Insurances - South America

South America

The Insurances market in South America is expected to reach a projected market size (gross written premium) of US$182.10bn in 2025.
Within this market, Non-Life Insurances dominates with a projected market volume of US$130.60bn in 2025.
The average spending per capita in the Insurances market is estimated to be US$438.20 in 2025.
When compared globally, the United States is projected to have the highest nominal value with US$3,930.0bn in 2025.
Furthermore, it is anticipated that the gross written premium will exhibit an annual growth rate (CAGR 2025-2029) of 1.29%.
This growth is expected to result in a market volume of US$191.70bn by 2029.
In terms of global comparison, the United States is forecasted to generate the highest gross written premium of US$3,930.0bn in 2025.
In South America, the insurance market is experiencing significant growth due to increasing demand for health and property insurance.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in South America has been experiencing significant growth and development in recent years. Customer preferences in the region are shifting towards more comprehensive insurance coverage, including health, property, and life insurance. Customers are increasingly seeking tailored insurance products that suit their individual needs and provide greater financial security. Trends in the market show a rise in digital insurance services, with more customers opting to purchase insurance policies online or through mobile apps. This shift towards digitalization has led to increased competition among insurance providers, driving them to innovate and improve their digital offerings to attract and retain customers. Local special circumstances, such as regulatory changes and economic fluctuations, play a significant role in shaping the insurance market in South America. For example, changes in insurance regulations can impact the types of products available to customers, while economic downturns can influence customer spending habits and insurance purchasing decisions. Underlying macroeconomic factors, such as GDP growth, inflation rates, and unemployment levels, also impact the insurance market in South America. A growing economy can lead to increased disposable income, allowing more customers to invest in insurance products. Conversely, economic instability can deter customers from purchasing insurance or prompt them to seek more affordable options. Overall, the Insurances market in South America is evolving to meet the changing needs and preferences of customers, driven by digitalization, regulatory changes, and macroeconomic factors.

Methodology

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.