The Bolivian insurance brokerage sector experienced a notable expansion in 2024, with total intermediated premiums reaching USD 497.1 million, reflecting a 9.8% annual increase. Life insurance led the growth, surging by 13.9% to USD 313.5 million, while General Insurance grew by 3.5% to USD 176.3 million. The top five brokers controlled 70.7% of the market, with Consultores de Seguros and Sudamericana Corredores leading the segment. The life insurance sector saw significant growth in key products such as Individual Life (55.8%) and Pension Insurance (29.1%), while non-life lines exhibited mixed results, with notable increases in Various Risks (19.8%) and Liability (12.6%), contrasted by declines in Fire (-13.1%) and Personal Accidents (-9.7%).
Key Insights
The Bolivian insurance brokerage market recorded a 9.8% expansion in 2024, with life insurance driving growth at a 13.9% increase. This was fueled by strong performances in Individual Life and Pension Insurance, which registered the highest annual increases. General Insurance showed more moderate growth, with key non-life segments such as Various Risks and Liability contributing positively, while Fire and Personal Accidents reported notable declines.
Market concentration remained high, with the top five brokers intermediating over 70% of total premiums. Consulsores de Seguros and Sudamericana Corredores solidified their leadership positions, while AEC Fides Brokers and Patria Corredores gained traction. Life insurance brokerage activity saw significant shifts, with Consulsores de Seguros gaining the most market share. In the non-life segment, AEC Fides Brokers led growth, followed closely by Asescor and Cubre, highlighting the competitive shifts in the sector.
Market Overview
In 2024, the insurance brokerage market in Bolivia experienced solid growth, with intermediated premiums increasing by 9.8% year-over-year to USD 497.1 million. The life insurance segment accounted for the majority of this expansion, climbing 13.9% to USD 313.5 million, driven by substantial gains in Individual Life, which surged by 55.8%, and Pension Insurance, which expanded by 29.1%. Mortgage Loan Protection also performed well, growing by 9.1%. Conversely, Rent Insurance and Funeral Insurance saw significant declines, contracting by 90.3% and 82.1%, respectively.
General insurance also exhibited growth, albeit at a slower pace of 3.5%, reaching USD 176.3 million. The performance of individual product lines varied, with Various Risks increasing by 19.8% and Liability growing by 12.6%. However, Fire insurance experienced a 13.1% decline, and Personal Accidents dropped by 9.7%. The steepest decline was observed in Mandatory Traffic Accident Insurance (SOAT), which contracted by 60.3%, highlighting potential regulatory or market challenges in that segment.
The brokerage market remained highly concentrated, with the top five intermediaries capturing 70.7% of total premiums. Consulsores de Seguros led the market with a 21.2% share, followed closely by Sudamericana Corredores at 18.7% and Universal Brokers at 12.7%. Kieffer y Asociados and Corredores Conseso rounded out the top five, holding 9.7% and 8.4% of the market, respectively.
On the insurer side, Nacional Seguros remained the preferred choice among brokers, securing 28.0% of intermediated premiums. La Boliviana Ciacruz followed with 24.3%, while Alianza captured 21.4%. The top five insurers, which also included Bisa (7.8%) and Credinform (5.7%), collectively accounted for 87.2% of brokered premiums, underscoring the dominance of a few key players in the market.
In terms of market share dynamics, several brokers expanded their presence in 2024. Consultores de Seguros posted the highest quarterly gain, increasing its market share by 0.83%, reinforcing its leading position. Sudamericana Corredores also grew significantly, adding 0.49% to its market share, followed by AEC Fides Brokers, which gained 0.39%. Patria Corredores and Asescor both increased their market share by 0.31%, while smaller players like Cubre, International Insurance Brokers, and Estrategica made incremental advances.
Focusing on life insurance brokerage, Consultores de Seguros recorded the most substantial increase, growing by 1.35 percentage points. Sudamericana Corredores followed with a 0.71% gain, while Patria Corredores expanded by 0.43%. AEC Fides Brokers and Corredora G&G also saw marginal improvements in this segment.
For non-life insurance, AEC Fides Brokers led growth, increasing its market share by 0.97 percentage points, followed by Asescor with 0.94% and Cubre with 0.42%. International Insurance Brokers and Estrategica also gained ground, reflecting ongoing shifts in the competitive landscape.
The evolving competitive dynamics in Bolivia’s insurance brokerage market reflect both organic growth and strategic positioning among key players. Life insurance continues to be the primary driver of premium expansion, while non-life segments display a more mixed performance. The dominance of leading brokers and insurers underscores the market's concentration, though emerging competitors are gradually making inroads. The ongoing shifts in market share signal an increasingly competitive environment, where differentiation through product expertise and client service will be crucial for sustained growth.