MAPFRE is the Largest Multinational Insurance Company in Latin America

MAPFRE is the leading multinational insurance group operating in Latin America, with $10.932 billion in premiums, $133 million more than the previous year, and a market share of 5.1%.

This is one of the conclusions of the 2024 Ranking of Insurance Groups in Latin America by MAPFRE Economics, MAPFRE’s research arm. The ranking is led by the largest Brazilian insurance company, Bradesco, which concentrates its operations exclusively in that country, followed by MAPFRE, which improves its position compared to 2023.

The entire Latin American insurance industry recorded a premium volume of $215.131 billion, 5.8% more than in 2023. This reflects a more moderate growth than that of last year, where the business growth was 17.1%. The report highlighted that the performance of the sector was conditioned by disparate macroeconomic and exchange rate environments. The greatest impulses were the expansion of the markets of Mexico, Brazil, Chile, and Dominican Republic, while, by sectors, the progress in Life was proportionally greater.

The insurance business in Brazil grew by 4.6% in 2024, but it accounts for nearly one-third of the regional total, slightly less than the previous year due to the dynamism of other markets. The premiums registered in Mexico recorded an increase of 12.8%, and those in the Dominican Republic, 10.6%.

Narrowing down to the 25 largest insurance companies in the region, which concentrate 62.7% of the market, premiums increased by 6.4%, reaching $134.845 billion. Already in the top 10 insurance companies in the region, with a market share of 37.4%, the premium volume increased by 5.2%, reaching $80.563 billion.

By lines of business, the Life segment showed better performance, with a growth of 8.7% and a volume of $93.480 billion, while the Non-Life line expanded by 3.7%, reaching $121.651 billion.

In the Non-Life sector, MAPFRE maintains its lead in the region, with a market share of 6%, despite a slight decline (-3.1%) in premiums, down to $7.333 billion. Next is the German company Talanx, which holds a market share of 4%, followed by the Swiss company Zurich, the third largest operator with a share of 3.7%. In the Life line, MAPFRE remains in eighth place in the ranking, after increasing its premiums by 11.3%, to $3.599 billion.

Finally, the MAPFRE Economics report analysed the concentration levels of the insurance industry in Latin America, which show “a clear downward medium-term trend.” This trend confirms that the sector maintains a high level of competition in the region, “undoubtedly a factor that stimulates its strong growth and development.”