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 PEN18.9 billion ($4.8 billion) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The following are some of the key highlights of the Peru insurance market:

  • Life insurance was the leading revenue-generating Peruvian insurance segment in 2022.
  • In 2022, pension was the leading line of business in the Peruvian life insurance market.
  • Rimac Seguros y Reaseguros was the largest insurer in 2022 in terms of GWP.

Peru Insurance Market Outlook, 2023-2028 (PEN Billion)

Peru Insurance Market Outlook, 2023-2028 (PEN Billion)Buy the Full Report for More Insights into the Peru Insurance Market Forecast
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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 insuarers 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

·       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

·       Secrex Compania de Seguros de Creditos y Garantias

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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, 2022 (%)

Peru Insurance Market Analysis by Segments, 2022 (%)Buy the Full Report for more Insights in the Peru Insurance Market Segments, Download A Free Report Sample

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 Insurance Market Analysis by Companies, 2022 (%)
Peru Insurance Market Analysis by Companies, 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 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
Protecta
Chubb
AVLA Peru

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LoB

General Insurance: Trends and KPIs

General Insurance: LoB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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