Latin American premium volume decreased by more than $8 billion in 2018. (Photo: Shutterstock) Latin American premium volume decreased by more than $8 billion in 2018. (Photo: Shutterstock)

Premium volumes in the Latin American insurance sector fell 5.2% in 2018, according to a report from MAPFRE, an international insurer with business in 47 countries on five continents.

In total, premium volume from the 25 largest insurance groups in the region amounted to $150 billion last year, down from $158 billion in 2017, breaking a decade-long trend of sustained premium volume growth in Latin America.

The 10 largest insurance groups collectively experienced a 10.8% decline in premium volume from 2017 to 2018, while non-life business only decreased 3.6% in the Latin American market.

MAPFRE attributes the decline to the depreciation of some currencies against the U.S. dollar, particularly the Brazilian real and Argentine peso. The Brazilian insurance market reduced 13.4% in USD last year due to its currency depreciation, affecting Brazilian insurers and multinational companies operating in the country.

The table below lists the top 25 insurance groups operating in Latin America from MAPFRE’s report, “Ranking de grupos aseguradores en América Latina 2018,” as well as the groups’ reported 2017 and 2018 Latin American premium volumes:

Rank Insurance groups Country 2017 premium volume (USD millions)  2018 premium volume (USD millions)
1 Bradesco Brazil 12.948 10.032
2 Brasilprev Brazil 11.992 8.715
3 MAPFRE Spain 9.155 8.421
4 Zurich Switzerland 6.841 7.608
5 CNP Assurances France 5.548 5.977
6 Itau Brazil 7.579 5.877
7 Metlife U.S. 4.992 5.183
8 Grupo SURA Colombia 4.917 4.430
9 Porto Seguro Brazil 3.969 3.770
10 Grupo Nacional Provincial Mexico 3.243 3.465
11 Triple-S Salud Puerto Rico (U.S.) 2.917 3.032
12 AXA France 2.295 2.845
13 BBVA Spain 1.773 2.654
14 InnovaCare U.S. 2.348 2.610
15 Chubb Switzerland 2.423 2.610
16 Allianz Germany 2.706 2.524
17 MCS Puerto Rico (U.S.) 1.994 2.198
18 Talanx Germany 1.962 2.138
19 Liberty Mutual U.S. 1.920 1.976
20 Banorte Mexico 1.602 1.872
21 Quálitas Mexico 1.731 1.742
22 Cardif France 1.772 1.684
23 New York Life U.S. 1.427 1.529
24 Sancor Seguros Argentina 2.008 1.503
25 Tokio Marine Japan 1.548 1.473
TOTAL 158.517 150.143

Related: The top 100 insurance groups of 2018