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
Questionnaire administration
•
•
•
Two documents to be returned before 30 May 2013:
• Electronic Excel questionnaire (Sections 1.1 to 1.4)
• Qualitative word questionnaire (Section 1.5)
Full questionnaire to be received by 3 October 2013, including:
• Sections 2.1 to 2.14
• Any updates or/and revisions from Sections 1.1 to 1.4
Section 2.15 + methodological notes by 1 November 2013
Provision of unaudited and/or estimated data is encouraged
when data are not available
2
Level of participation
In Latin America:
•
1st Joint Seminar on Insurance Statistics in Latin America with ASSAL
(Asociación de Supervisores de Seguros de América Latina), 26-27
September 2013 in Montevideo, Uruguay
• Overall, electronic questionnaires sent to 59 OECD and nonOECD 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 provided with Excel
questionnaire
3
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
Mexico
Argentina
Bolivia
Brazil
Chile
Colombia
Costa Rica
Dominican Republic
Ecuador
El Salvador
Guatemala
Honduras
Nicaragua
Panama
Paraguay
Peru
Puerto Rico
Uruguay
Annuities
Unit-linked
Other Life
Insurance
P
P
P

P
P
P



P




P
P
P




P
P
P



P

P




P
P
P
P

P
P
P


P
P

P


P

P
Total
Of Which
Pension
Contracts
P
P
P

P
P
P


P
P

P


P

P

P



P
P



P






P
4
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
5
Direct access:
http://stats.oecd.org/Index.aspx?DatasetCode=INSIND
All range
of
insurance
statistics
6
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
7
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.
Retrocession
Reinsurance
Premium, P, ceded by
the direct insurer
P
Reinsurer retrocedes a
part of this premium
– 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
8
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
• Finalise the 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
9
SELECTED CHARTS BASED
ON PRELIMINARY FIGURES
10
Annual real gross premium growth: Life sector (2011-12)
In percent
Selected OECD countries
Korea
Chile (1)
Norway
Belgium (1)
Poland (1)
Ireland
Mexico (1)
United States
Denmark (1)
Switzerland
OECD weighted average
Iceland (1)
OECD simple average
Slovak Republic
Slovenia (1)
Czech Republic
Sweden (1)
Finland (1)
Canada
Estonia (1)
Turkey (2)
Australia
Italy (3)
Portugal
Austria
France
Greece
Spain
Hungary (1)
Netherlands
Selected African and Asian countries
Hong Kong (China)
South Africa (4)
Singapore
Selected ASSAL (non-OECD) countries
Costa Rica
Uruguay
Colombia
El Salvador (4)
Peru (1)
-48.4
Panama (2)
-60
-50
21.9
20.9
12.6
11.7
11.6
11.2
10.1
3.8
2.6
2.4
2.0
0.9
-0.5
-1.7
-1.8
-2.3
-2.3
-2.3
-3.1
-4.6
-5.8
-7.6
-7.6
-9.2
-9.3
-10.4
-10.5
-13.5
-13.8
-18.0
8.9
-0.3
-2.4
26.8
24.1
21.5
14.3
5.1
11
-40
-30
-20
-10
0
10
20
30
40
Annual real gross premium growth: Non-life sector (2011-12)
In percent
Selected OECD countries
Korea
Belgium (1)
Turkey (2)
Ireland
Estonia (1)
Canada
Chile (1)
Australia
Norway
Israel (1)
Mexico (1)
United States
OECD weighted average
Switzerland
France
Poland (1)
OECD simple average
Denmark (1)
Iceland (1)
Austria
Finland (1)
Slovenia (1)
Spain
Italy (3)
Czech Republic
Netherlands
Slovak Republic
Portugal
United Kingdom
Hungary (1)
Greece
-16.1
Sweden (1)
-18.8
Selected African and Asian countries
Singapore
Hong Kong (China)
South Africa (4)
Selected ASSAL (non-OECD) countries
Colombia
Cuba
Uruguay
Costa Rica
Peru
El Salvador (4)
Guatemala
-25
-20
15.2
12.2
11.4
10.4
8.3
6.3
5.8
5.5
4.1
4.0
3.9
3.5
3.3
3.1
1.1
1.0
0.7
0.4
0.2
0.0
-2.3
-2.8
-3.6
-3.9
-4.5
-5.1
-5.5
-6.3
-7.9
-8.2
13.6
9.0
-7.0
14.5
11.8
10.5
9.2
8.3
1.9
-5.9
-15
-10
-5
0
12
5
10
15
20
Growth in gross claim payments: Non-Life sector (2011-12)
Selected OECD countries
Chile
Greece
Iceland
Sweden
Turkey
Norway
Poland
Belgium
Korea (1)
Austria
Switzerland
United States
Netherlands
France (2,3)
Mexico (3)
Canada (3)
Israel
Czech Republic
Hungary
Spain
Slovenia
Slovak Republic
Finland
Portugal
Denmark
Italy (4)
Estonia
Ireland
-31.3
Australia (5)
Selected African and Asian countries
Singapore
Hong Kong (China) (1)
South Africa
Selected ASSAL (non-OECD) countries
Uruguay
Cuba
Nicaragua
Costa Rica
Colombia
Peru
El Salvador
Guatemala
-60
-40
62.3
36.1
32.5
29.4
23.3
10.5
9.8
8.8
7.6
6.5
3.7
2.7
1.8
1.4
1.0
0.8
0.2
0.1
-0.2
-0.4
-1.0
-1.3
-1.4
-1.4
-7.1
-11.9
-12.1
-21.8
15.7
10.6
-7.2
32.6
22.4
20.7
20.3
16.7
16.7
11.4
-17.0
-20
13
0
20
40
60
80
100
50
96.5
82.7
67.8
61.3
59.0
72.7
200
240.3
193.6
Selected ASSAL (non-OECD) countries
141.0
116.5
2012
Selected African and Asian countries
169.2
156.5
131.4
124.1
119.6
119.3
114.5
109.0
109.0
108.6
108.2
98.8
97.4
95.1
94.8
94.5
93.8
93.5
88.6
84.0
81.8
78.8
78.1
77.9
76.6
74.6
73.2
67.2
49.4
150
Selected OECD countries
Combined ratio (2011-2012)
2011
300
250
0
14
Investment portfolio allocation: Life insurers (2012)
As a percentage of total investments
Bonds
Shares
Real estate
Other
Costa Rica
Mexico
Colombia
Puerto Rico
Peru
Uruguay
Chile
Argentina
Bolivia
El Salvador
Panama
0
25
50
75
100
15
Investment portfolio allocation: Non-life insurers (2012)
As a percentage of total investments
Bonds
Shares
Real estate
Other
Costa Rica
Mexico
Colombia
Uruguay
Puerto Rico
Chile
Paraguay
Guatemala
Argentina
Peru
Bolivia
El Salvador
0
25
50
75
100
16
Investment portfolio allocation: Composite insurers (2012)
As a percentage of total investments
Bonds
Shares
Real estate
Other
Uruguay
Peru
Costa Rica
Mexico
Guatemala
Paraguay
Argentina
Panama
El Salvador
Nicaragua
0
25
50
75
100
17
THANK YOU
18