Direct written premiums (Life and non-Life)
At the close of the fourth quarter in 2023, Ecuador's insurance market witnessed a substantial growth in accumulated direct net premiums, reaching USD 2,202 million. This signifies a noteworthy year-on-year nominal increase of 9.7%. The technical cost of direct claims amounted to USD 619 million, representing 28% of the gross premium volume, while the contribution margin reached USD 602 million, constituting 27.3% of total premiums. However, the overall intermediary result for the entire market, encompassing all coverage types, reported a negative figure of USD 142.6 million.
Leading the charge in terms of market share growth in direct premium volume is AIG, claiming the top spot with a 0.49 percentage point advancement. SEGUROS ALIANZA secures the second position with a growth of 0.32%. SWEADEN (+0.19%), SEGUROS DEL PICHINCHA (+0.18%), and BUPA (+0.11%) complete the ranking of the top five entities excelling in this indicator by the end of the year.
In the realm of market participation, PICHINCHA maintains its leadership position with a 10.7% share as of December 2023, followed closely by EQUINOCCIAL at 9.8%, and CHUBB at 9.7%. HISPANA and ASEGURADORA DEL SUR, with market shares of 7.2% and 6.3% respectively, follow suit. Together, these top five insurers in the local market represent 43.6% of the business, leaving the remaining share to be managed by 23 other entities.
