Data: Latin American insurance rankings

Data: Latin American insurance rankings

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Economic growth in every Latin American country helped maintain strong overall insurance growth in 2011, found a recent study by Fundaci
ón Mapfre, the insurance research arm of Spanish insurer Mapfre.

The study is in its 10th consecutive year and analyses the top 25 major insurance groups in Latin America. Overall, premiums in the region increased by 14.2% to €103.18bn ($135.3bn) in 2011.

The study found that the majority of growth resulted from mergers and acquisitions.

Mapfre remained the leader of the non-life insurance sector with a 10.1% market share of premium. Mapfre saw its revenues rise 11.4% in 2011 to €5.535bn.

Economic growth in the region has slowed from the pace of the 19.2% growth in 2010, but still records increases in every country.

Fundacio Mapfre found that non-life insurance is benefiting through the positive trends of rises in employment, sales of goods and cars, increases in insurance penetration rates in the main markets.

Brazil is Latin Americas largest insurance market, notes the report. Brazil not only benefited from the similar growth patterns as the other regions but has the added bonus of an increase of investments because of the impending major global events of the 2016 Olympic Games and also the Fifa world cup in 2014.

The top three insurers in Brazil remain unchanged for the second consecutive year. Insurer Brandesco headed the top three with premium volume of €9.61m and a 9.3% share of the Brazilian insurance market. Mapfre was next with a 7.1% share of the market, followed by Itaú/Unibanco with 6.7%.

The Latin American market as a whole in 2011 witnessed many new contenters and multinational companies growing their presence in the market through mergers and acquisitions deals with existing local companies.

“The participation of major European and US insurers in these transactions is the result of stiff competition that exists in these markets. These groups, hard hit by the international economic crisis, are looking for growth in emerging markets that have suffered less of an impact than more developed markets and which have a higher level of growth,” said the report.

Swiss insurer Zurich generated its rapid growth in the region through a deal with Banco Santander. Under the deal Zurich manages the companies and Santander will sell its insurance products in Argentina, Brazil, Chile, Mexico and Uruguay. The deal took place in July 2011 and has seen Zurich rise 16 positions to fourth place and premiums increase from €1.031bn in 2010 to €1.9bn in 2011.

In addition to the Zurich deal with Santander, in April 2011 the German group Talanax acquired the Argentine and Uruguayan units of L’Union de Paris and then in July of that year announced it plans to buy the Mexican company Metrpolitana. Talanax rose to 24th position in the overall ranking of Latin American insurers with premium growth of 27.7%.

Italian Group Generali, with growth concentrated in the Argentine and Mexican market, saw its premiums rise 29.3% as it moved up two places in the overall ranking to 15. In December 2011, Ace announced it would acquire Ecuadorian fourth-largest insurer Río Guayas, owned by Banco de Guayaquil.

Companies who joined the rankings for the first time were the Venezuelan Horizonte Group, with health insurance premiums growing 56%, and Brazil’s Marítima Seguroas struck a deal with Yasuda Seguros, part of the Japanese group Sompo, to sell it 50% of the Brazilian firm’s capital.

Ranking of insurance groups in Latin America in 2011 OVERALL
Ranking 2011 Groups Country Premiums (millions of %? Market Ranking
euros) Share 2010
2010 2011 2011 (%)
1 BRADESCO SERGUROS Brazil 8,014 9619 20.0 9.3 1
2 MAPFRE Spain 6,705 7,333 9.4 7.1 2
3 ITAÚ/UNIBANCO HOLDINGS Brazil 5,351 6,964 30.1 6.7 3
4 ZURICH Switzerland 1,500 4,675 211.7 4.5 16
5 BRASILPREV Brazil 3,258 4,018 23.3 3.9 5
6 METLIFE US 3,575 3,429 -4.7 3.3 4
7 PORTOSEGURO Brazil 3,090 3,300 6.8 3.2 7
8 LIBERTY MUTUAL US 2,351 2,691 14.5 2.6 8
9 CNP France 2,085 2,399 15.0 2.3 9
10 ALLIANZ Germany 1,712 1,986 16.0 1.9 10
11 GRUPO NACIONAL PROVINCIAL Mexico 1,657 1,820 9.8 1.8 11
12 HSBC UK 1,504 1,794 19.3 1.7 15
13 SURAMERICANA Colombia 1,116 1,761 57.8 1.7 20
14 MCS US 1,541 1,682 9.2 1.6 13
15 GENERALI Italy 1,309 1,640 25.3 1.6 18
16 AXA France 1,589 1,621 2.0 1.6 12
17 TRIPLE-S Puerto Rico 1,513 1,579 4.3 1.5 14
18 BBVA Spain 1,188 1,455 22.5 1.4 19
19 SUL AMÉRICA Brazil 1,338 1,427 6.6 1.4 17
20 INBURSA Mexico 781 1,180 51.0 1.1 25
21 MMM HEALTHCARE US 1,007 1,096 8.8 1.1 21
22 ACE US 882 1,012 14.7 1.0 23
23 RSA UK 830 979 18.0 0.9 24
24 TALANX Germany 762 969 27.2 0.9 -
25 AIG UK 994 964 -3 0.9 22
Source: Fundación Mapfre

Ranking of insurance groups in Latin America in 2011 NON-LIFE
Ranking 2011 Groups Country Premiums (millions of %? Market Ranking
euros) Share 2010
2010 2011 2011 (%)
1 MAPRE Spain 4,969 5,535 11.4 10.1 1
2 PORTO SEGUROS Brazil 2,944 3,147 6.9 5.7 2
3 LIBERTY MUTUAL US 2,252 2,579 14.5 4.7 3
4 BRADESCO Brazil 1,972 2,174 10.2 4.0 4
5 ITAÚ/UNIBANCO HOLDING Brazil 1,611 1,972 22.4 3.6 5
6 ZURICH Switzerland 1,031 1,905 84.7 3.5 10
7 ALLIANZ Germany 1,454 1,681 15.7 3.1 6
8 AXA France 1,215 1,334 9.8 2.4 7
9 GENERALI Italy 979 1,265 29.3 2.3 11
10 SUL AMÉRICA Brazil 1,127 1,205 6.9 2.2 8
11 GRUPO NACIONAL PROVINCIAL Mexico 1,050 1,046 -0.4 1.9 9
12 RSA UK 803 951 18.5 1.7 13
13 TALANAX Germany 740 940 27.1 1.7 15
14 INBURA Mexico 534 927 73.7 1.7 20
15 AIG US 942 924 -1.9 1.7 12
16 MERCANTIL Venezuela 692 857 23.9 1.6 16
17 ACE US 746 856 14.8 1.6 14
18 SANCOR Argentina 495 708 43.2 1.3 22
19 CNP France 563 661 17.4 1.2 19
20 TOKIO MARINE Japan 589 654 11.0 1.2 17
21 QUÁLITAS Mexico 589 649 10.3 1.2 18
22 HORIZONTE Venezuela 418 618 47.6 1.1 -
23 MARíTIMA/YASUDA Brazil/Japan 509 600 18.0 1.1 -
24 SURAMERICANA Colombia 432 552 30.7 1.0 25
25 BBVA Spain 450 22.1 1.0 23
Source: Fundación Mapfre

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