At a Glance: Ecuador’s insurers with most public sector contracts

Bnamericas Published: Tuesday, February 04, 2020

Ecuador’s public sector insurance contracts reached US$170mn in 2019, down 21% from the year before. 

The market share figures are from Ecuador’s public procurement service (Sercop) and were reported by local daily El Universo.

Overall, Ecuador's insurance market grew 6.4% last year and 31 insurers and reinsurers operated in the country.

According to some experts, due to the deceleration of public investment, insurance companies are going to bet increasingly on private infrastructure.

But the decline in the value of the public insurance contracts could also be related to greater competition following the break-up of state-run Seguros Sucre’s virtual monopoly.

This is because authorities reversed a ruling from the former administration of Rafael Correa which demanded state-run companies prioritize contracting with other state-run companies.

To date, the companies with most public sector contracts are:


The Guayaquil-based public P&C and life insurer continues to lead the private and public insurance segments. However, it has been losing participation over the years to private players. 

In 2019, it accounted for half of the public insurance contracts, down from 75.5% in 2018. Seguros Sucre ended 2019 with US$86.5mn worth of contracts with public companies, compared to US$101mn the year before.

The decline could be attributed to the opening of the market to private players.

Seguros Sucre is controlled by Corporación Financiera Nacional, a public financial institution that promotes the development of the productive and strategic sectors of Ecuador.


Hispana de Seguros benefited most from the market flexibilization and the end of Seguros Sucre's virtual monopoly. 

Hispana signed US$20.3mn in contracts with public bodies last year, up from US$6.1mn in 2018.

The group has over 200 employees through seven offices: Guayaquil (headquarters), Quito, Cuenca, Machala, Ambato, Santo Domingo and Loja.

Overall, Hispana reported 43,874 insured individuals last December, 25,000 of which in the Life category and 16,364 in personal accidents. Figures refer to private and public contracts. One year before, however the number of individuals insured was much higher, at 250,223.


Based in Quito, Aseguradora del Sur also took a share from Seguros Sucre and gained US$20.3mn in public insurance contracts last year, up from US$6.1mn in 2018. 

In 2019, Aseguradora del Sur participated together with Hispana and Latina Seguros in a consortium that won an US$11mn insurance contract with Petroamazonas for all oil risks, civil and maritime liability. The company grew also in the private segment.

Aseguradora del Sur reported 204,771 private and public covered individuals in December, the majority (around 165,000) referring to life insurances. In December 2018, the figure was 24,675.


Founded in 1982, Seguros Alianza secured nearly US$10mn in public deals last year, slightly up from the US$9.6mn in 2018.

With policies for the car, home and transportation segments, Seguros Alianza operates in Quito, Guayaquil, Cuenca, Manta, Machala, Santo Domingo de los Tsáchilas, Riobamba and Loja.


The insurer grew to US$3.9mn in public insurance contracts last year, from US$1.6mn in 2018.

Latina is based in Guayaquil and has eight other subsidiaries across the country. In February 2019, the company opened offices in Quito.

At the end of December, 39,755 individuals were insured, down from 48,735 in December 2018.

To continue reading, subscribe to BNamericas to get all the information in this article and access to related news items and reports.

Subscribe to BNamericas and gain access to thousands of project profiles, key contacts and news.

Other projects

Get key information on thousands of projects in Latin America, from current stage, to capex, related companies, key contacts and more.

  • Project: Jemi
  • Current stage: Blurred
  • Updated: 11 hours ago
  • Project: Minerva
  • Current stage: Blurred
  • Updated: 11 hours ago
  • Project: Monclova
  • Current stage: Blurred
  • Updated: 11 hours ago
  • Project: Puerto Rico
  • Current stage: Blurred
  • Updated: 12 hours ago

Other companies in: Insurance

Get critical information about thousands of Insurance companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Barros y Errázuriz Abogados
  • Barros y Errázuriz Abogados, founded in 1988, is a Chilean law firm based in Santiago, providing legal advisory services by a team of specialized associates and lawyers on diffe...
  • Company: TMF Group
  • The TMF Group works with its clients to identify the best solution for their existing business model - from accounting & tax to local legal compliance - so they can take full ad...
  • Company: Banco de Chile S.A.  (BancoChile)
  • Banco de Chile S.A. is a full service financial institution offering retail banking, wholesale banking, and treasury and money market services in Chile and the US. Its personal ...
  • Company: Itaú Unibanco Holding S.A.  (Itaú Unibanco)
  • Itaú Unibanco Holding S.A. (Itaú Unibanco), a Brazilian private banking group based in Sao Paulo, was born in 2008 by the merger of the banks Itaú and Unibanco to deliver financ...
  • Company: Grupo Sura
  • Grupo de Inversiones Suramericana S.A. (Grupo Sura) is a Colombian multinational holding company and is the majority shareholder of Suramericana, a company focused on insurance,...
  • EHS Supervision and Management Services, follow-up to ASEA, SEMARNAT, CRE, CNH, and Civil Protection. The company offers services such as Environmental Assessment of Site and En...