In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.
Thursday, September 25, 2014
A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.
Prensalibre.com reports that "... August losses were lower by $570 thousand compared to the same time period in 2013, when the results closed at $7.6 million.
In the category of damages, the report states that losses totaled $3.2 million. As in the previous line, direct premiums were $238 million and earned premiums $117.4 million.
Of the available quantity $24.8 million was spent on payments to intermediaries, $30 million on administrative expenses and $66 million in claims payments. "
Mario Mendizabal, an insurance analyst, explained that "... naturally insurance premiums should increase, but that would mean that the demand for them falls. The expert noted that, as a solution, insurance companies create exclusions or increase "obstacles" to avoid paying out. 'Insurers look very closely to see what does not apply in order to reduce their costs.' "
In Nicaragua during 2020, a year marked by the pandemic generated by the covid-19 outbreak, the outlays for life insurance claims increased and for automobiles decreased.
Figures from the Superintendence of Banks and Other Financial Institutions (Siboif), detail that between January and November 2019 and the same period in 2020, the amount disbursed by insurance companies for life insurance coverage increased by 78%, from $10.7 million to $19 million.
Auto policies are the fastest growing category, with an increase of 14% so far this year compared to 2013.
Lack of a culture of prevention is preventing the emerging Nicaraguan insurance market from achieving high growth rates in most policies. Car policies are the most sought after, but those for life, property and health are growing slowly.
As of July claims for payments totaled $284 million, with personal insurance policies having increased the most.
In the case of personal accident insurance, registered insurance companies reported an increase of 13% between July 2013 and March this year. "...Within this category, those that grew the most were those of health and accident insurance, going from $26 million to $28 million. "
During the first eight months of 2013 insurance market premiums generated $425 million, while in the same period of 2012 the figure was $396 million.
The data was supplied by the Guatemalan Association of Insurance Institutions (Agis), which states that 20% of the market is made up of premiums from life policies, 29% for accident and health and the remaining 51% belongs to damage.
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