Direct written premiums in Venezuela
Highest year-on-year market share growth ranking
In the span of just one year, from June 2022 to June 2023, the Venezuelan insurance market's direct written premiums surged from $280 million to $350 million, marking an impressive 25.2% increase in USD terms. This growth indicates a revived interest in insurance products among the Venezuelan populace, potentially driven by the need for financial security amid economic uncertainties.
The market's performance in local currency, Bolivares, is even more striking. The direct written premiums ballooned from 1.5 billion Bolivares in June 2022 to a staggering 9.8 billion Bolivares in June 2023, representing an astounding nominal 532.5% growth, which is explained in part by high inflation and economic instability.
The insurance landscape in Venezuela is also undergoing significant shifts in terms of market share. In June 2023, Mercantil emerges as the dominant player, holding a substantial 28.5% market share, followed closely by Caracas with 20.8%. Pirámide, Internacional, and Mapfre follow suit, holding 8.3%, 5.5%, and 4.9% market shares, respectively.
Other insurers have made remarkable gains in market share over the past year, suggesting a changing competitive landscape. Real Seguros, Miranda, Hispana de Seguros, Internacional and Banesco have all been leaders in market share increase.
The market's performance in local currency, Bolivares, is even more striking. The direct written premiums ballooned from 1.5 billion Bolivares in June 2022 to a staggering 9.8 billion Bolivares in June 2023, representing an astounding nominal 532.5% growth, which is explained in part by high inflation and economic instability.
The insurance landscape in Venezuela is also undergoing significant shifts in terms of market share. In June 2023, Mercantil emerges as the dominant player, holding a substantial 28.5% market share, followed closely by Caracas with 20.8%. Pirámide, Internacional, and Mapfre follow suit, holding 8.3%, 5.5%, and 4.9% market shares, respectively.
Other insurers have made remarkable gains in market share over the past year, suggesting a changing competitive landscape. Real Seguros, Miranda, Hispana de Seguros, Internacional and Banesco have all been leaders in market share increase.
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