LatAm’s insurance market overall grew by 0.2% overall in 2020, with the non-life business remaining solid, to offset the slowdown in the life market. MAPFRE continues to lead by a wide margin, with a market share of 6.5% and 5.6 billion dollars in premiums. The Latin American insurance industry’s premium volume grew by just 0.2% in 2020, to 153.4 billion dollars, as a result of the depreciation of some currencies in the region and the impact of the pandemic, which hindered the upward trend of the business in the last decade.
This is clear from the Ranking of Insurance Groups in Latin America drawn up by MAPFRE Economics and published by Fundaci n MAPFRE. The non-life business, which showed positive performance in 2020 with growth of 3.9%, could not offset the slowdown in premium volume growth in the life business line of 4.1%. In this context, the region’s two largest insurance markets, those of Mexico and Brazil, experienced premium stagnation in 2020. For the former, growth was a mere 0.2% (compared to 11.1% in 2019) and, for the latter, there was a slowdown in nominal growth (1.1% compared to 11.4% in 2019). The MAPFRE Economics report explained that “Apar from Chile, Panama, Ecuador and Peru, the other insurance markets in the region performed positively in 2020, with a nominal increase in local currency of 56.9% in Argentina and 12.1% in Uruguay”.
With respect to the overall ranking, the 25 largest insurance groups included in the ranking recorded a 458.6-million-dollar drop in premiums in 2020, a decrease of -0.5% compared to the previous year’s sample. The Brazilian group Brasilprev tops the ranking (life and non-life business). With a market share of 6.1%, this year it passed Bradesco, whose share dropped to 5.8% (compared to 6.6% in 2019). MAPFRE is ranked fourth in the region. However, it maintains its leadership position in the non-life business line by a wide margin, with a market share of 6.5% and 5.59 billion dollars in premiums, well ahead of the US insurer Innovacare’s 3.68 billion and Triple-S’s 3.58 billion, which hold second and third place in this ranking, respectively. These two companies are monoline carriers in the health line, and they appear in the no n-life segment for thepurposes of comparability of this report.
1. MAPFRE is a global insurance company with a worldwide presence. A leading company in the Spanish market, it is the largest Spanish insurer in the world, the top multinational insurance company in Latin America, and it is in sixth position in terms of non-life ranking in Europe by premium volume. MAPFRE is among the 20 most important Auto insurers in the US.
MAPFRE RE is a Top 16 global reinsurance company with 19 offices throughout the world. In the last few years, it has consolidated its position as one of the major international reinsurance companies by premium volume, and it is one of the main contributors to Group revenue and profits. Globally, MAPFRE employs more than 34,000 professionals and services 29 million clients. MAPFRE’s net earnings in 2020 came in at 526.5 million euros, with Group revenues 25.42 billion euros and an improved combined ratio of nearly 3% to 94.8% despite Covid-19.
2. The full MAPFRE LatAm rankings report can be found here. For more information, please go to www.mapfre.com or follow on Twitter or LinkedIn.
Simon Hayes, Managing Director
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