Insurance market in Venezuela - Direct written premiums - USD YoY% by month
The insurance market in Venezuela has experienced declining growth rate in the last 12 months in USD, as indicated by the latest data on direct written premiums. According to figures released for April 2023, the market size reached USD 234.570.435 representing a 11% increase compared to the previous year.
Top five insurers in Venezuela - Direct written premiums market share and YoY%
In terms of market share, the top insurers in Venezuela have maintained their positions, with some notable changes in their respective percentages. As of April 2023, MERCANTIL remains the leading insurer, accounting for 28.38% of the market share, followed by CARACAS with 21.51%. PIRAMIDE, MAPFRE, and INTERNACIONAL round out the top five, each holding shares of 8.23%, 5.20%, and 5.10%, respectively.
Analyzing the annual changes in market share for these top insurers provides further insight into the competitive dynamics of the Venezuelan insurance market. MERCANTIL, despite being the market leader, experienced a decline of 4.48% in its market share. Conversely, CARACAS witnessed a marginal increase of 0.90%, suggesting a stable position in the market. Meanwhile, PIRAMIDE, MAPFRE, and INTERNACIONAL experienced minor fluctuations in their market shares, with changes of -0.58%, -0.06%, and 0.61% respectively.
Top insurers in Venezuela - Direct written premiums market share annual performance
Despite the challenges posed by the broader economic and political situation in Venezuela, the insurance market has shown resilience and continued growth. Insurers in the country have demonstrated their ability to navigate through turbulent times, emphasizing the importance of risk mitigation and financial protection for individuals and businesses alike. As the market continues to evolve, it will be crucial for insurers to innovate, provide tailored solutions, and build trust with their customers to sustain the positive growth trajectory.
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