El Salvador: Insurance Companies Increase Equity
In the first semester, total equity for the 18 companies summed $216 million.
Thursday, August 20, 2009
The Association of Insurance Companies (ASES) also reported an 8.1% increase in technical reserves in the same period.
Technical policies reported growth of 15.3%, followed by life insurance which achieved an increase of 14.3%, fire insurance and allied lines with 13.3% and health insurance with 10.8%.
In the last five years penetration of the insurance market did not reach even 2% of GDP because people see insurance as an unnecessary expense.
In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.
The resulting society will merge Mapfre's operations in El Salvador and Mundial's branches in Costa Rica, Nicaragua, Honduras and Guatemala.
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