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Bolivia

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Bolivia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Bolivia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Bolivia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Bolivia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Insight Compliance Market Profiles Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP (USD)
Insurance Penetration (%)
GMT-4
La Paz (seat of government) ; Sucre (constitutional)
BOB
11.67 mn
3.56
3.16%
577.08
1.41

Bolivia is landlocked, bordered to the north and east by Brazil, to the south by Paraguay and Argentina, and to the west by Chile and Peru. It falls into three distinct topographical regions: the Andean plateau or Altiplano, the high fertile valleys of the Yungas and Puna, and the lower Oriente. Although abundant in natural resources, it is one of the poorest countries of South America.

Market penetration reflects the low awareness of non-life insurance cover, exacerbated by the unaffordability of such products for the mass market. However, innovation with products, creative marketing and greater customer focus continues to improve as participating insurers seek to increase new business levels. Insurtech remains in the early stages of development but is being driven forward by smartphone penetration and digital technology.

Microinsurance has been highlighted as an important growth area by many life  market practitioners and there is an expanding range of products now available. Potential for further development remains high due to the large number of low-income households in urban and rural areas.

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