Peru Insurance Industry – Key Trends and Opportunities to 2026

Pages: 65 Published: June 20, 2022 Report Code: GDIS2503MR

The Peru insurance market size was $4.6 billion in 2021. The market is expected to grow at a CAGR of more than 10% from 2021 to 2026.

The Peru insurance market research report provides a detailed outlook by product category for the Peruvian insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium 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 and gives a comprehensive overview of the Peruvian economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

Peru Insurance Industry

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Key Peru Insurance Market Trends

Peru’s government has reformed the country’s Social Insurance Pension Program (SNP) to enable increased access to the SNP early old-age pension, as well as introducing a special partial old-age pension.

The Superintendency of Banking, Insurance and Pension Funds (SBS) passed a regulation that allows insurance companies to promote, offer and sell products by phone, internet, or other distance (i.e., rather than in person) systems, including digital marketing through social media.

The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by international organizations, signed a Grant Agreement between Germany’s InsuResilience Solutions Fund (ISF) and an IDF project consortium. These three parties pledged to jointly fund an insurance program for Peru’s public schools to cover all the 50,000 public schools against the impact of natural disasters and aim to improve the continuity of children’s education by accelerating reconstruction.

Key Segments in The Peru Insurance Market

The key segments in the Peru insurance market are life insurance and general insurance.

Life insurance market in Peru

The Peru insurance industry was dominated by the life insurance segment in 2021. In comparison to developed and emerging markets, Peruvian life insurance market penetration remained low over the review period and grew steadily.

General insurance market in Peru

In 2021, property insurance was the highest contributing line in the general insurance segment followed by motor and personal accident and health insurance.

Peru Insurance Market Analysis by Segments

Peru Insurance Market Analysis by Segments

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Leading Companies in The Peru Insurance Market

Some of the leading insurance companies in Peru are Rimac Seguros y Reaseguros SA, Pacifico Compania de Seguros y Reaseguros SA, Interseguro Compania de Seguros SA, La Positiva Vida Seguros y Reaseguros, Mapfre Peru Vida Compania de Seguros y Reaseguros, Crecer Seguros SA Companía de Seguros, Qualitas Compania de Seguros SA, Insur SA Compania de Seguros, and Protecta SA Compania de Seguros. Rimac Seguros y Reaseguros was the leading insurer in 2021.

Peru Insurance Market Analysis by Companies

Peru Insurance Market Analysis by Companies

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Market Report Overview

Market size (2021) $4.6 billion
CAGR (2021 to 2026) >10%
Key segments Life Insurance and General Insurance
Leading companies Rimac Seguros y Reaseguros SA, Pacifico Compania de Seguros y Reaseguros SA, Interseguro Compania de Seguros SA, La Positiva Vida Seguros y Reaseguros, Mapfre Peru Vida Compania de Seguros y Reaseguros, Crecer Seguros SA Companía de Seguros, Qualitas Compania de Seguros SA, Insur SA Compania de Seguros, and Protecta SA Compania de Seguros

Scope

This report provides a comprehensive analysis of the Peruvian insurance industry –

  • It provides historical values for the Peru insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the Peruvian insurance industry, and market forecasts till 2026.
  • It profiles the top life insurance companies in Peru 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 Peruvian insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Peruvian insurance industry.
  • Assess the competitive dynamics in the Peruvian insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

  • Rimac Seguros y Reaseguros SA

    Pacifico Compania de Seguros y Reaseguros SA

    Interseguro Compania de Seguros SA

    La Positiva Vida Seguros y Reaseguros Mapfre Peru Vida Compania de Seguros y Reaseguros Protecta SA Compania de Seguros

    Chubb Seguros Perú SA Avla Perú Compania de Seguros SA

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends Life Insurance Overview

Penetration and Growth

Premiums and Key Lines of Business

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Lines of Business Breakdown

Competitive Landscape

Competitors Profiles Reinsurance Overview

Reinsurance Accepted Premiums

Reinsurance Ceded Premiums

Reinsurance: Regulatory and Compliance

Appendix

Frequently Asked Questions

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