The insurance sector in Bolivia has witnessed notable shifts in sales channels over the past year, particularly within the realm of intermediated volumes across various categories of insurance. In 2023, the overall volume intermediated by brokers surged to $452.9 million from $407.9 million in 2022, marking an 11% annual increase. This growth highlights a robust performance, especially within certain segments.
Intermediated premiums market share growth ranking by Broker
Intermediated premiums market share growth ranking by Insurer
Focusing on specific insurance categories, Life Insurance exhibited the most remarkable annual growth at 16.5%, with volumes increasing from USD 236 million in 2022 to USD 275 million in 2023. In contrast, non-Life insurance also grew, albeit at a more modest rate of 3.5%, reaching USD 170.4 million in 2023. Surety, another key area, saw a 5.9% increase in volume, which corresponds to the need for more secure financial transactions.
Delving deeper into the product-specific performance among brokers, certain types of coverage exhibited significant fluctuations. Car insurance insurance, for instance, showed a substantial increase of 9.3% in its intermediated volume, rising from USD 48.8 million in 2022 to USD 53.3 million in 2023. On the other hand, aviation insurance faced a stark decline, with volumes plummeting by 53.1% from USD 3.1 million in 2022 to about USD 1.4 million in 2023, indicating reduced brokerage activity and a changing risk assessments in this sector.
The distribution of market share among brokers and insurers also provides insight into the competitive landscape. The top five brokers in 2023 accounted for 70.8% of the total intermediated volume, with Consultores de Seguros leading at 20.8% market share. This consolidation reflects the strong market positions of leading players and possibly the high level of service and expertise they offer. Similarly, in the insurance provider space, Nacional Seguros holds the top position with a 27% market share, leading a group of five firms that together command 85.4% of the market, pointing towards a high concentration within the Bolivian insurance industry.
The data concerning specific insurance coverages among brokers further underscores the diverse performance across different sectors. Notably, while sectors like Car insurance and Life Insurance are on the rise, others such as Marine and Fire have seen declines, at -8.5% and -7.8% respectively.
Delving deeper into the product-specific performance among brokers, certain types of coverage exhibited significant fluctuations. Car insurance insurance, for instance, showed a substantial increase of 9.3% in its intermediated volume, rising from USD 48.8 million in 2022 to USD 53.3 million in 2023. On the other hand, aviation insurance faced a stark decline, with volumes plummeting by 53.1% from USD 3.1 million in 2022 to about USD 1.4 million in 2023, indicating reduced brokerage activity and a changing risk assessments in this sector.
The distribution of market share among brokers and insurers also provides insight into the competitive landscape. The top five brokers in 2023 accounted for 70.8% of the total intermediated volume, with Consultores de Seguros leading at 20.8% market share. This consolidation reflects the strong market positions of leading players and possibly the high level of service and expertise they offer. Similarly, in the insurance provider space, Nacional Seguros holds the top position with a 27% market share, leading a group of five firms that together command 85.4% of the market, pointing towards a high concentration within the Bolivian insurance industry.
The data concerning specific insurance coverages among brokers further underscores the diverse performance across different sectors. Notably, while sectors like Car insurance and Life Insurance are on the rise, others such as Marine and Fire have seen declines, at -8.5% and -7.8% respectively.
