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The development of Private Special Economic Zones (PSEZ) in Peru would open a new cycle of expansion for the insurance sector, driven by greater investments in infrastructure, industry, and foreign trade, according to projections by AVLA Peru.
The company indicated that this model could mobilize investments exceeding US$10 billion over a 5 to 10-year horizon, directly impacting the demand for insurance for small and medium-sized enterprises and the sophistication of the local market.
Currently, the insurance sector represents around 2% of GDP, with significant room to expand its penetration, similar to neighboring countries like Colombia with 3.3% and Chile with 4.5%.
"The deployment of PSEZ will raise investment standards in the country and, with it, the need for more technical and structured insurance solutions. Insurance will be a key component to make projects viable and reduce risks," stated Walter Fernández, general manager of AVLA Peru.
This scenario could boost insurance lines such as fire, earthquake, cargo transport, multi-risk, construction, and engineering, among others. This demand for insurance is anticipated given the establishment of new industrial logistics hubs and cargo transport services in the country from the PSEZ.
Fernández indicated that one of the most relevant effects will be the expansion of the insurance market base, and he also highlighted the impact on the perception of Peru as an investment destination.
Source: andina_seccioneconomia
