Brasilprev leads the 2022 rankings of major Latin American insurers, with Bradesco Seguros closely following in second place.
Mapfre’s study backs this ranking. Bradesco Seguros, also from Brazil, comes second.
Brasilprev made $9.714 billion last year. Bradesco Seguros wasn’t far behind, with $9.671 billion in earnings.
These figures focus on each company alone, not their parent groups.
If we include group revenue, Bradesco leads. It made R$ 95.4 billion in 2022, equal to $18.17 billion.
BB Seguridade, Brasilprev’s parent, earned R$ 80.5 billion or $15.33 billion.
Mapfre holds the third spot. It made $9.221 billion in 2022. This Spanish firm also leads among global brands active in Latin America.
Zurich and CNP Assurances complete the top five. They earned $7.757 billion and $7.665 billion respectively.
Sura from Colombia and MetLife from America rank sixth and seventh. Porto Seguro, another Brazilian firm, ranks eleventh.
Allianz, Axa, Chubb, and Itaú also make the list.
Mapfre’s study says Brazil holds 34.8% of all Latin American insurance premiums. Both Brazil and Mexico grew last year due to stable economic factors.
Brazil’s market grew 16.5% in its local currency. Brazil’s real currency gained 4.3% value against the dollar.
Mexico, making up 19.3% of the region’s premiums, also grew by 4.6%.
The total premium volume for Latin American insurance in 2022 was $173.7 billion. This shows a growth of 15.9% over the last year.
The life insurance sector grew 15.3%. The non-life sector grew 16.4%. Strong markets like Brazil, Mexico, Puerto Rico, and Argentina drove this growth.
Background
The insurance industry in Latin America is seeing rapid changes. Technology plays a big role in these changes.
Insurtech startups are making their mark. They offer a range of innovative solutions to both businesses and individuals.
Regulations are also evolving to meet the demands of a digital age. Compliance has become more streamlined.
It’s easier for companies to adapt to changing market needs.
All these factors contribute to a competitive and growing Latin American insurance market.
The growth in 2022 shows that the market is robust, with strong players leading the way.