Overview of the Venezuelan Insurance Market
As of March 2025, Venezuela’s insurance sector continues to operate in a complex economic environment marked by inflationary pressures and fluctuating exchange rates. Despite these challenges, the industry has shown strong nominal growth in local currency terms. Net written premiums totaled VES 16,504 million, more than doubling the figure recorded in the same period of 2024, which stood at VES 8,058 million. In U.S. dollar terms, however, the growth appears more moderate, with premiums reaching USD 236.6 million, up 8% from the previous year.
Recent Market Evolution and Key Financial Indicators
The year-over-year comparison in local currency highlights a general expansion in activity across most indicators. Paid claims reached VES 6,674 million, up 76%, while total claims increased 32% to VES 13,901 million. Commissions and acquisition expenses rose by 102% to VES 2,218 million, and administrative expenses increased by 109% to VES 3,654 million. The sector's bottom line also improved significantly, with the final result increasing by 347% to VES 426 million.
However, when analyzing the same indicators in U.S. dollars, a different trend emerges. Total claims fell sharply by 30%, dropping from USD 285.1 million in March 2024 to USD 199.2 million in March 2025. Paid claims were down 7%, while administrative and acquisition expenses showed more contained increases of 11% and 7%, respectively. The sector’s final result more than doubled in dollar terms, reaching USD 6.1 million compared to USD 2.6 million the previous year—a 137% increase.
Market Concentration and Leading Insurers
The Venezuelan insurance market remains highly concentrated. As of March 2025, the top 10 companies account for over 80% of total net premiums. Mercantil leads with a commanding 26.49% market share, followed by Caracas (19.87%) and Internacional de Seguros (6.13%). Other notable players include MAPFRE (5.63%), Oceánica de Seguros (4.66%), and Pirámide (3.75%). The full top 10 is rounded out by Hispana de Seguros, Constitución, Miranda, and Estar Seguros, each holding between 3% and 3.5% of the market.
In terms of bottom-line results, the ranking differs significantly. Banesco Seguros reported the highest net profit in the quarter, reaching USD 1.4 million. Other leading performers by result include Previsora (USD 673K), Venezuela (USD 659K), Corporativos (USD 627K), and Occidental (USD 557K), reflecting differing operational efficiencies and portfolio risk profiles.
In-depth report with Company-Level Data
This executive summary provides a snapshot of the Venezuelan insurance market's current dynamics, competitive structure, and financial results. For professionals seeking deeper insight, including individual company performance metrics, loss ratios, profitability trends, and long-term comparisons, the full report is available for download. Access detailed breakdowns and gain a strategic view of each insurer’s position in the market.