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Peru insurance sector to grow more than 3% in 2018, industry group estimates

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Peru insurance sector to grow more than 3% in 2018, industry group estimates

Peruvian insurance industry association Apeseg estimates that the country's insurance sector will grow more than 3% in 2018 following zero growth in the previous year and a 4% decline in premiums in 2016, SEMANAeconómica reported.

Eduardo Morón, the association's president, said the sector's growth this year will be driven by a recovery in Peru's mining sector, which should boost demand, and a general rise in insurance prices.

Renzo Calda, the CEO of Mapfre Peru Compania de Seguros y Reaseguros SA, told the publication that the sector will benefit from "greater investment in machinery and mining equipment," although he was less optimistic about insurance demand from the country's construction sector, which is struggling with corruption scandals.

Peru experienced heavy flooding in 2017 as a result of the El Niño weather phenomenon, with the country's national emergency operations center estimating total losses at $6.7 billion.