Life sales jump 100%

Sales in Peru's life insurance segment jumped 100% in the first seven months of this year, illustrating the healthy condition of the country's insurance industry, Royal & SunAlliance Peru CEO Alfredo Jochamowitz told local daily Gestion. According to Jochamowitz, general risk insurance premiums rose 10% over the same seven-month period ending July. The significant jump in sales within the life insurance segment was attributed to the continued growth in individual life insurance policies, growing at a steady annual rate of 20%, Jochamowitz said. The annuities segment has also been boosted by the increased number of affiliates to the country's private sector pension system SPP, Jochamowitz said, adding that he expects Peru's life segment to register 15-20% growth figures over the next three to four years. Royal & SunAlliance Peru is the local subsidiary of London-based Royal & Sun Alliance Insurance Group (NYSE: RSA), one of the largest multi-line insurers in the world.