The insurance market grew 15.9% in Latin America in 2022

The Latin American insurance industry generated US$173,674 million, according to a report by the company Mapfre. Life insurance grew 15.2% and Non-Life insurance grew 16.4%

The insurance market in Latin America experienced growth of 15.9% in 2022, reaching $173,674 million, according to a report published this Thursday by the Spanish insurer Mapfre, which is the leader in the region in the Non-Life business.

The growth of the insurance market in Latin America was influenced by the better-than-expected performance of their respective economies, as well as a more appropriate interest rate environment for the marketing of life savings and annuity products.

Premiums for the Life insurance segment in Latin America, 42.3% of total premiums in 2022, increased by 15.3% in dollars, while those for the Non-Life segment improved by 16.4%.

Within the Life business, premiums for individual and group Life insurance, 35.8% of total premiums in the region, rose 13.1%. For its part, social security and pension insurance increased by 29.2%.

Mapfre Economics, the insurer’s research service, highlights the important contribution of the Colombian market to the growth of the Life insurance segment on a regional scale, which added to the good performance of the Brazilian market (the main market in the region) and others with significant weight such as the Argentine and the Chilean.

In the Non-Life insurance segment, the increase was practically generalized among all markets in the region, and the Colombian market was the one that presented the smallest increase in dollars.

At an aggregate level, the Non-Life insurance segment surpassed that of the Life insurance segment thanks to the recovery of the Automobile line, which represents 17.1% of total premiums in the region and rose 25.6%, which allowed it to exceed the level of premiums before the pandemic.

The Health line slowed down, although it also performed well with a growth in premiums of 10.4%.

From the point of view of structure, the Latin American insurance markets that presented the highest levels of concentration were Uruguay, Costa Rica and Nicaragua.

Peru, Venezuela, Honduras, Panama, Dominican Republic, El Salvador and Guatemala presented index values ​​typical of concentrated markets.

The rest of the Latin American markets presented indices below the threshold that anticipates moderate levels of concentration.

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