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Life Insurance in Peru:-
Peruvian life insurance registered a compound annual growth rate (CAGR) of 19.5% during the review period (2009–2013). The segment’s growth was a result of strong economic growth and an improving business environment. The pension and individual whole life categories accounted for 82.6% of the segment’s gross written premium in 2013, but life insurance penetration remained low at 0.8% in 2013. The five leading insurers accounted for 85.9% of the life insurance gross written premium in 2013. Over the forecast period (2013–2018), reforms in insurance contract law, expansion of the middle-class population and steady growth in microinsurance products are expected to drive the segment.
Browse full report with complete TOC at: http://www.researchmoz.us/life-insurance-in-peru-key-trends-and-opportunities-to-2018-report.html
- Life insurance is the largest segment in the Peruvian insurance industry, with 46.2% of the industry’s gross written premium in 2013.
- Pension insurance was the largest category, with 53.3% of the gross written premium and accounting for PEN2.3 billion (US$0.3 billion) in 2013, having recorded a review-period CAGR of 21.8%.
- The introduction of a bidding process for pension insurance in 2013 is expected to reduce premiums and increases sales of pension funds over the forecast period.
- Economic growth, and rising employment levels and disposable incomes supported demand for life insurance during the review period.
- The increase in Peru’s working population expected to drive growth in the life segment over the forecast period.
Non-Life Insurance in Peru:-
The non-life insurance segment accounted for a 43.8% share of the Peruvian insurance industry’s gross written premium in 2013. The segment’s gross written premium increased at a review-period CAGR of 11.4%. The growth of this segment was majorly due to an increase in property and vehicle sales and the government’s investments on infrastructure. This led to an increase in the number of policies sold from 2.7 million in 2009 to 6.8 million in 2013, at a review-period CAGR of 26.0%. Furthermore, economic growth and individuals’ purchasing power, a large distribution network and scope from low penetration rate is expected to support the growth of the non-life segment over the forecast period. The Peruvian non-life segment is expected to grow at a forecast-period CAGR of 10.2%.
Browse full report with complete TOC at: http://www.researchmoz.us/non-life-insurance-in-peru-key-trends-and-opportunities-to-2018-report.html
Key highlights:-
- The non-life segment accounted for 43.8% of the insurance industry’s gross written premium in 2013.
- Growth in construction activity and rising sales of motor vehicles contributed to the growth of non-life insurance during the review period.
- Peru’s geographical location made it prone to various natural disasters such as earthquakes, floods, volcanic eruptions and landslides, causing the country large economical damage
- Property insurance was the largest segment, having accounted for 45.0% of the segment’s gross written premium share in 2013.
- The new Insurance Contract Law enacted in 2012 provides clear protection for the insured by forbidding the use of abusive practices and clauses by insurance companies.
- According to a study conducted by Camara Peruana de la Construcción (Peruvian Construction Chamber), the residential sector created a sales record over 17 years, with 21,990 residential units sold in 2012.
- The growth in Peru’s middle class population supported the growth of automobile sales. With the economic growth, the volume of car sales is expected to support non-life insurance growth.
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