El Salvador: 15% increase in insurance expected

The Salvadoran insurance industry appears to be highly capitalized and technical, but it will not escape the effects of the crisis.

Thursday, January 15, 2009

Laprensagrafica.com reports: "There will be pressure on policies, an increase in insurance prices," said Agata, during the annual conference of reinsurers sponsored by the Salvadoran Association of Insurance Companies (ASES).

Another imminent effect on the sector will be the purchase of insurance companies by businesses that see the financial crisis as an opportunity for expansion and capturing resources.

More on this topic

Salvadorian Insurance Market Increases

August 2012

In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.

Raul Betancourt, legal advisor to the Salvadoran Association of Insurance Companies (ASES), noted that total industry premiums amounted to $205 million. "This growth is attributed to the pension insurance and life insurance contracts", he said.

El Salvador: Mandatory Insurance Law

January 2011

Under the new law, about 80% of vehicles will have to pay between $ 30 and $ 40 worth of insurance.

Raul Betancourt, executive director of the Salvadoran Association of Insurance Companies (ASES), said that according to preliminary analysis about 556 thousand vehicles would pay this premium.

El Salvador: Insurance Companies Increase Equity

August 2009

In the first semester, total equity for the 18 companies summed $216 million.

The Association of Insurance Companies (ASES) also reported an 8.1% increase in technical reserves in the same period.

"An increase in occurrences covered by insurance and sales slowdown have forced companies to increase their equity and technical reserves", reported Laprensagrafica.com.

El Salvador: Insurance policies will be more expensive in 2009

November 2008

The Salvadoran Association of Insurance Agents maintains that the crisis is creating an atmosphere of uncertainty, hence it is important to seek advise regarding the topic of insurance.

The union, which presented a conference on the repercussions of the crisis on the sector, argues that "despite the fact that global insurance experts are conscious of the impact that the crisis is causing in all sectors, they see many opportunities if innovation continues."

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