Key Insights
Market Leadership: Rímac leads with a 27.4% market share, followed closely by Pacífico Seguros (23.6%) and Mapfre Perú (13.7%). Combined, the top five players control over 83% of the market, highlighting a concentrated competitive landscape.
Emerging Players and Growth: Vivir Seguros achieved the highest market share growth at +1.6 percentage points. Other notable growth contributors include Ohio National Vida (+0.7) and Avla Perú (+0.5). Increasing competition is reshaping market dynamics.
Financial Growth and Profitability: Industry investments and total assets are projected to grow by 11.3% and 9.3%, respectively. Net premiums will rise to USD 6.08 billion (+11.3%), while technical results will improve by 40.7%. Net profits are expected to surge by 28.8%, reaching USD 787 million.
Segment Performance: Pension and retirement insurance will experience the most substantial growth, reaching USD 1.80 billion (+22.8%). Significant expansions in home insurance, fire, and earthquake insurance (USD 781.7 M) and life insurance (USD 1.45 B).
Source: Insurance in Peru market monitor & forecast report
Market Overview 2024.12e
The industry’s financial performance also highlights a positive trajectory. Estimated by December 2024, the market’s total investments will reach USD 16.06 billion, reflecting an 11.3% year-over-year increase. Total assets are projected at USD 22.70 billion, growing 9.3%, while technical reserves for premiums and claims are expected to hit USD 16.69 billion, a 7.6% rise. Notably, net premiums are forecasted at USD 6.08 billion, growing by 11.3%, while net claims are slightly reduced by 0.8% to USD 2.59 billion. Strong technical results are anticipated, with a 40.7% jump to USD 344 million, and net profits are set to soar by 28.8%, reaching USD 787 million.
Looking at business volume by coverage type, the market is projected to grow across most segments in 2024. The life insurance sector will expand to USD 1.45 billion, up from USD 1.33 billion in 2023. Pension and retirement insurance will witness the largest absolute growth, surging to USD 1.80 billion from USD 1.47 billion. Home, fire, and earthquake coverage will rise significantly to USD 781.7 million, compared to USD 699.1 million in 2023. Other notable segments include auto insurance, which will grow to USD 450.9 million, and surety, bonds, and credit insurance, which will climb to USD 162.9 million. The only segment projected to contract is funeral insurance, expected to decrease from USD 43.5 million to USD 41.4 million.
The Peruvian market’s overall segmentation will see life insurance grow from USD 3.51 billion in 2023 to USD 3.97 billion in 2024, while non-life insurance will expand from USD 1.96 billion to USD 2.11 billion. This solid performance positions Peru’s insurance industry for sustained growth and competitiveness in the Latin American region.
Rankings
The insurance market in Peru continues to exhibit robust growth and dynamism, driven by strong market leaders and evolving trends. By the close of September 2024, the market landscape showcased clear dominance by five key players in direct premium market share. Rímac led with a commanding 27.4%, followed by Pacífico Seguros with 23.6%. Mapfre Perú and Mapfre Perú Vida jointly secured 13.7%, while La Positiva and La Positiva Vida captured 13.1%. Interseguro held a notable 6.2%, rounding out the top performers in the sector.
In terms of market share growth, emerging players demonstrated impressive momentum. Vivir Seguros | Vida Cámara achieved the highest interannual growth, adding 1.6 percentage points to its share. Ohio National Vida followed with a 0.7-point increase, while Avla Perú, Protecta, and Insur registered gains of 0.5, 0.4, and 0.3 points, respectively. These shifts underline increasing competition and the rise of specialized insurers in niche segments.