MAPFRE maintains its #1 ranking in Latin America in the Non-Life line of business
  • MAPFRE is the international insurance group with the most business in the region, with €9.229 billion in total premiums and a 5.3% market share
  • In the Non-Life segment, the company maintained and expanded its #1 position in the 2022 ranking, with total premiums of $6.468 billion and a 6.5% market share
  • In 2022, total premium income for the top 25 insurance groups in Latin America was $107.900 billion, 15.5% higher than the previous year’s figure
The MAPFRE Group is the top international insurance group operating in Latin America, with $9.229 billion in premiums and a 5.3% market share. This information is taken from the recent report entitled Ranking de Grupos Aseguradores en América Latina 2022 (2022 Ranking of Insurance Groups in Latin America), prepared by MAPFRE Economics and published by Fundación MAPFRE. The overall ranking is led by the two largest Brazilian insurance groups, although their operations are concentrated exclusively in that South American country.
The industry continues to show positive post-pandemic momentum, also benefiting from the strong performance seen in two of the region’s largest markets, Brazil and Mexico, all in a context of higher interest rates, reduced inflation, and good performance by local currencies. The Brazilian market, which represents 34.8% of all insurance premiums in the region, grew at a rate exceeding inflation (16.5% measured in the local currency), also benefiting from a 4.3% rise in the value of the Brazilian real. Meanwhile, in the Mexican market, which represents 19.3% of the total premiums in Latin America, there was 4.6% growth measured in the local currency, with the value of the Mexican peso increasing by 0.9% in 2022.
Overall, the Latin American insurance market recorded a total of $173.700 billion in premium volume in 2022, representing an increase of 15.9%. This figure is significantly higher than the $153.100 billion recorded in 2019, demonstrating recovery of the upward trend that the industry had been experiencing before the pandemic. When broken down into the Life and Non-Life lines of business, the Life segment produced a figure of $73.500 billion (15.3% higher than the previous year), with $100.200 billion recorded in the Non-Life segment (16.4% above the previous year’s figure).  
In 2022, the total premium income for the top 25 insurance groups in Latin America was $107.900 billion, which is 15.5% higher than the previous year. If the focus is reduced to just the 10 largest groups, the annual growth level is 13.5%.
Specifically, the stronger performance seen during 2022 for Non-Life insurance has allowed MAPFRE to maintain and expand its #1 position in the ranking for that segment, with a premium volume in the amount of $6.468 billion and a 6.5% market share:
As summarized by the experts from MAPFRE Economic Research, “the increases seen for the Non-Life line of business in the most representative markets, such as Brazil (29.9%), Mexico (8.6%), Puerto Rico (7.6%), and Argentina (33.0%), have driven growth in this market segment for insurance groups such as MAPFRE, Zurich, and Allianz. 
However, although all of those companies generate about half of their premium income from the Non-Life line of business in Brazil, only MAPFRE has been able to achieve growth above the level seen for the Brazilian market (29.9% with respect to the previous year), by 2 percentage points.” Another significant detail is that according to the figures emerging for the first half of 2023, the MAPFRE Group’s business in the LATAM region has now become the main contributor to profitability. 
In total, the 25 largest insurance groups operating in Latin America, and that offer insurance in the Non-Life segment, reported $61.200 billion in premium income in 2022, which represents a 16.8% increase compared to the previous year’s figure of $52.400 billion. The top 10 insurance groups in the Non-Life segment also recorded higher figures compared to 2021, with $36.800 billion in premium income, an increase of 11.1%.



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