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.
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