Peru's non-life insurance market is on the rise, with gross written premiums projected to reach US$1,952 million by the end of 2025, according to Statista. This promising growth reflects the resilience and adaptability of Peru's insurance sector. Supporting this outlook, AM Best recently maintained a stable rating for Peru’s insurance market, highlighting its macroeconomic stability, strong regulatory framework, and growth potential from infrastructure investments.
However, beneath these optimistic projections lies the critical need for precision in reinsurance allocations – a challenge Pro Global is addressing head-on in Peru.
Cover Comparison: Tackling Discrepancies in Reinsurance Data
One of the most significant trends we’ve observed is the growing demand for cover comparison services to reconcile disparities in reinsurance documentation. Working with leading reinsurers in Peru, we process thousands of allocation slips and cover notes, uncovering discrepancies caused by human error during data transcription.
These discrepancies may appear minor, such as misaligned decimal points or incorrect coverage periods, but their potential impact is enormous. Such errors can include:
– Coverage Inconsistencies
– Limits of Sums Insureds
– Deductible Inconsistencies
– Financial Exposure Inconsistencies
To address this, Pro Global has developed an innovative matrix system that categorises discrepancies by severity, using red, yellow, and green alerts. This structured approach has not only streamlined processes for our clients, but has also saved them millions, ensuring operational clarity and reducing risk exposure.
Our proactive approach ensures that reinsurers and brokers can reconcile coverage details accurately, reducing risk exposure and building trust across the insurance chain.
A Resilient Market with a Promising Future
Despite some political and economic headwinds, Peru’s macroeconomic foundation and strong insurance leadership continue to provide a stable environment for growth. Services like Cover Comparisson and 100% Certification Reinsurance Allocation will play an increasingly critical role in strengthening regulatory compliance, reducing operational inefficiencies and enhancing profitability for all stakeholders.
Looking ahead, insurers must also address technological shifts and regulatory updates. For example, automation and AI-driven solutions will be key to staying competitive, while ongoing improvements to cyber security will ensure resilience in a digitally connected world.
Further reading: Part 2 of our focus on Peru explores another critical trend shaping the Peruvian insurance market: the urgent need for certificates of 100% Reinsurance Allocation.
Get in touch to find out more about our services in Latin America.
Meet our expert
Name: Alberto de Trazegnies
Job title: Peru Representative
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