Report

Peru Life And Non-life Insurance Market Analysis

The Peru life and non-life insurance market stood at USD 6.99 billion in 2025 and is projected to reach USD 12.55 billion by 2030, registering a healthy 12.4% CAGR. Accelerating economic momentum, including the Ministry of Economy and Finance's 4% GDP growth projection for 2025, underpins rising disposable income and expanding insurance uptake across personal and commercial lines. Non-life products continue to dominate because of compulsory SOAT motor cover, large-scale commercial activities in mining and agribusiness, and a supportive regulatory push for climate-risk analysis. Life insurance gains speed on the back of the 2024 pension reform that broadens annuity eligibility and raises retirement ages, while digital channels lower acquisition costs and improve product visibility. Collectively, these forces position the Peru life and non-life insurance market as one of Latin America's fastest-growing protection ecosystems.

Peru Life And Non-life Insurance Market Trends and Insights



Rising Middle-Class Income & Insurance Awareness

Steady GDP growth and declining poverty continue to buoy the Peru life and non-life insurance market. Rising wages broaden consumers' capacity to purchase voluntary covers, while public outreach after 2023 seismic events heightened risk perception and spurred demand for property and personal accident lines. Government-led connectivity programs lifted household internet penetration to 73% in 2024, improving access to online comparison tools and financial education portals. Public health coverage through SIS now reaches 97% of residents, showcasing how supportive policy can accelerate penetration. Insurers, led by the national association APESEG, have intensified educational campaigns that highlight earthquake and climate-related protection gaps, translating awareness into policy conversions.

Expansion of Bancassurance Partnerships

Banks remain central to the Peru life and non-life insurance market because customers already trust their institutions for savings and credit products. The 2025 divestment of CrediScotia to a multinational lender is set to unlock upgraded digital banking stacks and new cross-sell journeys. Mortgage, credit-card and micro-loan bundling strategies continue to push insurance attachment rates higher, supported by consumer-protection mandates from the Superintendencia de Banca, Seguros y AFP (SBS). Cost advantages also help: digital-first banks operate efficiency ratios near 30%, giving them latitude to price embedded covers competitively and still meet margin targets. As a result, bancassurance remains a benchmark channel even while digital-only outlets proliferate.

High Informality & Low Insurance Literacy

Roughly two-thirds of Peru's workforce operates outside the formal economy, limiting pay-slip-linked and employer-sponsored coverage growth. Low banking penetration-only 38% of adults hold an account-further restricts automatic premium debits. Although the digital-ID program "Cuenta DNI" is expanding basic financial access, rural areas still lean on cash transactions. Insurers respond by launching simplified micro-policies distributed through agricultural cooperatives, yet premium collection remains complex. Sustained progress needs broader structural reform, stronger consumer protection enforcement, and continuous financial-literacy outreach that translates online exposure into actionable coverage decisions.

Other drivers and restraints analyzed in the detailed report include:

Mandatory SOAT Motor Cover & Vehicle-Parc Growth / Rapid InsurTech & Digital-Channel Adoption / Cultural Risk-Aversion to Property Insurance /

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Non-life products generated 78.49% of the Peru life and non-life insurance market size in 2024, anchored by mandatory SOAT, mining liability, and cargo lines. Motor cover benefits directly from RFID-plate reforms, while marine and transit policies gain scale through new agricultural export nodes. Health insurance receives momentum from updated essential health regulations that now include mental health diagnoses. Life insurance, although smaller, is on a steep 11.75% CAGR through 2030. Pension reform Law 32123 ushers in mandatory system entry at age 18 and lengthens contribution spans, driving demand for annuities and credit-linked life products. Leading carriers are modernizing underwriting with e-medical declarations, trimming issuance times from weeks to hours. Higher embedded-policy penetration in consumer finance is expected to narrow the non-life gap by decade-end.

Life cover growth further capitalizes on rising middle-class aspirations for inter-generational wealth transfer. Flexible premium holidays, micro-ticket life, and unit-linked arrangements appeal to young professionals wary of long-term commitments. Digital robo-advice tools, often co-branded with banks, help customers simulate retirement-income scenarios, strengthening engagement. Meanwhile, property and casualty insurers seek diversification by partnering with health-maintenance organizations to pilot hybrid protection-plus-prevention bundles that leverage telemedicine and wellness apps. These strategies enhance cross-sell potential and protect incumbents from single-line margin compression as competitive intensity climbs.

Bancassurance controlled 38.24% of the Peru life and non-life insurance market in 2024, leveraging bank branch footprints, data-driven cross-sell engines, and regulatory alignment around consumer-protection disclosures. The model benefits from integrated credit-life requirements in mortgage, auto, and SME loans, lifting attachment rates. However, direct online and InsurTech platforms are accelerating at a 12.45% CAGR, fueled by user-friendly interfaces, transparent pricing, and instant policy issuance. Digital wallets and e-commerce giants now embed micro-covers at checkout, converting first-time buyers at scale.

Agency and broker networks pivot toward advisory roles, focusing on complex commercial risks, employee-benefit schemes, and high-sum-assured life products. They increasingly rely on customer-relationship portals and API connectivity to maintain relevance in a self-service age. Retail affinity channels-telecom, supermarket, and fuel station tie-ups-offer in-person convenience and installment payments. Across all channels, omnichannel servicing becomes non-negotiable: chatbots handle low-complexity queries, while human agents concentrate on claims advocacy and cross-line planning. Such hybrid models aim to preserve the sector-leading renewal ratio that underpins profitability.

The Peru Life and Non-Life Insurance Market is Segmented by Insurance Type (Life, and Non-Life), Distribution Channel (Direct, Agency/Broker, Bancassurance, Digital/Online and More), End-Users (Individuals, Sme's and More), Premium Type (New Business Premium, Renewal Premium), and Region. The Market Forecasts are Provided in Terms of Value (USD).

List of Companies Covered in this Report:

Rimac / Pacifico Seguros / MAPFRE Peru / La Positiva / Interseguro / Protecta / Cardif / Ohio National Vida / Chubb Seguros / Crecer Seguros / Seguros SURA / HDI Seguros / Positiva Vida / Zurich Peru / QBE Peru / Aseguradora Magma / Mapfre Salud EPS / Vida Camara / Challapampa Micro-insurance / SBS-regulated Mutuales /

Additional Benefits:

The market estimate (ME) sheet in Excel format /
3 months of analyst support /