Market Research on Life and Non-Life Insurance in Peru to 2018

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Life Insurance in Peru:-

Peruvian life insurance registered a compound annual growth rate (CAGR) of 19.5% during the review period (2009–2013). The segment’s growth was a result of strong economic growth and an improving business environment. The pension and individual whole life categories accounted for 82.6% of the segment’s gross written premium in 2013, but life insurance penetration remained low at 0.8% in 2013. The five leading insurers accounted for 85.9% of the life insurance gross written premium in 2013. Over the forecast period (2013–2018), reforms in insurance contract law, expansion of the middle-class population and steady growth in microinsurance products are expected to drive the segment.

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Key highlights:-

Life insurance is the largest segment in the Peruvian insurance industry, with 46.2% of the industry’s gross written premium in 2013.

Pension insurance was the largest category, with 53.3% of the gross written premium and accounting for PEN2.3 billion (US$0.3 billion) in 2013, having recorded a review-period CAGR of 21.8%.

The introduction of a bidding process for pension insurance in 2013 is expected to reduce premiums and increases sales of pension funds over the forecast period.

Economic growth, and rising employment levels and disposable incomes supported demand for life insurance during the review period.

The increase in Peru’s working population expected to drive growth in the life segment over the forecast period.

Non-Life Insurance in Peru:-

The non-life insurance segment accounted for a 43.8% share of the Peruvian insurance industry’s gross written premium in 2013. The segment’s gross written premium increased at a...