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Insurance Brokers in Bolivia - 2023.06 Rankings

Insurance Brokers in Bolivia
Highest Q/Q market share growth ranking
Insurance Brokers in Bolivia Highest Q/Q (quarter-over-quarter) market share growth ranking
According to the 2023.Q2 market reserach report, the total volume of premiums intermediated by brokers in Bolivia reached USD 218.2 million in June 2023, an increase of 12% compared to the same month last year. This growth was driven mainly by life insurance, which accounted for 59% of the total volume, followed by general insurance with 39% and surety with 2%.

Among the different types of insurance, the most significant ones in terms of intermediated volume were Credit Life (mortgages) CP (46%), automobiles (12%), health insurance (11%), fire (5%) and civil liability (2%). These five coverages represented 76% of the total volume intermediated by brokers as of June 2023.

The data also shows that the market is highly concentrated among a few players, both on the brokers and insurers sides. On the supply side, the top five insurers (ALIANZA, NACIONAL SEGUROS, LA BOLIVIANA CIACRUZ, BISA and CREDINFORM) captured 84% of the market share in terms of premiums intermediated with brokers. On the brokerage side, the top five brokers (CONSULTORES DE SEGUROS, SURAMERICANA CORREDORES, UNIVERSAL BROKERS, KIEFFER and HP BROKERS) accounted for 69% of the market share in terms of intermediated volume. 

These figures indicate that there is a strong relationship between brokers and insurers in Bolivia, as well as a high degree of specialization and segmentation among brokers according to the type of insurance they offer.