The latest edition of the market research report "Insurance in Ecuador: Competitive and Technical Analysis by Insurer" offers an updated assessment of the Ecuadorian insurance sector, based on the financial statements of competing insurers and data from the Superintendencia de Compañías, Valores y Seguros (SCVS).
Market Overview
As of March 2025, the Ecuadorian insurance market recorded net written premiums totaling USD 576 million, reflecting a year-on-year increase of 1.9% compared to USD 565 million in March 2024. The contribution margin expanded significantly, rising by 29.5% to reach USD 137 million, up from USD 106 million a year earlier. Claims costs experienced a notable decrease of 7.5%, amounting to USD 145 million versus USD 157 million in the previous year. Meanwhile, intermediation results posted a deficit of USD 82 million, compared to a negative USD 71 million in March 2024.
The sector's technical indicators also showed changes. The claims ratio, measured as claims costs over net written premiums, stood at 25.3% in March 2025, improving from 27.8% recorded a year earlier. The overall result ratio, representing the net result over premiums, was negative at -14.3%, slightly down from -12.6% in March 2024.
In terms of premium growth by coverage lines, the market shows diverse trends. The data presented here covers a selection of key coverages, while a detailed analysis of all product lines is available in the full market study. Non-life insurance reached 101.87% of its level in March 2024, indicating marginal growth. Vehicle insurance maintained a stable performance at 99.44%. Fire and allied lines reported a relative contraction at 89.04%, while catastrophic risk coverage expanded sharply to 137.83%. Robbery insurance grew to 103.87%, and multi-risk coverage advanced to 110.66%. In life insurance, total premiums reached 101.95% of the prior year level. Within life products, personal accident coverage declined to 97.42%, while medical assistance coverage increased to 106.05%. Group life rose to 102.02%, and individual life decreased to 95.04%. Overall, the general market reported a modest annual premium volume growth to 101.90%.
Market Shares
From a competitive standpoint, Seguros del Pichincha led with an 11.30% in market share, followed by Equinoccial at 9.86%, Chubb Seguros Ecuador at 9.51%, Zurich Seguros Ecuador at 8.17%, and Hispana at 7.98%.
Breaking down market share by segment, Pichincha emerged as the leading insurer in life coverage, holding 26.93% of the market as of March 2025. Chubb Seguros Ecuador followed with a 12.58% share, Equinoccial with 9.15%, Hispana with 7.35%, and Bupa Ecuador with 5.83%. In the non-life segment, Zurich Seguros Ecuador led with 12.67% market share, trailed by Equinoccial at 10.33%, Hispana at 8.40%, Latina Seguros at 8.36%, and Aseguradora del Sur at 8.24%.
When measured by net results in USD, Seguros Alianza led the rankings with a result of USD 2,053,458. La Unión followed with USD 1,551,368, Seguros Confianza with USD 1,101,518, Interoceanica with USD 453,141, and Colon with USD 316,443.