Life insurance was the driving force for premium volume growth in Latin America during the first half of 2015, according to a new report from Mapfre.
Mapfre said in H1 2015 the Latin American insurance market received a premium volume of 69.9bn ($79.2m) of which 58.3% corresponded to non-life insurance lines and the remaining 41.7% to life insurance lines.
The total premium volume for H1 2015 increased year-on-year (YoY) by 13.3%, representing considerable growth. By insurance lines, the increase in H1 2015 was greater in life insurance (19.9%) than in non-life insurance (8.9%).
Data from a Mapfre report, The Latin American Insurance Market 2014-2015, reveals in the largest market, Brazil, the total premium volume in H1 2015 increased YoY by 8.6% thanks to the YoY strong growth of life insurance business lines (18.4%), which offset the decrease of non-life lines (3.3%).
With the only exceptions being Brazil and Venezuela, the Mapfre report noted that premiums grew in both the life and non-life insurance business in H1 2015.
Of the 19 Latin American markets featured in the report, Uruguay experienced the greatest increase in life insurance premium volume in H1 2015 with a YoY rise of 46.2%.