Ken Research has announced its distribution on, “Non-Life Insurance in Peru, Key Trends and Opportunities to 2020” which provides a detailed overview by product category for the Peruvian non-life insurance segment, and a comparison of the Peruvian insurance industry with its regional counterparts for better comprehension.
The report provides in-depth market analysis, information and penetration into the Peruvian non-life insurance segment involving detailed analysis of natural and man-made hazards and their impact on the Peruvian insurance industry and features of the competitive landscape in the non-life insurance segment in Peru.
It discusses key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period and forecast period and properly analyzes the various distribution channels for non-life insurance products in Peru.
It aids in understanding the demand-side dynamics, key market trends and growth opportunities in the Peruvian non-life insurance segment and evaluate the competitive dynamics in the non-life insurance segment.
The Peruvian non life insurance sector is rapidly developing since 2011 in Latin America. It accounted for a 43.8% share of the Peruvian insurance industry’s gross written premium in 2013 since an increase in sales of property and vehicles and the government’s investments on infrastructure led to growth of this segment. Also, the number of policies sold also increased at a CAGR of 26.0%. The Peruvian non-life segment was focused, mainly towards the leading insurers who accounted for 99.7% of the segment’s direct written premium in 2015.
Property insurance was the focal non-life insurance category and the insurance penetration of the non-life segment was 0.82% in 2015. Additionally SOAT, the obligatory automobile cover, had been the major insurance product offered online and is expected to maintain its importance.
Individuals’ purchasing power, a huge distribution network, extent from low penetration rate and the economic growth are the factors which are expected to support the growth of the non-life segment over the forecast period.
The overall non-life segment is expected to grow at a forecast-period CAGR of 10.2% and is expected to improve yearly since sales are expected to raise keeping in mind the level of awareness of Peruvian customers. By year 2020, the market is expected to be well developed and be making huge profits.
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