LATIN AMERICA INSURANCE RANKINGS DATA HUB
As of September 2025, the Ecuadorian insurance market continues to show steady expansion, reflecting a resilient demand for both life and non-life coverage. Total written premiums reached USD 1,751 million, up from USD 1,674 million in September 2024. This represents a nominal year-on-year growth rate of 4.6%, confirming a moderate but consistent expansion path in a context of economic normalization and gradual recovery in insurance penetration.
This 4.6% nominal annual increase highlights the capacity of the Ecuadorian insurance industry to grow in real terms while maintaining portfolio balance between life and non-life segments, which together define the full scope of the market.
Competition in Ecuador remains relevant but relatively concentrated. A total of 32 insurance companies are actively competing in the local market, representing 3.8% of all insurers operating across Latin America. This positions Ecuador as a mid-sized insurance market within the region, with a manageable number of players and a competitive environment shaped by scale, brand strength and distribution capabilities.
Market leadership is clearly defined by a group of large insurers that concentrate a significant portion of total premiums. Pichincha leads the ranking with an 11.5% market share, followed by Chubb Seguros Ecuador S.A. with 9.6%. Equinoccial holds the third position with an 8.9% share, while Latina Seguros C.A. accounts for 7.5% and Hispana de Seguros y Reaseguros S.A. closely follows with 7.4%. Aseguradora del Sur captures 6.3% of the market, AIG Metropolitana reaches 6.0%, and Zurich Seguros Ecuador S.A. represents 5.6% of total premiums. Sweaden Compañía de Seguros S.A. and Ecuatoriano Suiza, each with a 4.6% market share, complete the top ten ranking.
Taken together, the ten leading insurers concentrate 71.9% of total market premiums, underscoring a high level of concentration at the top of the competitive landscape. This structure highlights the strategic importance of scale and brand positioning in Ecuador, while also leaving room for smaller and mid-sized insurers to compete in specialized niches within the remaining share of the market.
In October 2024, Seguros Equinoccial and Ecuatoriano Suiza announced an agreement under which Equinoccial would acquire a majority stake in Ecuatoriano Suiza with the aim of later merging the two companies.
The acquisition was fully formalized in May 2025, after regulatory clearance, and the integration process began, with both companies operating independently during the transition. As the merger progressed, both insurers planned to combine operations and administrative functions. On November 1, 2025, the two insurers were formally consolidated under a new combined brand called Equisuiza — representing the unified company.