The penetration of the insurance market in Peru is barely 2%, one of the lowest in South America, which is why it is equal to that of Argentina and surpassed only Paraguay (1.1%) and Bolivia (1.5%).
The explanation for this, points out Eduardo Morón, president of the Peruvian Association of Insurance Companies (Apeseg), is the very high level of informality in our country.
“The pandemic did not help us at all, We have lost formal employment in recent years and missing out on growth opportunities has placed us behind our peers in the region.. We see countries with similar per capita income with 3% penetration. Clearly, we have a glass half empty,” said Morón, during the presentation of the annual report of the Peruvian insurance sector on Insurance Day 2024.
Bone scan
During 2022, on average, Peruvians spent an amount equivalent to 4.5% of a minimum living wage on the purchase of insurance; that is, around S/46.
In that sense, the risk insurance General and life insurance were the most requested in terms of premiums, reaching 35.2% and 33.5%, respectively.
While the insurance associated with the Private Pension System (SPP) reached 18.4% and accident and illness insurance 12.8%.
Likewise, within the insurance universe, an average annual growth of 9% in net premiums has been evident in the last 10 years. Along these lines, of the 17 insurance companies, three specialize in life insurance, six in general insurance and eight operate both types of insurance.
Andrea Camargo, a consultant specialized in inclusive and climate insurance, emphasized that Combined insurance in Peru is the most popular; i.e. insurance as part of a packagesince there are still certain economic profiles that are excluded.
Furthermore, “it was evident that in Latin America and the Caribbean, people prefer to purchase insurance through digital platforms,” highlighted the expert.
Catastrophic Agricultural Insurance
During the agricultural campaign 2022-2023, 797,535 farmers were protected.
S/49 million were paid in compensation to 182,000 affected farmers.
Of the 1.9 million hectares insured, 61,310 affected hectares were compensated. Puno received S/8.6 million.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
