Property Insurance - Peru | Statista Market Forecast

The Property Insurance market market in Peru is projected to reach a market size (gross written premium) of US$856.00m in 2024.
On average, individuals in Peru are expected to spend US$24.68 per capita on Property Insurance market in the same year.
The market is projected to experience an annual growth rate (CAGR 2024-2029) of 2.09%, resulting in a market volume of US$949.30m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium of US$240.4bn in 2024.
The property insurance market in Peru is experiencing a surge in demand due to increased urbanization and a growing middle class.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

In Peru, the Property Insurance market is experiencing significant growth and development. Customer preferences in the Property Insurance market in Peru are shifting towards more comprehensive coverage options to protect their properties against natural disasters such as earthquakes and floods. Customers are also increasingly valuing insurance policies that offer additional benefits such as liability coverage and assistance services in case of emergencies. Trends in the market show a rise in demand for property insurance products tailored to the specific needs of Peruvian homeowners and businesses. Insurers are adapting their offerings to provide more flexible coverage options and competitive pricing to attract a larger customer base. Additionally, there is a growing trend towards digitalization in the distribution of property insurance, making it more accessible to a wider audience. Local special circumstances in Peru, such as the country's geographical location in a seismically active region, play a significant role in driving the Property Insurance market. The frequency of natural disasters in Peru has heightened awareness among individuals and businesses about the importance of having adequate insurance coverage for their properties. Underlying macroeconomic factors, including steady economic growth and increasing disposable income levels in Peru, are also contributing to the development of the Property Insurance market. As the country's economy continues to expand, more people are investing in real estate properties and recognizing the need to protect their assets through insurance. Overall, the Property Insurance market in Peru is evolving to meet the changing needs and preferences of customers, driven by local circumstances and supported by favorable macroeconomic conditions.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.