Bolivia’s insurance intermediaries - 2024.06 Rankings
Business Overview
In the first half of 2024, Bolivia's insurance market showed varied performance across different segments. The overall intermediated volume reached USD 243.6 million, reflecting an annual growth of 11.4%. Life insurance experienced significant expansion with a 19.8% increase, reaching USD 154.9 million, while the general insurance segment saw a minor decline of 0.9%, totaling USD 85 million. Surety segment grew by 3.9%, amounting to USD 3.7 million.
Focusing on the specific coverage types, mortgage life insurance registered the highest volume, with USD 115.3 million, up 14.7%. Personal accidents coverage declined by 11.3%, totaling USD 2.8 million. Auto insurance, another major segment, remained stable with a 1.1% increase, reaching USD 26.5 million, while general fire insurance declined by 7.8%, totaling USD 9.4 million. Health insurance grew modestly, up 3.5% to USD 12.7 million, while various risks decreased by 4.8%, reaching USD 16 million.
Market shares & Rankings
In terms of market share, the top five insurance brokers controlled 55.8% of the intermediated premiums. Consultores de Seguros led with an 19.3% market share, followed by TuBroker 17.7%, and Universal Brokers with 13.1%.
In the life insurance sector, Consultores de Seguros recorded the highest quarterly growth in market share, gaining 1.96 percentage points. Universal Brokers followed with a 1.53% gain, while Sudamericana Corredores grew by 0.66%. For non-life insurance, ASESCOR saw the most substantial growth with a 2.25% increase, while Estrategica gained 1.77%. TUBROKER, Sudamericana Corredores also made significant progress, expanding by 0.72% in this segment.
On the other hand, top five insurance companies commanded 87.7% of the intermediation market, with Nacional Seguros at the forefront with a 28% share, followed by La Boliviana Ciacruz (24.3%) and Alianza (22.7%).??
The overall competitive landscape indicates a robust market where a few key players dominate, but emerging brokers continue to gain ground in specific niches.??