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Latin America’s recent steady rise in economic growth has benefited the insurance industry, as well as a number of other industries. Chile had the highest insurance density in the region, while Venezuela had the lowest.
Life insurance and non-life insurance are the two most common types of insurance in Latin America.The first includes social security and individual and group life insurances;whereas the latter includes, among other insurances, auto, health, and accident.
Brazil had the highest non-life premium volume in Latin America, which meant that the non-life segment represented more than 55% of the market.
The insurance industry has not lagged behind the growing number of new businesses in the financial technology sector
The Latin America Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
In Latin America, the coronavirus pandemic has increased demand for health insurance products.In response to the rising demand for health insurance in the region, insurtech companies are expanding their product lines to better meet the needs of this market.
Moreover, in the midst of the insurtech blast in the district, firms are forcefully raising assets to scale their foundation and extend their rundown of accomplices in the medical services industry.
By incorporating brand-new technologies and product features, the businesses are enhancing their offerings.
Mexico-based insurtech Guros brought up in the new subsidizing round .F-Prime Capital led the Guros funding round, with contributions from Cometa, Clocktower, and Insurify.
The funds will be used by the company to expand internally across technology, product, and operations, customize APIs for commercial partners in a variety of industries, enter the health insurance market, and improve the capabilities of its platform.
Pier, an insurtech company based in Brazil, raised in its Series B funding round.Pier currently sells insurance by letting customers use their smartphones to get auto insurance coverage.The company is expanding into new market segments, including life insurance, with the newly raised funds.
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