Venezuela's insurance market grows 21.60%

Venezuela's insurance market reached a consolidated volume of USD 897.29 million in Net Premiums Collected at the end of August 2026, a year-on-year real expansion of 21.60% in US dollars compared with the same period of the previous year, according to the portal Banca y Negocios.

According to official statistics published in Bulletin No. 58 of the Superintendency of Insurance Activity (Sudeaseg), the sector remains dominated by health and personal lines, which account for 66.31% of the total premium volume in the country. Within this segment, prepaid medicine companies accumulated a volume of USD 15.64 million in Net Contributions Collected as of August 31.

The sector's cost structure shows that the overall incurred loss ratio stood at 88.40% of earned premiums, while commissions and acquisition expenses averaged 4.79% and administrative expenses reached 22.62%. At these levels, the overall market closed with a combined ratio of 102.31%, above the threshold for operational breakeven.

In terms of commercial leadership, the market is concentrated in Mercantil Seguros (with USD 251.75 million and a 28.06% share) and Seguros Caracas (with USD 168.42 million and an 18.77% share), followed by La Internacional de Seguros with USD 54.27 million. Likewise, firms such as La Internacional, Seguros Caracas, Banesco Seguros and Seguros Venezuela led net profits for the period.