Peru Life & Non-life Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Peru Life & Non-life Insurance Market Analysis
The Peru insurance industry has been undoubtedly impacted by the coronavirus (COVID-19) pandemic. The Peru's insurance industry went to negative from stable, citing the negative impact of COVID-19 on revenues, along with a significant amount of early withdrawals from the country's Private Pension Fund system and its negative effect on premiums.
As of 2020, Peru's Insurance market is the 7th largest in South America. Within the economies of South America, the insurance market contracted 0.7% in 2020 (-2.4% in real terms). This was mainly because of the pandemic that worsened the living conditions in the region, and has particularly affected small to medium-size enterprises (SME), job creation and public finances. In 2018, insurance premiums written in Peru accounted for 1.7 percent of the country's GDP, up from a share of 1.6 percent reported in the previous years. That same year, insurance premiums amounted to over 14 billion U.S. dollars in the South American country. Higher benefits paid from the life insurance segment greatly influenced the overall underwriting performance. Declines in technical results and financial income led to a contraction of 28.8% in net income and a return on assets of 1.9%, the lowest in five years. Given the importance of life insurance products, operating performance will continue to rely on investment income to generate positive results.
Peru Life & Non-life Insurance Market Trends
This section covers the major market trends shaping the Peru Life & Non-life Insurance Market according to our research experts:
Introduction of Compulsory Life Insurance for Employees
The government of Peru issued Emergency Decree No. 044-2019 to improve measures protecting the health and safety of employees from 2nd January 2020. The new regulation mandates employers to provide employees with compulsory life insurance after four years of service. The insurance policy can be taken out with any insurer. Employers who do not already offer life insurance for new recruits as part of their benefits packages should immediately enroll their new employees in a life insurance policy covering accidental death and total disability. This creates opportunities for many major insurance providerts in Peru to approch companies for providing life insurance directly to the employees. There will be a creation of demand for the insurance sector in Peru.
Insurtech Adoption is a Market Driver
The use of technology in insurance can make products more affordable, business more profitable, and provide access to new risk pools. The insurance companies have been integrating digital technologies into their traditional processes and everyday workflows, in order to reduce manual efforts, time, and costs. The insurance sector participants sometimes use the term more broadly to encompass the application of digital technology to all stages of the insurance supply chain. As the insurance sector in Peru is becoming more sophisticated and it can be expected that digital solutions may filter down through the insurance supply chain, driving operational efficiency, and ultimately profitability, as is already being seen in more advanced markets.
Peru Life & Non-life Insurance Industry Overview
Peru Life and Non-Life Insurance Market is moderatly consolidated in nature. Some of the major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies is increasing their market presence by securing new contracts and by tapping new markets.
Peru Life & Non-life Insurance Market Leaders
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Rimac
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Pacifico Seguros
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La Positiva
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Mapfre Peru
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Interseguro
*Disclaimer: Major Players sorted in no particular order
Peru Life & Non-life Insurance Market News
- On March 2020, RIMAC Seguros, a leading insurance company in Peru with 1.8 million customers along with Kyndryl, the world's largest IT infrastructure services provider announced a 3-year agreement to accelerate the company's digital transformation with the migration of its mission-critical IT systems and business applications to Microsoft Azure. This would increase the disgital presence of the company and boosting the coustmer base.
- On Janurary 2019, FID Peru SA has completed its acquisition of a majority stake in La Positiva Seguros y Reaseguros SA, the latter company said in a Jan. 4 filing. FID Peru purchased 194,224,590 shares of La Positiva, accounting for 51% of the company's share capital.
Peru Life & Non-life Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights into Latest Technologies Used in the Industry
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Life insurance
5.1.1.1 Individual
5.1.1.2 Group
5.1.2 Non-Life Insurance
5.1.2.1 Fire
5.1.2.2 Motor
5.1.2.3 Marine
5.1.2.4 Health
5.1.2.5 Others
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agency
5.2.3 Banks
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Rimac
6.2.2 Pacifico Seguros
6.2.3 La Positiva
6.2.4 Mapfre Peru
6.2.5 Interseguro
6.2.6 Protecta
6.2.7 Cardif
6.2.8 Ohio National Vida
6.2.9 Chubb Seguros
6.2.10 Crecer Seguros*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Peru Life & Non-life Insurance Industry Segmentation
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools client risk to make payments more affordable for the insured. The Peru Life and Non-Life Insurance Market is segmented by Insurance Type (Life Insurance(Individual, Group), Non-Life Insurance(Fire, Motor, Marine, Health and Others)), and Distribution Channel (Direct, Agency, Banks, and Other Distribution Channels).
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Peru Life & Non-life Insurance Market Research FAQs
What is the current Peru Life and Non-life Insurance Market size?
The Peru Life and Non-life Insurance Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Peru Life and Non-life Insurance Market?
Rimac, Pacifico Seguros, La Positiva, Mapfre Peru and Interseguro are the major companies operating in the Peru Life and Non-life Insurance Market.
What years does this Peru Life and Non-life Insurance Market cover?
The report covers the Peru Life and Non-life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Peru Life and Non-life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Peru Life & Non-life Insurance Industry Report
Statistics for the 2024 Peru Life & Non-life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Peru Life & Non-life Insurance analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
