Are "Claims Made" Policies Legal In Peru?

The insurance industry in Peru experienced exponential growth between 2006 to 2016, expanding to be the sixth largest insurance market in Latin America by the end of 2016. The market did contract in 2017 and 2018, caused largely by the global financial crisis, but the market still remains key and continues to offer opportunities for growth.

This expansion and the consequent opportunities have led to a number of foreign insurers entering the Peruvian Insurance market. This has led to increased competition, in an already concentrated market and also the introduction and distribution of new insurance products, which had previously only be available indirectly through foreign reinsurers with fronting arrangements with local insurers.