By mid-2025, Latin America’s insurance industry continues to show solid momentum despite the complex macroeconomic landscape and persistent currency volatility in several markets. According to the Latin America Insurance Monitor (Q2.2025), the region’s insurance market reached a projected size of USD 181.7 billion in net written premiums (Life and Non-Life) for the full year 2025. This figure reflects both the recovery of Life business lines and sustained expansion in Non-Life segments, particularly in health, motor, and property coverages.
Measured in U.S. dollars, the Latin American insurance market grew 7.5% year over year as of June 2025, when aggregating results from the 18 countries analyzed. When measured in local currency terms and weighted by each market’s size, the expansion was more robust, at 12.8% YoY, revealing the influence of exchange rate fluctuations and inflation differentials across the region. Countries such as Argentina, Brazil, and Venezuela exhibited especially high nominal growth in local currency due to inflationary pressures and currency depreciation, while others maintained more stable growth in both nominal and real terms.
In total, 838 insurance companies were included in this regional assessment, covering all active entities reporting to national supervisory authorities. The research confirms that while the market remains highly fragmented, consolidation trends continue in some of the largest economies, with local and international groups strengthening their positions in strategic segments.
When ranked by growth in premium volume measured in U.S. dollars during Q2.2025, Chile led the region with a 16.7% increase, followed by the Dominican Republic (14.4%), Peru (13.7%), Ecuador (12.9%), Colombia (12.0%), Mexico (10.1%), and Uruguay (9.5%). These markets benefited from expanding life portfolios, strong non-life sales, and—in some cases—a favorable exchange rate during the quarter.
When measured in local currencies, however, the performance rankings shift significantly due to the impact of inflation and exchange rate variations, which have a considerable influence on nominal growth rates in several countries. In this comparison, Venezuela posted an extraordinary 140.3% year-on-year increase, followed by Argentina (48.0%), the Dominican Republic (15.4%), Chile (15.1%), Mexico (13.0%), and Ecuador (12.9%). These figures underscore how inflation dynamics can amplify nominal growth, complicating direct cross-country comparisons in U.S. dollar terms.
The analysis also highlights the leading insurers by country, based on Q2.2025 direct net written premiums, considering each entity individually without consolidating national or international groups.
The top-ranked insurers in each market were: FED. PATRONAL (Argentina), NACIONAL SEGUROS VIDA Y SALUD (Bolivia), BRADESCO VIDA E PREVIDÊNCIA S.A. (Brazil), METLIFE VIDA (Chile), SURAMERICANA VIDA (Colombia), INS (Costa Rica), PICHINCHA (Ecuador), ASEGURADORA AGRÍCOLA COMERCIAL S.A. (El Salvador), ROBLE (Guatemala), FICOHSA SEGUROS (Honduras), G.N.P. SEGUROS (Mexico), LAFISE (Nicaragua), ASSA COMPAÑÍA DE SEGUROS (Panama), MAPFRE PARAGUAY COMPAÑÍA DE SEGUROS S.A. (Paraguay), RÍMAC (Peru), SEGUROS UNIVERSAL S.A. (Dominican Republic), BSE (Uruguay), and MERCANTIL C.A. SEGUROS (Venezuela).
Overall, the second quarter of 2025 confirms a phase of continued expansion in Latin America’s insurance markets, supported by macroeconomic stabilization in several countries, stronger demand for protection products, and digital innovation across distribution channels. However, inflation, currency volatility, and regulatory disparities remain key factors shaping the region’s insurance performance and competitiveness.
Methodological Note and Source
This overview is based on data from LATIN AMERICA INSURANCE MONITOR – June 2025 (RankingsLatAm.com).
The Monitor analyzes quarterly and annual financial statements from all insurance companies operating across 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. For the preparation of this research, RankingsLatAm compiled historical data based on insurers’ financial statements and national insurance regulatory and supervisory authorities.