Insurance Market in Peru: 2019Q3 Overview
Peruvian insurance industry net premiums written totaled USD 3440 million, with premiums recorded by life/annuity insurers accounting for 64.9 percent, and premiums by property/casualty (P/C) insurers accounting for 35.1 percent.
P/C insurance consists primarily of auto, earthquake, fire insurance and civil liability. On the other hand, life insurance consists mainly of credit related life insurance, health and medical assistance insurance and pensions.
There are 20 insurance companies in Peru. The five most important insurers together manage 78% of the market volume.
The outlook for Peru's insurance industry is stable. However, intense competition could deteriorate margins and profitability. Even as the insurance penetration rate remains low, the sector is expected to drive growth in the wider economy, as coverage for cars, earthquakes, fires and other accident liabilities grows alongside investments in mining and construction.
Insurance carriers and related activities will contribute 1.7 percent, to the nation’s gross domestic product (GDP) in 2019 according to the Insurance in Latin America 2019 Report.
Life and P/C Insurance issued premiums volume, market share
TOP 10 Insurance Companies in Peru performance summary
Annual performance, Premium Volume, USD millions
Annual performance, Market Share, %