The Experience of ASSAL with Insurance Statistics Based on
Survey about Sources of Insurance Statistical Information
Montevideo- September 2013
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1.Context. 2.Statistics Insurance ASSAL Member Countries (OECD
survey application) and results. 3.Preliminary conclusions.
Agenda
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Context Availability of technical and financial statistics
about insurance is a key element for: The effective supervision of
insurance activity in each country. Transparency of the insurance
market and the supervisory process. Development of public policies
for the insurance sector (regulation, supervision and encourage
policy. Appropriate monitoring of the insurance sector by private
entities like credit rating agencies, external auditors and
research institutions. Encourage scientific research about
insurance market. To build a benchmark about insurance companies
performance and his risk profile.
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Insurance Statistic at ASSAL Members In order to check the
availability of statistical information on insurance ASSAL member
countries, adapted a survey developed by the OECD for the same
purpose in Asia. The questionnaire has 17 questions and it was send
to 21 jurisdictions. The results of the survey were pretty good in
terms of coverage. It was answered by 19 members of the 21 ASSAL
members.
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Supervisory Authorities Supervisory Authorities and Regulation
of the insurance sector are diverse among Assal members countries.
At several jurisdictions the insurance supervisors are in charge of
the control of banks, pension funds administrators in addition to
insurance companies. Just a few members countries of ASSAL (5) have
a institution devoted to insurances regulation and supervision as
an exclusive activity. (Argentina, Costa Rica, Mxico, Puerto Rico y
Portugal).
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Statistical Collection on Insurance In general terms, the
insurance statistics are defined, collected and published by the
insurance supervisor authorities. That is the case of 16 of 19
participants countries at the survey. Just in case of Brazil,
Panama y Peru there are another public entities taking part of the
process. Those institutions are: ANS AGNCIA NACIONAL DE SEGUROS
APADEA (Asociacin Panamea de Aseguradoras) Asociacin Peruana de
Empresas de Seguros (APESEG) - Superintendencia de Mercado de
Valores (SMV) - Ministerio de Transportes y Comunicaciones - Fondo
de Compensacin del Seguro Obligatorio de Accidentes de Trnsito y
del Certificado Contra Accidentes de Trnsito. - Apoyo &
Asociados Internacionales - Class & Asociados S.A. - PCR
(Pacific Credit Rating) - Equilibrium
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Means for Collection of Information In general terms, insurance
statistics are received in electronic or digital format. In 15
countries will receive the information in electronic format
(specialized software). In 3 countries the information is received
in digital document (eg Excel spreadsheet). Four countries also
receive information in the form of physical documents.
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How often the information is collected? Full financial
statements: Shortest frequency: Monthly 7 countries Quarterly4
countries Semi annual1 country Annual 4 countries NA 3 countries
Partial Information : Shortest frequency: Monthly 4 countries
Quarterly:2 countries Date Complete Audited Financial Statements:
December 31: 14 countries June 30 2 countries NA: 3 countries
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Assessing and Validating Information It is a rule that the
institution in charge of collect the information made a the
assessment and the validation of the information. 17 / 19 countries
do some kind of validation process. 13 have logic validation 2 have
just basic validation 2 have another validation system 2 countries
have no validation.
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How much time take the publishing of the most part of the
information? 17/19 jurisdictions answered that question of the
survey. The average time to do the publishing was 49,9 days. 50% of
the entities publish the information 30 or less day after the date
when they have the information. The minimum publishing time was 15
days. The maximum publishing time was 180 days.
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Improvement plans for insurance statistics collection Eight of
reporting institutions plans to improve information. Five
institutions plan to improve data collection system by introducing
electronic devices for receiving it. Three entities are planning to
modify its information system to adapt to changes in its monitoring
system (SBR or S II)
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Using the Web as a way of publishing About insurance statistics
publishing: 17 countries publish their statistical information on
the institutional website, including financial statements. 8
countries publish, in addition, all their information at company
level: Bolivia, Chile, Colombia, Guatemala, Mexico, Nicaragua,
Panama and Paraguay.
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How long are the statistics? The question was answered by 17/19
supervisory entities. The average extension of the statistical
information was 20 years. The shortest statistical series are Costa
Ricas. There, the insurance market was deregulated recently. The
longest statistical series are Peruvians: 85 years with information
about insurance market..
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Cost of the Information 14 of the 19 countries that responded
to the survey, said making available all or part of statistical
information and analysis related to the insurance business for free
on the Internet.
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Availability of data for new business and maintenance Four
countries have this openness of information: Spain Chile El
Salvador Paraguay
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Using statistics from other international data sources Four
countries use international sources, including mention: ASSAL OECD
IASB Its use is to develop specific reports and comparative
insurance sector.
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Accounting practices used to Financial Statements 11/19
countries answer the question. 7 countries indicate that use local
GAAP (Generally Accepted Accounting Principles) 4 indicate that use
IFRS or IAS. Three of these countries (Mexico, Costa Rica and Chile
combined international accounting standard ad hoc provisions for
some business areas.
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Difficulties Implementing accounting principles 15 countries
answered this question. 5 of them reported having no difficulties.
Three countries are in the process of updating or revising its
regulations. Of the 7 countries that reported difficulties,
describe what follows: Regulatory difficulties, which results in:
Need to train staff Need to implement new computer systems
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Concluding Of the 19 responses to the OECD survey applied to
Latin American countries ASSAL members, we found that: Most
countries designs, collects and publishes statistical information
insurance through a single entity in charge. The information is
mainly received electronically, 37% on a monthly, 21% quarterly, 5%
and 21% semi-annually. The audited financial statements are in most
countries in December of each year. Most countries validates the
information received and the site publishes, within 50 days
average. 14 countries published for free on the Internet. The
countries have an average of 20 years of statistical
information.
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Concluding 8 countries have plans to improve its data
collection methods. Some countries are already using international
standards own legal rules, others point to be in the process of
adopting. The main difficulties encountered in the process relate
to the difficulty of regulation, which involves: Need to train
staff Need to implement new computer systems
