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The development of Private Special Economic Zones (ZEEP) 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 noted that this model could mobilize investments exceeding 10 billion dollars within a five to ten-year horizon, generating a direct effect on the demand for insurance for small and medium-sized enterprises and on the sophistication of the local market.
Currently, the insurance sector represents around 2% of GDP, with significant room to expand its penetration, as is the case in neighboring countries like Colombia with 3.3% and Chile with 4.5%.
"The deployment of ZEEP 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 branches such as fire, earthquake, cargo transport, multi-risk, construction, and engineering, among others. This demand for insurance is anticipated given the installation of new industrial logistics hubs and cargo transport services in the country from the ZEEP.
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 Peru's perception as an investment destination.
Source: apam_nacionales
