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>> VENEZUELA


José Francisco López A., director general manager of Provincial Re and Venezuela Re Venezuelan Insurance in Figures



In 2009, the Venezuelan insurance market grew by 8.94% -net of inflation- and 36.38% in US dollars terms. These and other highly interesting figures are presented in this report, prepared by José Francisco López A., director general manager of Provincial Re and Venezuela Re.


As of December 31, 2009, the venezuelan insurance market was showing nominal growth of 36.38% compared with the previous year, with written premiums rising from Bs. 22,429 million to 30,089 Bs. million. Bearing in mind the 25.21% inflation rate for this same period, this means that the Venezuelan insurance market grew in real terms by 8.94%. In like manner, talking about American dollars the insurance market grew by 36.38% with written premiums rising from USD 10,262 million to USD 13,995 million.
Retentions

The venezuelan insurance market retained is similar to the past year because the out of total premiums collected is 84.26% that represent only 0.03 points more retentions for the previous year.
Reinsurance

Consequently, 15.74% of premiums went to the reinsurance for an equivalent of USD 2,203 million, compared with USD 1,618 million in 2008, ceded premiums grew by 36.13% in 2009, despite the fact in percentage terms, reinsurance ceded going from 15.77% to 15.74%.
Premiums ceded to Reinsurance

In 2009, local reinsurers (4 in all) accepted premiums from the venezuelan insurance market for a total of Bs. 201 million (USD 93 million) compared with the Bs. 208 million (USD 97 million) reinsurers accepted in 2008, this signifies a low of 3,34% in bolivars and in dollars.
Domestic Reinsurance and Retrocessions

Of the Bs. 201 million (USD 93 million) the local reinsurers accepted in 2009, it can be estimated that they jointly retained approximately 70%, with the other half’s having been placed off shore in the form of retrocessions, in other words, about Bs. 60 million (USD 28 million).
Foreign Reinsurance

The premiums ceded to offshore reinsures came to USD 2.110 million, signifying an increased of 38.63% compared with the previous year, when offshore cessions came to USD 1,522 million.
Capital

Paid up Capital increased in 2009 by 45.44% and it growl from 4.69% to 5.44% on premiums.
Equity

The Equity grew by 38.81% going from Bs. Bs.6.120 millions (USD 2,846 millions) to Bs. 8,494 millions (USD 3,951 millions), and its relationship respect to collected premiums went from 27.28% in 2008 to 28.23% in 2009.
Administrative and Acquisitions Costs

In percentage terms, costs performance ran as follows: Administrative Costs going from 14.57% in 2008 to 14.65% in 2009, Acquisitions Costs fell from 12.48% in 2008 to 11.79% in 2009; while Year Profit fell in 1.44 points and Investment Yield also fell but in 1.22 as a percentage points.
Comments

It is worthwhile remarking that in Venezuela, the top of 15 insurers account for 78.49% of the market share. The remaining 21.51% is shared by 35 other companies, since the entire Venezuelan market was made up of 50 companies at the end of 2009.

Venezuela.pdf 
 
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