Peru Insurance Industry – Key Trends and Opportunities to 2028
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Peru Insurance Market Report Overview
The gross written premium of the Peru insurance market was PEN20.4 billion ($5.4 billion) in 2023. The market will achieve a CAGR of more than 8% during 2024-2028. The Peru insurance market research report provides in-depth market analysis, information, and insights into the Peru insurance industry. It provides a detailed outlook by product category as well as 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 and forecast periods.
Peru Insurance Market Outlook, 2023-2028 (PEN Billion)
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The Peru insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Peru economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, 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 (2023) | PEN20.4 billion ($5.4 billion) |
CAGR (2024-2028) | >8% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies (Life Insurance) | · RIMAC
· Pacifico · Mapfre · La Positiva · Interseguro |
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Peru Insurance Market Trends
The key trends impacting the Peru insurance market are the growing interest in cyber insurance and catastrophic agricultural insurance. In addition, the continuous upgrade in the Environmental, social, and governance (ESG) policies will also have an impact on the Peruvian insurance market. ESG has been a major theme for all large businesses for many years and will remain a central part of any leading business strategy over the coming years. As part of its Green Plan, Peru aims to transition completely to electric vehicles by 2050. This will include restricting the sale of petrol and diesel vehicles by 2035. Furthermore, to boost the growth of electric mobility in Peru, it is essential to promote the development of charging infrastructure, introduce education policies, and help reduce the cost of the technology.
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Peru Insurance Market by Segments
The key segments in the Peru insurance market are life insurance and general insurance. The life insurance segment dominated the Peru insurance market share in 2023. The segment will register significant growth during 2024-2028. Pension was the leading line of business in 2023, followed by whole life and life personal accident and health PA&H.
Peru Insurance Market Analysis by Segments, 2023 (%)
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Peru Insurance Market – Competitive Landscape
In 2023, RIMAC was the leading Peruvian insurer
A few of the key companies in the Peru insurance market are:
- RIMAC
- Pacifico
- Mapfre
- La Positiva
- Interseguro
Peru’s insurance industry is highly concentrated, with the top 10 insurers accounting for a majority of the total insurance industry GWP in 2023. RIMAC Seguros y Reaseguros was founded in 1896 and is principally engaged in the insurance and reinsurance sectors. It is part of the business conglomerate Breca Seguros y Salud, which has been active in the country for more than 130 years. Pacifico and Mapfre followed the lead and emerged as other prominent Peruvian insurance companies.
Peru Life Insurance Market Analysis by Companies, 2023 (%)
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Peru Insurance Market – Latest Developments
- In November 2023, Mapfre collaborated with Cyberwrite (a provider of cyber insurance technology) to help the insurer’s clients reduce the risk of cyberattacks by utilizing artificial intelligence. Mapfre will utilize insights from Cyberwrite’s solution to enhance SMEs’ cybersecurity levels while offering the insurer a more accurate understanding of cyber insurance risk.
- In August 2023, the Ministry of Agricultural Development and Irrigation implemented a new catastrophic agricultural insurance scheme for the 2023–24 agricultural period, covering over 1.6 million hectares of crops. PEN80 million ($21.2 million) was allocated to the scheme, covering 24 regions across the country.
Peru Insurance Market Segments Outlook (Value, PEN Billion, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Peru insurance industry. It also offers:
- Historical values for the Peru insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
- A detailed analysis of the key categories in the Peru insurance industry and market forecasts up to 2028.
- Insights on key regulations affecting the market.
- Analysis of distribution channels operating in the segment, an overview of the Peru economy and demographics, and detailed information on the competitive landscape in the country.
- Profiles of the top life insurance companies in Peru and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Peru insurance industry.
- A comprehensive overview of the Peru economy, government initiatives, and investment opportunities.
- The Peru insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Peru insurance industry’s market structure gives details of lines of business.
- Peru reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Peru insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Peru insurance industry.
- Assess the competitive dynamics in the Peru insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Pacifico
Interseguro
La Positiva
Mapfre Peru
Protecta
Chubb
AVLA Peru
Table of Contents
Frequently asked questions
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What was the Peru insurance market gross written premium in 2023?
The gross written premium of the Peru insurance market was PEN20.4 billion ($5.4 billion) in 2023.
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What will the growth rate of the Peru insurance market be during the forecast period?
The insurance market in Peru is expected to achieve a CAGR of more than 8% during 2024-2028.
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Which segment dominated the Peru insurance market in 2023?
The life insurance segment dominated the Peru insurance market in 2023.
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Which are the major companies operating in the Peru insurance market?
A few of the key companies in the Peru insurance market are RIMAC, Pacifico, Mapfre, La Positiva, and Interseguro among others.
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