The Latin American insurance sector grew by 15.9% in 2022 and reached 173,000 million dollars in premiumswith which it exceeded the 153.100 million dollars that it added in 2019, before the economic slowdown caused by the pandemic.
This is explained by the latest annual report on the evolution of insurance groups in Latin America, prepared by the Spanish insurer Mapfre, the main international insurance group with the most business in the region.
the business of No life grew by 16.4%, reaching 73.5 billion dollars, while that of Life added 100.200 million dollars after growing 15.3%.
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The insurance business benefited from the good performance of Brazil and Mexicotwo of the main markets in the region, in an environment of higher interest rates, somewhat more moderate inflation and good currency performance.
The Brazilian market, which accounts for 34.8% of the region’s insurance premiums, grew above inflation, 16.5% in local currency, driven by the strengthening of the Brazilian real, the report explains.
For its part, the Mexican market, which represents 19.3% of total premiums in Latin America, grew 4.6% in local currency, with an appreciation of the peso of 0.9%.
Total, the 25 main insurance groups in Latin America entered 107.9 billion dollars in 2022which represents an increase of 15.5% compared to the previous year.
The Mapfre Group, with 9,229 million dollars in premiums and a market share of 5.3%, in addition to being the main international insurance group with the most business in the region, also occupies the first position in the classification in the Non-Life branch, with 6,468 million dollars and a market share of 6.5%.
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