Insurance Companies in Paraguay - December 2024 Rankings

Paraguay Insurance Market Report: Performance, Growth, and Key Players as of December 2024

The Paraguayan insurance market exhibited solid growth in 2024, reflecting a dynamic landscape with notable increases in premiums, technical results, and investment returns. Total direct premiums reached 2,089 billion Guaraníes, marking a 10.2% increase compared to same month of the previous year. Net incurred claims declined by 3.8% to 553 billion Guaraníes, contributing to a substantial improvement in the sector's profitability. The gross technical result rose by 18.6% to 989 billion Guaraníes, while the net technical result surged by 74.3% to 199 billion Guaraníes. Investment results also recorded significant growth, increasing by 47.2% to 151 billion Guaraníes. Overall, the sector's net result for the year amounted to 327 billion Guaraníes, representing a 50.7% rise from the previous period.

The market's expansion was largely driven by increased demand across various insurance segments. The non-life insurance segment generated 1,637 billion Guaraníes in premiums, reflecting an 8% growth. Among individual insurance lines, passenger accident insurance saw the highest annual increase, rising by 52% to 5 billion Guaraníes. Aviation insurance followed with a 21% increase to 14 billion Guaraníes, while miscellaneous insurance products also experienced strong growth, climbing 21% to 222 billion Guaraníes. The automobile insurance segment, which remains a key driver of the industry, recorded a 9% increase to 866 billion Guaraníes. Other notable expansions included surety insurance, up 11% to 72 billion Guaraníes, fire insurance, up 10% to 146 billion Guaraníes, and transport insurance, up 16% to 89 billion Guaraníes.

The life insurance segment exhibited robust growth, increasing by 18% to 452 billion Guaraníes. Within this category, personal accident insurance premiums rose by 14% to 111 billion Guaraníes, while traditional life insurance grew by 20% to 341 billion Guaraníes. Despite the overall expansion of the market, some segments faced contractions. Agricultural insurance premiums declined by 6% to 31 billion Guaraníes, technical insurance dropped by 17% to 97 billion Guaraníes, and glass insurance saw a 17% decrease to 1 billion Guaraníes. The total market volume for the year closed at 2,089 billion Guaraníes, maintaining a 10% growth rate.

Regarding market share evolution, Alianza Garantía achieved the highest increase, expanding its share by 0.99%, followed by Aseguradora Tajy with 0.72%, Aseguradora Yacyretá with 0.61%, Itaú Seguros with 0.53%, and Ueno Seguros (formerly Alfa) with 0.45%. The ranking of the largest insurers in terms of total premium market share was led by Mapfre Paraguay with 13.1%, followed by Aseguradora del Este with 11.6%, Aseguradora Yacyretá with 7.3%, La Consolidada with 6.5%, and Aseguradora Tajy with 6.4%. The combined market share of the top five companies reached 44.9%, highlighting their dominance in the sector.

Profitability rankings further demonstrated the financial strength of key players in the industry. Itaú Seguros recorded the highest net result, generating 55.3 billion Guaraníes, followed by Patria with 51.2 billion Guaraníes, Mapfre Paraguay with 32.0 billion Guaraníes, Aseguradora del Este with 25.7 billion Guaraníes, and Familiar with 22.3 billion Guaraníes. The top performers in terms of net result growth were Cenit, which added 2.5 billion Guaraníes, followed by Central with 1.7 billion Guaraníes, Fénix with 1.6 billion Guaraníes, Seguridad with 1.3 billion Guaraníes, and El Sol del Paraguay with 1.1 billion Guaraníes.

The Paraguayan insurance market continues to demonstrate resilience and growth, driven by increased demand across key segments and improved profitability. The strong performance of leading insurers and the expansion of the market underscore its stability and potential for further development in the coming years.

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