The insurance activity in Peru dates back to the mid-19th century, mainly linked to maritime trade and financial operations with England and other European countries.
At that time, there was no formal figure of the “insurance broker” as we understand it today. Insurance contracts and policies were arranged directly between merchants and insurers, or through commercial agents who acted informally as intermediaries.
By the mid-20th century, with the expansion of the Peruvian economy and the development of sectors such as mining, transportation and banking, the need to protect assets, people and investments increased significantly. This led to an intense growth of insurance companies and to the emergence of agents who, in most cases, were closely linked to the insurance companies operating at that time, performing their activities largely on behalf of the insurers they represented.
In the 1960s, the figure of the insurance broker formally emerged as an independent professional, no longer tied to any specific insurance company, but acting with true independence, advising clients by seeking the best terms and costs among the entire range of insurance products available, and representing the interests of the insured.
The acceptance and development of the insurance broker by insurance clients was such that the Superintendency of Banking and Insurance (SBS), created in 1931 for financial and insurance regulation and supervision, formally incorporated the supervision of insurance intermediaries known as “Insurance Brokers,” requiring licenses and establishing regulations for their professional practice.
Between the 1970s and 1990s, the professionalization and expansion of insurance brokers took place. Brokers began to specialize in different lines of business and risks offered by insurance companies, leading to the creation of the first national brokerage firms.
The requirement for brokers to meet standards of professional competence, financial solvency and ethical conduct, as well as to submit to continuous supervision, led to the creation of professional associations such as the Peruvian Association of Insurance Brokers (APECOSE), which promoted training, professional ethics and the defense of the broker as a key figure in the financial system.
In the 1990s, with economic liberalization and market opening, international brokers entered the Peruvian market.
The SBS strengthened regulation through the General Law of the Financial and Insurance System (Law No. 26702, 1996) and various SBS regulations that clearly define the functions of the insurance broker, differentiate them from insurance agents, and regulate their relationship with insurers and insured parties.
The digital era, emerging from 2010 onwards, created new challenges, with the rise of online brokerage platforms, insurance comparison tools and digital advisory services.
Brokers must adapt to a more informed and demanding client, combining personalized advisory services with technological tools.
All these stages have shaped the insurance broker into a highly trained professional with specialized certifications and education in risk management and insurance, providing technical advisory services, ongoing support and policy management throughout the life of the insurance contract, always acting independently, focused on protecting clients’ interests and promoting insurance awareness within Peruvian society.
The greatest assets that sustain the work of the insurance broker are trust and transparency, which are fundamental pillars of the relationship with the client.
“The insurance broker of the future will not be replaced by technology, but empowered by it. Their greatest value will continue to be trust.”
