The insurance market in Latin America demonstrated notable resilience in 2022, experiencing impressive growth of 15.9 %, reaching a total of $173,674 million
This economic phenomenon did not go unnoticed and was analyzed in detail by Mapfre, a leader in the business in the region.
Growth drivers
- Booming Economies: The surprising performance of Latin American economies exceeded expectations, which significantly influenced the growth of the insurance market.
- Favorable interest rates: The more favorable interest rate environment facilitated the marketing of life savings and annuity products, which contributed to the success of the insurance market.
- Life insurance: 42.3 % of total premiums in 2022 experienced an increase of 15.3 % in dollars. This positive phenomenon is reflected in the growth of the Non-Life segment, which improved by 16.4 %.
Life Segment Breakdown
Individual and group life insurance, representing 35.8 % of the region’s total premiums, experienced a significant increase of 13.1 %.
Concerning pension and social security insurance, this particular sector experienced spectacular growth, with an increase of 29.2 %.
The insurance market in Latin America presents a series of promising trends. The continued demand for Life and Non-Life insurance, combined with a favorable economic environment, suggests a bright future for the insurance industry in the region.
With information from Doble Llave
(Referential image source: Unsplash, in collaboration with Getty Images)
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