increase shows constant growth in the Ecuadorian insurance sector and reflects the companies' commitment to the development and market expansion.
Despite this growth, intermediation results show a decrease of 12.5%. This indicates that insurers face challenges in efficiently managing their operations and managing their costs. It is essential for companies to improve their intermediation strategies to maintain their profitability and competitiveness in a changing and increasingly competitive environment.
In conclusion, the insurance market in Ecuador is experiencing sustained growth and greater market share for some insurers. The positive results in certain lines show the potential of the sector and its ability to adapt to the changing needs of consumers. However, the decrease in the intermediation result highlights the importance of efficient management to face the challenges and take advantage of the opportunities offered by the constantly evolving Ecuadorian insurance market.