In 2023, the insurance market in Venezuela witnessed a substantial increase in its size compared to the previous year, with direct written premiums surging from USD 292 million to $696 million USD, marking a remarkable annual change of 138%. Similarly, when denominated in Bolivares, there was a significant rise from 5.111 million to 24.940 million, representing a staggering annual change of 388%. This surge in market size suggests a dynamic shift within the Venezuelan insurance landscape, potentially influenced by economic factors such as inflation and changes in the currency market.
Net written premiums market share growth
Analyzing the distribution of market shares among the top insurers in 2023, Mercantil led the market with 27.4%, followed closely by Caracas with 20.1%. Pirámide, Internacional, and MAPFRE secured notable shares at 7.8%, 6.2%, and 4.7% respectively. While Mercantil and Caracas maintained their positions as key players in the market, there were notable fluctuations in the rankings of other insurers, indicating a competitive environment where smaller players may be gaining traction.
Among the insurers experiencing significant market share gains in 2023, Internacional emerged as the frontrunner with a gain of 1.39%, followed by Horizonte Seguros, Mundial, Hispana de Seguros, and Real Seguros with gains ranging from 0.74% to 1.25%.
Overall, the data reflects a dynamic and evolving insurance market in Venezuela, characterized by substantial growth in market size and notable shifts in market shares among insurers. Such trends indicate both opportunities and challenges for insurers operating in the country, emphasizing the importance of agility and strategic adaptation in navigating the evolving landscape.
Among the insurers experiencing significant market share gains in 2023, Internacional emerged as the frontrunner with a gain of 1.39%, followed by Horizonte Seguros, Mundial, Hispana de Seguros, and Real Seguros with gains ranging from 0.74% to 1.25%.
Overall, the data reflects a dynamic and evolving insurance market in Venezuela, characterized by substantial growth in market size and notable shifts in market shares among insurers. Such trends indicate both opportunities and challenges for insurers operating in the country, emphasizing the importance of agility and strategic adaptation in navigating the evolving landscape.
