Insurance
From The Report: Peru 2019
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The Peruvian insurance market as a whole returned to profitability in 2018, following losses and anaemic expansion over the course of 2016 and 2017. Underwriters enjoyed the most robust returns in the life segment, particularly in personal income annuities, which have come into high demand among new retirees as reinvestment vehicles for pension withdrawals. Furthermore, overall claims fell significantly against indemnities paid out in 2017, when the El Niño climactic phenomenon precipitated widespread damage to residential and agricultural properties in the north of the country. Even as the insurance penetration rate remains low vis-à-vis uptake among Peru’s South American neighbours, the sector is expected to drive growth in the wider economy, as coverage for earthquakes, fires and other accident liabilities grows alongside investments in mining and construction. This chapter contains an interview with Jorge Ramos, CEO, Sura (Peru).

Articles from this Chapter

Overview

Returning to growth: The sector’s maturation goes hand-in-hand with an expanding middle class and more formalised labour practices
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The Peruvian insurance market as a whole returned to profitability in 2018, following losses and anaemic expansion over the course of 2016 and 2017. Underwriters enjoyed the most robust returns in the life segment, particularly in personal income annuities, which have come into high demand among new retirees as reinvestment vehicles for pension withdrawals. Furthermore, overall claims fell significantly against indemnities paid out in 2017, when the El Niño climactic phenomenon precipitated…

Interview

Formalising first: Jorge Ramos Raygada, CEO, Sura (Perú), on the necessary steps to creating a domestic culture of asset protection
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Interview:Jorge Ramos Raygada How does economic informality affect the growth prospects of the insurance sector? JORGE RAMOS RAMOS: Basic pension deposits are compulsory worldwide. Very few countries have the market sophistication needed for customers to create decades-long savings plans and most people prefer to take a short-term view in their financial decisions. However, higher health standards and longer life expectancies will gradually oblige populations to understand that pensions are…