AM Best has upheld a stable outlook for Peru’s insurance market, attributing this stability to resilient industry dynamics despite political tensions. The report highlights anticipated growth in insurance premiums driven by significant infrastructure projects and macroeconomic stability, which has helped the sector manage volatility. While challenges such as political unrest and a recent economic contraction threaten the landscape, expected foreign investments in infrastructure are anticipated to drive insurance demand. As of December 2023, Peru’s insurance market was valued at USD 5.6 billion, with life insurance leading growth amidst rising premiums in the property/casualty sector.
