The insurance sector would grow 2% this year, according to estimates by the Peruvian Association of Insurance Companies (Apeseg).
“Growth of 2% is expected to be achieved in line with what is projected for the country’s GDP in 2023, subject to greater economic stability in the country and the promotion of new investments,” said the union’s president, Eduardo Morón.
In this sense, he noted that growth prospects are not those of a normal year, in which growth should be double the rate of the Peruvian economy.
“Hopefully the situation in which we can feel that the political landscape is clearing up happens soon,” he told Peru21.
GROWTH BELOW EXPECTED
As for the year 2022, Premiums from the insurance sector totaled S/18,746 million and grew 5.9% compared to 2021, a result that, according to Apeseg, was below expectations and that was explained by political uncertainty.
“Like the economic slowdown observed at the end of 2022, the insurance industry did not reach double-digit growth,” the union said in a report.
Added to this is the fact that insurance penetration in the country is still low. “Of 100 soles produced in Peru, two are used for insurance,” said Apeseg.
On the other hand, Apeseg reported on the performance that the life insurance law has been presenting, after the State at the end of 2019 extended the protection to all workers in general.
“In three years, the production of premiums for this insurance has doubled,” he said.
“This behavior reflects the control efforts that have led to its compliance,” added the union.
