Non-life insurances - Peru | Statista Market Forecast

The Non-life insurance market in Peru is expected to witness significant growth in the coming years.
By 2024, the market size, measured by gross written premium, is projected to reach US$1.91bn.
This indicates a promising future for the industry in the country.
Furthermore, the average spending per capita in the Non-life insurance market is estimated to be US$54.97 in 2024.
This figure showcases the individual's expenditure on insurance policies within the country.
The market is anticipated to display a steady growth rate with a compound annual growth rate (CAGR 2024-2029) of 2.30%.
This growth trajectory is expected to result in a market volume of US$2.14bn by 2029.
This signifies the increasing demand for Non-life insurance products and services in Peru.
In a global context, it is notable that the United States is the leading contributor to the gross written premium.
In 2024, the United States is projected to generate a substantial amount of US$2.5tn in gross written premium.
This highlights the dominance of the US market in terms of Non-life insurance revenue.
Overall, the Non-life insurance market in Peru is poised for growth, with substantial market size and per capita spending.
The sector's potential is evident, and it is expected to contribute significantly to the country's overall insurance industry.
Peru's non-life insurance market is experiencing a rise in demand due to the increasing number of natural disasters in the country.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Peru's Non-life insurances market is experiencing significant growth and development in recent years. Customer preferences in the Peruvian non-life insurance market are shifting towards more comprehensive coverage options to protect against a variety of risks. Customers are increasingly looking for tailored insurance solutions that cater to their specific needs, such as property, health, and liability insurance. This trend is in line with global patterns where consumers are becoming more risk-conscious and seeking greater financial protection. Trends in the Peruvian non-life insurance market include a rise in digitalization and the adoption of technology to streamline processes and enhance customer experience. Insurers in Peru are leveraging digital platforms to offer online policy purchases, claims processing, and customer support, making insurance products more accessible and convenient for policyholders. Additionally, there is a growing emphasis on product innovation and the introduction of new insurance products to meet evolving customer demands and stay competitive in the market. Local special circumstances in Peru, such as regulatory changes and increasing competition among insurance providers, are shaping the non-life insurance landscape. The regulatory environment in Peru plays a crucial role in governing insurance operations and ensuring consumer protection. Insurers must navigate and comply with regulatory requirements to operate in the market effectively. Moreover, the competitive nature of the non-life insurance sector in Peru is driving insurers to differentiate their offerings, improve service quality, and expand their market presence to attract and retain customers. Underlying macroeconomic factors, including economic growth, rising disposable incomes, and urbanization, are contributing to the expansion of the non-life insurance market in Peru. As the Peruvian economy continues to grow, more individuals and businesses are seeking insurance coverage to safeguard their assets and mitigate risks. The increasing urban population and infrastructure development also create opportunities for insurers to provide insurance solutions for property and casualty risks in urban areas. In conclusion, the Non-life insurances market in Peru is evolving in response to changing customer preferences, technological advancements, regulatory dynamics, and macroeconomic trends, presenting both challenges and opportunities for insurers operating in the market.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.