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.
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