Paraguay Insurance Industry – Key Trends and Opportunities to 2027
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Paraguay Insurance Market Report Overview
The gross written premium of the Paraguay insurance market was PYG3.1 trillion ($459.6 million) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027.
Paraguay Insurance Market Outlook, 2022-2027 (PYG Trillion)
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The Paraguay insurance market research report provides in-depth market analysis, information, and insights into the Paraguay insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Paraguay economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | PYG3.1 Trillion ($459.6 Million) (GWP) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Mapfre Seguros SA Paraguay Company, Aseguradora del Este SA de Seguros y Reaseguros, Fenix SA de Seguros y Reaseguros, Providencia SA de Seguros, Patria SA de Seguros y Reaseguros, Seguridad SA Compania de Seguros, La Consolidada SA De Seguros, and Aseguradora Tajy Propiedad Cooperativa SA de Seguros |
Paraguay Insurance Market Trends
Financial inclusion and parametric insurance are some of the key trends impacting the Paraguay insurance market. For instance, in February 2023, the Central Bank of Paraguay and FIRST started designing a strategy for comprehensive financial inclusion in the country. The project will include an analysis of the demand for and supply of financial services, including the products and services available in the market. The draft strategy will be discussed and reviewed with concerned stakeholders.
Furthermore, In May 2021, climate fintech company MistEO was chosen by German development agency GIZ to build a parametric insurance product for Paraguay’s Ministry of Agriculture. MistEO and GIZ created a parametric insurance product for beekeepers. The product uses satellite imagery data, weather analytics, data-centered apiculture models, and artificial intelligence. The product also uses blockchain-backed smart contracts to disburse claims.
Paraguay Insurance Market by Segments
The key segments in the Paraguay insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: In 2022, the life insurance penetration rate remained below the emerging and developed markets’ average. Pension funds and the insuring system for civil servants are underfunded and in urgent need of reform. Abolishing the outdated legal framework and establishing a new one will safeguard the long-term savings of the public and channel them into investments.
General Insurance: Motor insurance is the largest LOB with more than 50% share of general insurance GWP in 2022. It was followed by property insurance and marine, aviation, and transit insurance.
Paraguay Insurance Market Analysis by Segments, 2022 (%)
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Paraguay Insurance Market – Competitive Landscape
The key companies in the Paraguay insurance market are Mapfre Seguros SA Paraguay Company, Aseguradora del Este SA de Seguros y Reaseguros, Fenix SA de Seguros y Reaseguros, Providencia SA de Seguros, Patria SA de Seguros y Reaseguros, Seguridad SA Compania de Seguros, La Consolidada SA De Seguros, and Aseguradora Tajy Propiedad Cooperativa SA de Seguros among others. Mapfre Seguros SA Paraguay Company was the largest insurer in 2022.
Paraguay Insurance Market Analysis by Players, 2022 (%)
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Key Highlights
- Key insights and dynamics of the Paraguay insurance industry.
- A comprehensive overview of the Paraguay economy, government initiatives, and investment opportunities.
- The Paraguay insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Paraguay insurance industry’s market structure gives details of lines of business.
- Paraguay’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Segments Covered in the Report
Paraguay Insurance Market Segments Outlook (Value, $ Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Paraguay insurance industry –
- It provides historical values for the Paraguay insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Paraguay insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Paraguay and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Paraguay insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Paraguay insurance industry.
- Assess the competitive dynamics in the Paraguay insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Aseguradora Paraguaya SA
Patria SA de Seguros y Reaseguros
Seguridad SA Compania de Seguros
Cenit SA de Seguros
Alianza Garantia Seguros y Reaseguros SA
Aseguradora Tajy Propiedad Cooperativa SA de Seguros
Aseguradora del Este SA de Seguros y Reaseguros
Table of Contents
Frequently asked questions
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What was the Paraguay insurance market gross written premium in 2022?
The gross written premium of the Paraguay insurance market was PYG3.1 trillion ($459.6 million) in 2022.
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What is the growth rate of the Paraguay insurance market?
The insurance market in Paraguay is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which segment dominated the Paraguay insurance market in 2022?
The general insurance segment dominated the Paraguay insurance market in 2022.
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Who are the major players operating in the Paraguay insurance market?
The key companies in the Paraguay insurance market are Mapfre Seguros SA Paraguay Company, Aseguradora del Este SA de Seguros y Reaseguros, Fenix SA de Seguros y Reaseguros, Providencia SA de Seguros, Patria SA de Seguros y Reaseguros, Seguridad SA Compania de Seguros, La Consolidada SA De Seguros, and Aseguradora Tajy Propiedad Cooperativa SA de Seguros.
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