Direct written premiums in Perú
In the ever-evolving landscape of the Peruvian insurance market, a closer examination of the latest data reveals trends in market share, growth, and the distribution of premiums across various coverage types. As of September 2023, key players are making significant strides in different segments, impacting the overall industry landscape.
Analyzing the growth in market share for insurance premiums, several companies stand out as key contributors to the industry's expansion. MAPFRE PERÚ leads the pack with an impressive 1.07% growth in market share across all coverage types, demonstrating a strong and consistent presence in the Peruvian insurance market. INTERSEGURO holds a robust position, recording a 0.41% growth in market share, solidifying its standing as a key player in the industry. LA POSITIVA maintains a positive trajectory with a growth of 0.18% in market share, showcasing resilience and adaptability. VIVIR SEGUROS and CRECER SEGUROS with a growth of 0.08% and 0.05% in market share respectively, demonstrate a steady commitment to its market presence.
Diving deeper into specific segments, certain insurers emerge as leaders in their respective categories. In the non-life insurance segment, MAPFRE PERÚ outshines competitors with an impressive 2.7% growth in market share. For accidents and health insurance, LA POSITIVA secures a 0.37% growth in market share, reflecting a strategic focus on these coverages. In life insurance, MAPFRE PERÚ exhibits a 0.62% growth in market share. For pensions and annuities, INTERSEGURO takes the lead with a 0.58% growth in market share, positioning itself as a prominent player in the pensions and annuities business.
The overall business landscape is marked by a positive growth trajectory. The volume of insurance premiums has reached $14,379 million Soles, reflecting a substantial 6.3% year-over-year increase.
Examining the premium evolution by type, the data for September 2023 reveals the following: Accidents and Health amount to $1,860 million Soles, indicating a 1.6% year-over-year growth. Non-Life records $4,816 million, demonstrating an 8.8% increase compared to the previous year. Pensions amount to $2,395 million, experiencing a decrease of 8.4% year-over-year. Life insurance, at $5,307 million, shows a significant 14.1% growth compared to the same period last year.
Examining the percentage of direct claims as a proportion of net direct premiums by type of insurance reveals the following insights. In accidents and health, 56.3% of direct claims indicate a substantial payout in this segment. In non-life 54.4% of direct claims showcase a balanced risk profile. In pensions, a high 94.3% of direct claims highlight the nature of pension-related payouts. In life insurance, 29.3% of direct claims indicate a relatively lower frequency of claims in the life insurance sector. Overall, 52.0% of direct claims as a percentage of net direct premiums signify a balanced industry-wide claims scenario as of September.