Peru’s Insurance Market to Grow 12% This Year, Basadre Says

Peru’s insurance market will probably grow 12 percent this year as economic growth boosts incomes and spurs demand for policies, said Gonzalo Basadre, chief executive offer at Interseguro Cia. de Seguros SA.

Insurance premiums are likely to total 8.1 billion soles ($3 billion) this year after rising 10 percent last year, Basadre told reporters in Lima today.

Peru’s insurance market has “very big” growth potential and should rise to the equivalent of 3 percent of gross domestic product within five years, from 1.6 percent of GDP in 2011, he said.

Interseguro, a unit of financial services group IFH Peru Ltd., is the country’s fourth-largest insurer by assets.

To contact the reporter on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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