Insurance and Banking in Latin America - Newsletter
Commissions to insurance sales channels in Argentina
According to the 2023.Q1 data, several insurers have achieved remarkable growth in the volume of commissions to all sales channels. SANCOR SEGUROS tops the ranking with a market share increase of 0.88% in March 2023, closely followed by SEGUROS RIVADAVIA with a growth of 0.87%.
Credit Card outstanding receivables in Bolivia
Considering credit card outstanding receivables market share, BANCO NACIONAL DE BOLIVIA leads with 18.3% share, followed by BANCO BISA with 18.2% and BANCO ECONOMICO with 15.9%. In terms of market share considering portfolio lines volume, the three main credit card issuing banks in Bolivia are BANCO ECONOMICO, BANCO DE CREDITO DE BOLIVIA and BANCO BISA. According to our data from June 2023, BANCO ECONOMICO leads with a market share of 17.7%, closely followed by BANCO DE CREDITO with 17.6%. BANCO BISA ranks third with a 15.8% share. These banks have experienced a significant increase in their market share compared to the previous year. In June 2022 they held 13.8%, 16.8% and 12% market share respectively.
Direct written premiums in Brazil (without VGBL)
BB SEGUROS leads the ranking with an increase of 0.95% in its market share, closely followed by LIBERTY SEGUROS with a growth of 0.72%. AUSTRAL SEGURADORA , PORTO SEGURO and BRADESCO also stood out with increases of 0.53%, 0.46% and 0.42% market share growth respectively.
Credit and Debit Card transactions value in Colombia (POS and ATM)
According to our latest market research report data, BancoColombia has increased its market share in debit card transactions by 1.41%, reaching 40.1% in March 2023, compared to 38.65% in March 2022. In the credit card segment, BancoColombia has gained 2.76% market share in the past year, reaching 29.50% in 2023, compared to 26.7% in 2022.
Credit outstanding receivables in Costa Rica
The 2023.Q2 ranking of the top five banks and financial entities with the highest year-on-year growth in their market share reveals interesting trends. The Banco Nacional de Costa Rica (BNCR) leads with a growth of 1.14% in its market share, closely followed by Banco Popular y de Desarrollo Comunal with 0.85%. This suggests that these financial institutions have been effective in capturing new customers and expanding their credit base in a challenging environment.
Direct written premiums in Ecuador
The insurance market in Ecuador has shown positive growth during the period 2022.Q2 - 2023.Q2. The insurers that stand out for their highest year-on-year growth in market share in written premiums are BUPA ECUADOR, CHUBB SEGUROS ECUADOR, INTEROCEANICA, UNIDOS and LA UNION.
Commissions to insurance agents and brokers in El Salvador
Independent intermediaries lead the market, representing a significant 54.1%. They are followed by the direct channel with 27.3%, while mass insurance and alliances capture 9.8%. Dependent intermediaries and bancassurance also have a presence, with 1.6% and 7.1% respectively.
Direct written premiums in Guatemala
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Examining the insurance landscape from June 2023, the total market volume has surged to QTZ 6,158 million, marking an 15.76% increase from the previous year. Delving into specific categories reveals fascinating insights. Life insurance, for instance, has seen a remarkable 20.9% surge in premiums. Personal accidents and health insurance have showcased a growth rate of 9.7%, The non-life insurance category has also made significant strides, with premiums reaching QTZ 2,577 million, an annual growth of 17.3% and Surety marked by a 19.2% increase.
Credit Cards categories ranking in Mexico
The credit card sector in Mexico has maintained a steady growth trajectory, with an average increase of 5.3% in transactions across key categories. Among these, Shoppings & Big Retail shows a 7% rise in transaction value, underscoring their pivotal role in domestic consumption. Despite a more modest variation, "Retail Sales" and "Restaurants" also contribute significantly, with increases of 3.2% and 8.5% respectively.
Consumer and commercial outstanding receivables in Nicaragua
Banco de la Producción (BANPRO) remained the leader with a market share of 30.9% in the total volume of the current portfolio, followed by Banco de América Central (BAC). with 26.1%, Banco LAFISE BANCENTRO with 18.3%, Banco de Finanzas (BDF) with 8.0% and Banco FICOHSA with 6.3%.
Credit Card outstanding receivables in Panama
As of March 2023, the top five issuers accounted for a significant portion of the credit card outstanding receivables. BAC held the largest market share at 27%, followed by BANCO GENERAL at 24.1%. BANISTMO, BANESCO (Panamá), and THE BANK OF NOVA SCOTIA rounded out the top five, with market shares of 13.2%, 7.1%, and 6.2%, respectively.
Active Credit Cards in Paraguay
Banco Itaú Paraguay leads with a market share of 34.8% of credit card active customers. Banco Familiar follows with 9.07%, while Banco Continental, Banco GNB Paraguay, and Visión Banco hold market shares of 7.6%, 7.5%, and 7.1% respectively.
Insurance brokers in Perú
The five largest insurance brokers by turnover, which together account for more than half of the market share, saw mixed results in their performance. MARSH PERU the leader of the sector, lost 3.8% of market share, followed by AON PERU which lost 0.6%. CONTACTO BROKERS the second largest broker, maintained its position with a negligible variation of -0.01% points. On the other hand, FALABELLA and ARTHUR J. GALLAGHER PERU, ranked third and fourth respectively, gained 0.3% and 1.6% points of market share, showing a positive trend.
Direct written premiums in Uruguay
The largest insurance company in Uruguay, based on market share, is BSE (Banco de Seguros del Estado), accounting 70% of the market. Following is MAPFRE, with a market share of 8%, and Porto with 5.3%. SURA and Zurich Santander hold market shares of 5% and 3% respectively. The remaining 9% of market share is distributed among other insurance companies operating in Uruguay.
Direct written premiums in Venezuela
MERCANTIL remains the leading insurer, accounting for 28.38% of the market share, followed by CARACAS with 21.51%. PIRAMIDE, MAPFRE, and INTERNACIONAL round out the top five, each holding shares of 8.23%, 5.20%, and 5.10%, respectively.