The Insurance Industry in Bolivia, Key Trends and Opportunities to 2018

Date: 2015-09

“The Bolivian economy is recovering slowly after the global economic crisis of 2008โ€“2009, the eurozone crisis in 2011, and the sluggish tourism recovery in the US and Europe. Despite this, the economy recorded the highest growth rate in South America during the review period (2009โ€“2013), at 3.4% in 2009, and the highest growth rate in Latin America during 2012โ€“2013, at 6.8%. Bolivian GDP at constant prices increased from BOB31.3 billion (US$4.5 billion) in 2009 to BOB38.5 billion (US$5.6 billion) in 2013, at a review period compound annual growth rate (CAGR) of 5.3%.
Bolivia achieved political stability after President Evo Morales introduced reforms in 2006 involving the privatization of the oil and gas industry, major modifications to the countryโ€™s constitution, strengthening the economy and the implementation of various social programs. Public debt was a primary government concerns and the political reforms reduced debt from 94% of GDP in 2003 to less than 40% in 2013.
The Bolivian insurance industry grew at a CAGR of 15.7%. Industry growth was supported by strong performance in the life and non-life segments, as well economic recovery following the global financial crisis in 2008โ€“2009. The non-life segmentโ€™s growth was mostly driven by the motor insurance and marine aviation and transit insurance categories, which grew at CAGRs of 17.0% and 16.3% respectively in 2013.”

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