Latin America Life Insurance Market Size & Outlook
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Latin America life insurance market highlights
- The Latin America life insurance market generated a revenue of USD 57,267.9 million in 2020.
- The market is expected to grow at a CAGR of 4.9% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2021 to 2027.
Latin America data book summary
| Market revenue in 2020 | USD 57,267.9 million |
| Market revenue in 2027 | USD 79,876.3 million |
| Growth rate | 4.9% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data covered | 2016 - 2019 |
| Base year for estimation | 2020 |
| Forecast period covered | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, Latin America region accounted for 5.4% of the global life insurance market in 2020.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 257,885.7 million by 2027.
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Life Insurance Market Scope
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| China Life Insurance Co Ltd Class H | View profile | 100000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | https://www.e-chinalife.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| Lincoln National Corp | View profile | 11024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | https://www.lincolnfinancial.com |
| Prudential Financial Inc | View profile | 40658 | 751 Broad Street, Newark, NJ, United States, 07102 | https://www.investor.prudential.com |
| MetLife Inc | View profile | 45000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | https://www.metlife.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
Latin America life insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to life insurance market will help companies and investors design strategic landscapes.
Whole life insurance was the largest segment with a revenue share of 34.09% in 2020. Horizon Databook has segmented the Latin America life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
It includes Chile, Colombia, Argentina, Brazil, Uruguay, Paraguay, and Peru, among others. The life insurance industry in Argentina is underdeveloped. The penetration rate of insurance in Argentina is among the lowest in major global economies.
Chile remains one of the most stable markets in Latin America. The insurance industry is promising & the growth potential is being driven by developing distribution channels and increasing customer expectations.
Life insurance, annuities, and pensions account for nearly three-quarters of the overall insurance market in Chile, making the country one of the few regions with large presence of life insurance. Colombia has a low penetration of life insurance due to low wages compared to premium levels.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America life insurance market, including forecasts for subscribers. This continent databook contains high-level insights into Latin America life insurance market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
Partial client list
Latin America life insurance market size, by country, 2016-2027 (US$M)
Latin America Life Insurance Market Share, 2020 & 2027 (US$M)
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