Insurance
From The Report: Peru 2012
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While global insurance markets have been showing lower levels of growth in recent years, Peru’s insurance sector has expanded apace, averaging 15% annual growth in premiums over the past five years. There are 14 insurance companies providing a variety of plans and services. Life in particular has performed particularly well by global standards: while life insurance sales dropped by 4.3% globally in 2009, premiums in Peru grew 9.73% that year. Though insurance penetration in the country remains low, at 1.6%, recent levels of growth indicate that the Peruvian population is becoming more attuned to the benefits of insurance plans, boding well for future expansion in the sector.

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Analysis

Promoting benefits: Efforts are currently under way to increase penetration
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In February 2012, Alfredo Jochamowitz, the president of the Peruvian Association of Insurance Companies (APESEG), estimated that the insurance penetration rate in the country was about 1.6%, measured as the percentage of premiums to GDP. This figure lags behind regional leaders like Chile (4.5%) and the total average for Latin America (2.5%). Despite the gap, Peru is home to a wide array of affordable insurance products, on offer by both public and private operators. INSURANCE FOR ALL: Diversity…

Analysis

Creating competition: Pension funds are set to undergo several changes to improve quality and efficiency
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Pension fund reform has become a hot topic among leading fund administrators and lawmakers. As of May 2012, two government commissions, consisting of a technical team appointed by the executive branch and an economic commission that was formed by the Congress, were hard at work to develop a proposal for the restructuring of the pension fund system. The commissions are expected to present their proposals for debate in Congress by the end of July 2012. PUBLIC & PRIVATE OPTIONS: In Peru,…