Bolivia’s insurance brokerage market is showing signs of sectoral shifts—with subtle growth in the overall premium volume, but with major differences between lines of business. Our March 2025 update unpacks these changes and highlights the brokers and insurers that are gaining ground.
📊 Intermediated Premiums: Slight Growth, Uneven Performance
Total premiums intermediated by brokers reached USD 121.9 million, showing only a modest +0.7% annual growth. But the story lies beneath the surface:
- General Insurance grew by 12.2%, driven by lines like Fire and Automobiles.
- Life Insurance, on the other hand, declined -5.5%, due to contractions in key coverages like Pensions and Health.
- Surety surged 21.9%, showing renewed demand in public and corporate contracts.
🔍 Top Insurance Lines: Where the Market is Moving
Among the most dynamic coverages intermediated by brokers:
- Automobiles: USD 14.8M (+8.9%) – remains a pillar of broker portfolios.
- Fire: USD 4.7M (+37%) – a standout performer in property risk management.
- Liability: USD 4M (+19.9%) – strong growth amid rising risk awareness.
- SOAT: +369.3% – despite its smaller volume, it posted the sharpest growth.
- Aviation: +190.8% – albeit from a small base, it’s a notable rebound.
- Mortgage credit insurance: USD 58.1M (+0.3%) – the largest life coverage by volume, albeit nearly flat.
- Health Insurance: Mixed trends, with a 9.3% increase in some products and a -21% decline in others.
- Pensions and annuities: Fell sharply, down -44.7% and -100% respectively.
🥇 Who’s Winning Market Share?
Brokers with the Largest Annual Market Share Gains:
- Sudamericana Corredores: +5.63 points
- Consultores de Seguros: +2.66
- Justa, BCS Brokers Corporativos, and Cubre: steady growth
- Others on the rise: I.B.A., International Insurance Brokers, Tocars, G&G, Patria Corredores
Insurers Growing Fastest via Brokers:
- La Boliviana Ciacruz: +0.85 points
- Unibienes – Univida: +0.80
- Credinform, Crediseguro, Fortaleza: also posted solid gains
📈 Deep Dive: Quarterly Market Share Growth
🧬 Life Insurance – Top Broker Performers
In the life segment, brokers with the largest Q1 2025 growth in market share were:
- Consultores de Seguros: +5.7%
- Sudamericana Corredores: +3.1%
- Universal Brokers: +1.1%
- Corredores Conseso and Corresur: +0.3 each%
These players are either gaining new group life contracts, capitalizing on alliances and digital onboarding.
🔧 Non-Life Insurance – Brokers on the Rise
In the non-life space, the leaders in annual market share expansion were:
- Sudamericana Corredores: A standout with +9.5% points
- Justa: +0.6%
- Cubre: +0.5%
- I.B.A. and International Insurance Brokers: +0.3% each
This suggests a realignment in risk advisory services, particularly in property & casualty and motor segments.
🧠 What This Means for Market Players
For insurance executives, these trends signal strategic partner opportunities among brokers showing double-digit growth. For consultants and analysts, Bolivia represents a microcosm of Latin America’s broader transformation in intermediation, especially amid digitization and risk diversification.
📁 Access our full broker rankings, coverage breakdowns, and time-series data in downloadable Excel format here
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