Rapidly expanding economies and an emerging middle class have helped make Latin America a booming region for insurers, note senior partner Sergio Waisser and coauthors. In 2022, the insurance market for the region reached $174 billion. From 2011 to 2022, the Latin American nonlife insurance segment more than doubled, and the life insurance segment more than tripled.
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A segmented bar chart shows the total gross written premiums, in $ billion, in the Latin American insurance market, 2011–22. The bars are split into life and nonlife written premiums. The chart shows a steady increase in total premium value throughout the period, from $63 billion in 2011 to $174 billion in 2022. The increase is evenly split between life and nonlife insurance.
Note: Figures may not sum, because of rounding.
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To read the report, see “Global Insurance Report 2023: Capturing growth in Latin America,” September 22, 2023.