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Peru's growth potential draws Chilean insurers: Fitch

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Fitch Ratings Ltd. has said in a report that Peru's growth potential has been drawing Chilean insurers to establish their presence in the Peruvian insurance sector, Gestion.pe reported.

Five foreign insurers have started operating in Peru since 2013, of which four are Chilean insurers, said Fitch. The entry of foreign insurers has increased local industry's diversification and competitive dynamics. Peru's insurance market is one of the least penetrated in Latin America, with gross premiums at 1.6% of the country's gross domestic product, added Fitch.

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