...Gross Written Premium Growth Boosted by Annuities Segment Peru's gross written premiums (GWP) reached PEN10,225 million (USD3.4 million) as of December 2014, representing nominal growth of 11.6%, which compares favorably with the modest growth of national GDP (2.35%). GWP growth was mainly boosted by the life insurance segment, which grew 18%, well above non-life segment growth of 7%. Of the PEN1,084 million increase in GWP during 2014, 66% derived from the life segment, mainly annuities (PEN362 million), credit life (PEN130 million) and long-term traditional life insurance (PEN63 million). High GWP Diversification Despite Low Penetration of Insurance Peru's GWP breakdown remains well diversified, although there is still a high concentration in car insurance, annuities and credit life, which together accounted for 32% of total GWP as of December 2014. The insurance growth profile also reflects a favorable trend across segments, highlighting the importance of fire & earthquake insurance...
