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Compared with other regions, Latin America has relatively low insurance marketLatin America Update 3-2013 penetration: roughly half that of North America or Europe. The region accounts for roughly 8% of global GDP, but only 3% of global premiums. But, as economic stability and closer integration with the global economy fuel demand in an increasingly mature socio-economic environment, this is beginning to change.
Total insurance premiums across the region amount to around USD 130bn today (predicted to rise to between USD 180 and 190bn by 2016), with non-life premiums accounting for roughly USD 73bn of this. Brazil is by far the largest insurance market, with non-life premiums of around USD 23bn.