The Latin American insurance market is projected to reach USD 169 billion in net premiums by the end of 2025, according to the latest update from the Latin America Insurance Monitor (Q1 2025). This figure represents a 2.3% increase over the 2024 year-end level, reflecting moderate growth in a complex and inflation-affected regional context.
The Monitor analyzes quarterly and annual financial statements from 782 insurance companies operating across 18 Latin American countries, with consistent data coverage from 2015 to 2025. The report captures not only premium volumes but also market dynamics in both USD and local currencies, offering a comprehensive view of the region’s insurance sector.
Latin American Insurance Market: 10-Year Growth Overview (2015–2025)
Over the past decade, the Latin American insurance market has expanded by 53% in net written premiums (Life & Non-Life) when measured in USD. This growth reflects significant heterogeneity across the region, with standout performances in several countries.
Dominican Republic leads the region with a remarkable 180% increase in premium volume, followed by Costa Rica (122%), Guatemala (107%), and Uruguay (109%). These figures highlight strong nominal expansion in smaller and mid-sized markets. Among the larger economies, Mexico and Colombia recorded solid growth rates of 84% and 72% respectively.
Argentina, despite high inflation and economic volatility, posted a 68% increase, while Brazil and Chile— other two largest regional players—each grew by 33% over the same period. In contrast, Venezuela experienced a significant contraction of -49%, the only country in the region to show negative growth over the decade.
Together, Argentina, Brazil, Chile, Colombia, and Mexico account for 85% of the regional insurance market, underscoring their central role in shaping regional trends.
Q1.2025 Overview
During the first quarter of 2025, the region posted a weighted average local-currency growth of 18.4%, adjusted by each country’s market size. This underscores the robust nominal expansion observed across most markets—though it's important to note that in several countries, inflation remains a key factor behind the sharp increases in premium volume.
When measured in USD, the top-performing countries in Q1 2025 were Argentina (28.4%), Chile (21.9%), Nicaragua (16.0%), Dominican Republic (10.8%), and Uruguay (10.8%).
In local currency terms, growth was even more pronounced: Venezuela led with 104.8%, followed by Argentina (60.3%), Uruguay (22.7%), Dominican Republic (17.3%), and Mexico (16.8%).
This nominal expansion, especially in countries such as Venezuela and Argentina, is heavily influenced by persistent inflation, which continues to distort real performance metrics across the region. Even so, the insurance industry shows signs of resilience, with strong activity in both life and non-life segments.
Q1.2025 Market Share leaders by country
As of Q1 2025, the leading insurers by direct net premium volume in each market were as follows: Federación Patronal in Argentina, Grupo Financiero Unión in Bolivia, Bradesco Vida e Previdência S.A. in Brazil, MetLife in Chile, Suramericana in Colombia, INS in Costa Rica, Pichincha in Ecuador, SISA in El Salvador, Roble in Guatemala, Ficohsa Seguros in Honduras, G.N.P. in Mexico, Lafise in Nicaragua, ASSA Compañía de Seguros in Panama, MAPFRE Paraguay, Rímac in Peru, Seguros Universal in the Dominican Republic, BSE in Uruguay, and Mercantil in Venezuela.
