Peru Insurance Industry – Key Trends and Opportunities to 2027

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Peru Insurance Market Overview

The gross written premium of the Peru insurance market was PEN18.9 billion ($4.8 billion) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027.

Peru Insurance Market Outlook, 2022-2027 (PEN Billion)

Peru Insurance Market Outlook, 2022-2027 (PEN Billion)

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The Peru insurance market research report provides in-depth market analysis, information, and insights into the Peru 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 Peru 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) PEN18.9 billion ($4.8 billion) (GWP)
CAGR (2023-2027) >6%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Segments Life Insurance and General Insurance
Leading Players Rimac Seguros y Reaseguros, Pacifico Compania de Seguros y Reaseguros, Mapfre Peru Vida Compania de Seguros y Reaseguros, La Positiva Cia de Seguros y Reaseguros, and Secrex Compania de Seguros de Creditos y Garantias

Peru Insurance Market Trends

Digitalization is one of the key trends impacting the Peru insurance market. For instance, in January 2023, RIMAC Seguros partnered with US-based corporate innovation platform, Plug and Play Tech Center, to leverage early-stage emerging technology. The deal will enable RIMAC Seguros to increase consumer access to digital-first solutions and offer next generation products and services to improve healthcare access to Peruvians over the coming years.

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 market in 2022.

Life Insurance: The life insurance segment led the market in 2022. The growth in the life insurance sector can be attributed to pensions, which accounted for a share of more than 35% in terms of GWP in 2022.

General Insurance: Property insurance was the largest line of business of the general insurance industry’s GWP in 2022. General insurance market penetration was lower than that of both emerging and developed markets in 2022.

Peru Insurance Market Analysis by Segments, 2022 (%)

Peru Insurance Market Analysis by Segments, 2022 (%)

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Peru Insurance Market – Competitive Landscape

The key companies in the Peru insurance market are Rimac Seguros y Reaseguros, Pacifico Compania de Seguros y Reaseguros, Mapfre Peru Vida Compania de Seguros y Reaseguros, La Positiva Cia de Seguros y Reaseguros, and Secrex Compania de Seguros de Creditos y Garantias among others. Rimac Seguros y Reaseguros was the largest insurer in 2022 in terms of GWP.

Peru Insurance Market Analysis by Players, 2022 (%)

Peru Insurance Market Analysis by Players, 2022 (%)

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Segments Covered in the Report

Peru Insurance Market Segments Outlook (Value, PEN Billion, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

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

  • It provides historical values for the Peru 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 Peru insurance industry and market forecasts for 2027.
  • It profiles 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’s reinsurance business’s market structure gives details of premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historic 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.

Rimac
Pacifico
Interseguro
La Positiva
Mapfre Peru Vida
Protecta
Chubb
Avla Perú

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: Key Trends by LOB

General Insurance: Trends and KPIs

General Insurance: Key Trends by LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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