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Insurance Market in Paraguay - 2023.06 Rankings

Direct written premiums in Paraguay
Highest year-on-year market share growth ranking
Direct written premiums in Paraguay Highest year-on-year market share growth ranking
The Paraguayan insurance market has seen significant developments in recent times, with data from June 2023 shedding light on key trends. In this article, we delve into the realm of Paraguay's insurance sector. 

Let's begin by examining the ranking of the top five insurance companies that have managed to secure substantial market share in terms of direct premium volume, along with their respective growth rates:

- ITAU SEGUROS: With a 1.67% growth in market share, ITAU SEGUROS holds a 3.3% market share.
- ASEGURADORA DEL ESTE: This company's impressive 11.3% market share is accompanied by a 1.44% growth in market share.
- ROYAL: With a 0.73% growth, ROYAL commands a 2.7% market share.
- ATLAS DE SEGUROS: ATLAS DE SEGUROS has a 0.66% growth rate and maintains a 0.7% market share.
- RUMBOS: RUMBOS secures a 2.2% market share with a growth rate of 0.59%.
The Paraguayan insurance landscape has experienced noteworthy changes in demand across various insurance categories. Here's a glimpse of the annual variations in premium volume for different insurance types from June 2022 to June 2023:

- Non-Life average: Premium volume increased by 10%.
- Agricultural: The premium volume for agricultural insurance saw a substantial decline of 22%.
- Motor insurance: The automotive insurance sector experienced an 11% increase in premium volume.
- Surety: Premium volume in this category increased by 5%.
- Fire: The premium volume for fire insurance saw a significant 9% increase.
- Civil liability: Liability insurance reported a substantial 17% increase in premium volume.
- Transport:  Transportation insurance reported an 8% increase in premium volume.
- Life average: The life insurance segment demonstrated impressive growth with a 22% increase in premium volume.
- Personal accidents: This category saw a significant 29% increase in premium volume.

The performance of leading insurance companies in Paraguay is a pivotal indicator of the market's dynamics. Here is the variation in premium volume for the top insurers, comparing their performance in June 2023 to the same period in the previous year:

- MAPFRE PARAGUAY: Premium volume increased by 6.62%.
- ASEGURADORA DEL ESTE: This company led the way with a remarkable 28.75% increase in premium volume.
- LA CONSOLIDADA: Premium volume for LA CONSOLIDADA grew by 4.32%.
- ASEGURADORA YACYRETA: Premium volume increased by 9.45% for ASEGURADORA YACYRETA.