Press Releases
Insurers up life premiums 24% Jan-Nov - Ecuador
Ecuador 1/19/2007 10:58:00 AM
Ecuador's private sector insurers increased written life premiums 24% in the first 11 months of 2006 to US$91.6mn compared to the same period the previous year, according to figures from financial sector watchdog SB.
The life segment represented 17% of the sector's total written premiums, which amounted to US$555mn from January-November last year.
Industry leader Pan-American Life Insurance Company, a unit of US-based Palic, which recorded written premiums of US$17.4mn, controlled 19% of the life market at end-November, while rival Equivida came in second with 14%.
Seguros del Pichincha, Bolívar and Rocafuerte - the three closest competitors of the top players - finished November with market shares of 13%, 8% and 6%, respectively.
As of November 30, there were 27 companies selling life insurance in Ecuador, which posted net profits of US$10mn for the 11-month period, up 81% over the same period in 2005.
By Business News Americas staff reporters
About Pan-American Life
The Pan-American Life Insurance Group is a leading provider of insurance and financial services serving nearly half a million customers throughout the Americas. New Orleans-based Pan-American Life Insurance Company, the Group's flagship member, has been delivering trusted financial services since 1911, employing more than 700 worldwide, providing top-rated life and health insurance, worksite benefits and financial services in 47 states, the District of Columbia (DC) and Puerto Rico. The Group’s member companies offer individual and/or group life and health insurance throughout Latin America. The Group has branches and affiliates in Costa Rica, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Panama, Puerto Rico, and the Cayman Islands. For more information, visit the Pan-American Life Web site at www.panamericanlife.com
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