The volume of insurance intermediation in Peru shows interesting dynamism and good growth rates, both for insurance brokers and for individual agents and brokers. In the last year, the billing volume of the group of 350 insurance brokers that actively compete in the local market has increased by 17.7% measured in Soles. In the case of insurance agents, considering the first 300 brokers by billing volume, this average has been 14.8%.
Insurance Brokers turnover (NS$, millions)
Insurance Agents turnover (NS$, millions)
Geographical distribution of insurance intermediation in Peru maintains a high concentration, with 74% of the volume corresponding to Lima and the remaining 26% mainly distributed among a few districts (La Libertad, Arequipa, Callao and Piura). Although this concentration shows a downward trend, the adoption of insurance in rural zones of the country is progressing slowly.
According to the results of the latest Market Research on Insurance Brokers and Agents in Peru, large insurance brokers maintain a preponderance in terms of billing volume when compared to the billing of individual insurance agents. Currently, this proportion stands at 89% for Brokers and 11% for Agents.
According to the results of the latest Market Research on Insurance Brokers and Agents in Peru, large insurance brokers maintain a preponderance in terms of billing volume when compared to the billing of individual insurance agents. Currently, this proportion stands at 89% for Brokers and 11% for Agents.
Likewise, the leading insurance brokers handle the large accounts and maintain a predominance in most of the brokered coverage. The latest annual figures (2021.Q4) show that the Top 10 brokers represent 61% of the total billing of the more than 350 that actively compete in the sector. Marsh, Contacto and AON have remained in the top 3 in that order, and the three companies have managed to gain market share compared to the previous year.
