Seguros Oriente, specialized in bonding insurance, opens now with a global proposal that meets all the needs of the clients. Thus it faces the era of change in the insurance sector.
Is the step from the Superintendency of Banks to the Superintendence of Companies something logical?
For me it is not relevant whoever is managing the Insurances. The dynamics of the sector is so large that (insurance companies) manage huge amounts of money, take risks and interact intensively with the financial system. It is important that the system is analyzed and conjunctural actions are not taken.
How will this change of supervisor affect?
We have great expectations and some uncertainty. It is still unclear how the new control entity will operate. The processes in the Superintendency of Banks are solved until tomorrow (today, Friday) at 15:00. But there is a new opportunity to create spaces to be more propositive.
So many regulatory developments have damaged the sector?
It is a difficult and turbulent time. These adjustments have led to changes at the structural level: reinsurance issues have been reformulated. It does not allow a great cession of reinsurance.
Is Ecuador less attractive for reinsurance companies?
Yes definitely. There are some that have withdrawn from the Ecuadorian market. With these restrictions, as the income tax withholding, they have a net loss that can not be compensated. There remains enormous opportunities, but in more specific lines.
Is that the Oriente bet?
There are many people who are not protected in Ecuador. Only 2% is. We want to find those spaces with a different concept: to provide an insurance solution for different types of customers, not by branch, and cover all their needs.