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Enhancing Transparency in Latin American Insurance Markets: OECD Seminar Findings

This document outlines the results and next steps following the OECD-Latin America Seminar on insurance market transparency and monitoring. It includes details about questionnaire administration, data completeness challenges, core outputs, potential sources of data discrepancies, and follow-up actions. Key topics covered are data comparability, reinsurance, premium cession, and investment portfolio allocation.

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Enhancing Transparency in Latin American Insurance Markets: OECD Seminar Findings

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  1. OECD Global Insurance Statistics:Preliminary results from the data collection exercise for ASSAL MEMBERS and the way forward OECD-Latin America Seminar on enhancing transparency and monitoring of insurance markets Montevideo, Uruguay 26-27 September 2013  . Jean-Marc Salou Financial Affairs Division Directorate for Financial and Enterprise Affairs OECD, Paris .

  2. Questionnaire administration • Twodocuments to bereturnedbefore30 May 2013: • Electronic Excel questionnaire (Sections 1.1 to 1.4) • Qualitative word questionnaire (Section 1.5) • Full questionnaire to bereceived by 3 October 2013,including: • Sections 2.1 to 2.14 • Anyupdates or/and revisionsfromSections 1.1 to 1.4 • Section 2.15 + methodological notes by 1 November 2013 Provision of unaudited and/or estimated data isencouragedwhen data are not available

  3. Level of participation In Latin America: • 1st Joint Seminar on InsuranceStatistics in Latin Americawith ASSAL (Asociación de Supervisores de Seguros de América Latina), 26-27 September 2013 in Montevideo, Uruguay • Overall, electronic questionnaires sent to 59 OECD and non-OECD countries, • Excel questionnaires with 2012 data received so far for: • 19/34 OECD countries • 13/25 non-OECD key partners, of which: • 1/7 Asian key partners • 12/17 ASSAL key partners • Qualitative information was in most cases providedwith Excel questionnaire

  4. Data completeness can impede data comparability Data completeness of Section 1.2, about Business Written in the Reporting Country (by selected classes of life insurance), in Latin america, 2012

  5. Core outputs • “Insurance Statistics Yearbook: Edition 2013” (to be released in December) and a CD-ROM; • The OECD Global Insurance Market Trends (to be released in October) • Contribution to an OECD G20 report on Long Term Investments (initial work to start in October) • A one-stop statistics where historical data series presenting comparable statistics and indicators can be retrieved easily: http://stats.oecd.org/index.aspx

  6. Direct access: http://stats.oecd.org/Index.aspx?DatasetCode=INSIND All range of insurance statistics

  7. Examining potential sources of discrepancies that can jeopardize data comparability • Check the valuation method used at national level across countries (i.e., mark-to-market vs. book value) and accounting standards (business vs. national accounting) • Identify where different compilation methods apply across countries, such as the look-through of certain instruments (e.g., mutual funds) across other asset classes • Timeliness (e.g., time lag calendar vs. fiscal year) • Sourcing (e.g., entire population of insurance undertakings vs. sample, primary vs. secondary sources) • Inclusion or exclusion of the business of branches and agencies of domestic insurance companies located abroad

  8. Examining potential sources of discrepancies that can jeopardize data comparability (Cont.) • Inclusion or exclusion of reinsurance in submitted data • Premiums ceded by direct business are not available in some countries. Instead total premiums (reinsurance + retrocession) are provided. This might generate a double counting problem for users interested in direct cession rates. • This is why it is very important to have both Premiums Ceded by Direct Insurers and Premiums Ceded by Reinsurers (reinsurance and retrocession) as separate series Retrocession Reinsurance P Premium, P, ceded by the direct insurer Reinsurer retrocedes a part of this premium

  9. Preliminary list of follow-up actions to the Seminar • Liaise bilaterally with countries that did not send back the questionnaire yet • Follow-up with countries in order to check outliers and further explain trends • Finalisethe report “Stocktaking and Comparative Assessment of Insurance Statistics in Selected Latin American Countries: Preliminary Findings” • Circulate a list of future outputs and possible contributions for planning purposes

  10. SELECTED CHARTS BASED ON PRELIMINARY FIGURES

  11. Annual real gross premium growth: Life sector (2011-12) In percent

  12. Annual real gross premium growth: Non-life sector (2011-12) In percent

  13. Growth in gross claim payments: Non-Life sector (2011-12)

  14. Combined ratio (2011-2012)

  15. Investment portfolio allocation: Life insurers (2012)As a percentage of total investments

  16. Investment portfolio allocation: Non-life insurers (2012)As a percentage of total investments

  17. Investment portfolio allocation: Composite insurers (2012)As a percentage of total investments

  18. THANK YOU

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