BMI View: Dominated by domestically-owned companies, the Peruvian insurance sector has shown robust growth over recent years due to the rise in the country's middle-class population. Life and non-life insurance each represent around 50% of the market with motor and property insurance the biggest non-life lines. Both segments suffer from a high level of concentration, especially non-life where four players own more than 90% of the market. Many players on the Peruvian market have sought to improve profitability rather than chase market share. While premiums growth has been strong, high claims rates have prompted insurers to become more selective.