Best insurers companies
Theinsurance market is wide and diverse, which allows you to choose fromautoinsurance, home insurance, life insurance and health insurance as well as earthquake insurance. So it is good to know which are thebest insurers companies.
Best insurers companies – 2019
One of theinsurance marketsin Latin America that has been growing the most in terms of insurance companies in general. Someleading insurance companiesin Latin America have been present in World given their potential market and having a strong economy, low inflation, a middle class that is increasingly aware of insurance and the growth potentialof insurance premiums.
Main Insurance Companies
Theinsurance sector is made up of 21insurancecompanies,being one of the insurance markets with the highest concentration in Latin America. Among the main insurance groups isRimac and Pacific,with a 57% joint market share, as reflected in the data from theSBS financial services regulator, which also supervises the banking and private pension industries.
There is still the potential of someinsurersto enter theinsurancemarket, such as the arrival of some foreign insurers based on the attractive market that can be and its strong macroeconomic scenario in the country and the growth potential.
Best General and Life Insurance Companies
Rimacis part of the business group Breca y Pacífico, is a subsidiary of the largest and main financial services group in the country, Credicorp. Among the top 10general and life insurance companies,a majority are foreign insurers, including Mapfre, Chubb and Cardif.
According to projection, they will increase their market share over the next few years,Rimac and Pacificwill remain as leaders in the short term thanks to their strong commercial franchises andinsurancebrands .
While all of the above, as well as all of Peru reflects one of the lowest insurance penetration rates among the main economies of Latin America, which allowslocal and international insurers tohave growth potential and raise their insured portfolio that they are unattended clients, adding new insured and small companies from the different types of insurance they offer and new ones that they develop.
The potential for long-term growth forinsurers is high. In 2016, premiums in percentage of GDP in Peru was 1.71%, compared to the average in Latin America and worldwide in 2016 was 3.18% and 6.28% respectively. As for premiums per capita in US dollars, Peru recorded a US $ 105 away from the main countries in South America such as Chile (US $ 644) and Uruguay (US $ 372).
New Insurers, Mergers and Acquisitions
In recent years, someforeign insurershave joinedthe Peruvian market, including the US insurer Liberty and the French credit insurer Coface. For the next few years, some new insurance companies are expected to arrive to obtain anSBSinsurance license .
In addition to the potential for mergers and acquisitions amonginsurers in Peru suchas the interest of the Portuguese Fidelidade – Portugal’s largest insurer – to buy 51% of the local firm La Positiva, the fourth in Peru.
It would be no surprise that some new foreigninsurerarrives or that there are some mergers and acquisitions that could modify theinsurance market in Peru,with more or lessforeign and national insurersand better and greater insurance offers for Peruvians.