"Growth of the insurance market in Peru driven by innovative life insurance."

The Peruvian insurance market is experiencing significant growth, driven especially by the increasing demand for life insurance that combines protection, savings, and investment. According to data from the Superintendence of Banking, Insurance, and AFP (SBS), insurance premiums have grown at an average rate of 9% annually over the past five years, reaching an annual total of S/ 22,042 million, with an 11% growth projected for 2024. This landscape highlights not only the interest of Peruvians in securing their well-being but also the opportunities that arise for insurance companies looking to innovate and diversify their offerings. The life insurance segment, which represents 55% of the total, has been the engine of this growth. During the analyzed period, these products have shown an average growth of 11%. The Peruvian Association of Insurance Companies (Apeseg) mentions that, despite the variety of options available, only a few insurers specialize in life insurance, while others cover multiple lines. This diverse approach allows them to meet different consumer needs, as people increasingly seek products that offer not only protection but also long-term financial benefits. Ian Scofield, Vice President of Interseguro, indicates that the market is heading towards double-digit growth by 2025, supported by increased awareness of the importance of having insurance. Consumers have learned valuable lessons from the pandemic, leading to greater concern for financial protection and the pursuit of guaranteed returns. In this sense, products like Vida Free and Vida Cash are revolutionizing the sector, offering accessible and fully digital options that cater to the specific needs of users. The rise of life insurance is not only due to social awareness but also to the financial capacity of consumers, which has been strengthened by the recovery of the Gross Domestic Product (GDP) and the increase in private consumption. These favorable economic conditions have allowed more people to feel empowered to invest in insurance that, in addition to providing protection, promises a return on investment. The customization of products is also becoming essential. Gonzalo Barreto, Planning and Finance Manager at Pacífico Seguros, highlights that embedded insurance—those designed to protect customers in everyday transactions—is gaining popularity. Examples include specific insurance for travel, events, and financial transactions that seamlessly integrate into consumers' daily lives, eliminating the entry barriers that have traditionally existed in purchasing insurance. Additionally, Mapfre has launched a life insurance policy with a refund that, besides covering deaths, promises returns of up to 200% on the premiums paid. This trend towards products that combine traditional insurance with logical financial benefits is gaining traction among insured individuals, who seek to maximize their investments in an increasingly uncertain economic context. The corporate segment is also witnessing a shift in the nature of the insurance they require. While traditional coverage remains important, the growing concern over digital security has led to an increase in demand for cyber insurance. Barreto emphasizes the need for companies to protect themselves against cyberattacks, which have proliferated in an increasingly digital world. Adapting to these new risks becomes a priority if businesses wish to ensure the continuity of their operations. In the context of sustainability, both Scofield and Barreto agree that companies are looking to align themselves with responsible practices. ESG (environmental, social, and governance) criteria are having a notable impact on consumer decision-making and on how insurers design and promote their products. Companies are seeking insurance that not only protects their clients but also contributes to a more sustainable and responsible world. Finally, La Positiva is exploring opportunities in specialized policies, such as CAR insurance, used in large infrastructure projects. Additionally, the company is focusing on serving small and medium-sized enterprises, especially in regions where investments are increasing, which could mean considerable growth in a sector that has historically been less served. Thus, the future of the insurance market in Peru appears promising, with growth driven by innovation, customization, and greater social awareness. Companies in the sector will need to stay attuned to the changing needs of consumers to continue capturing their interest and offering products that truly align with their expectations and requirements.