Insurance Industry Outlook

Fitch Ratings discussed Central American insurance sector projections for 2011.

Wednesday, February 2, 2011

The slow recovery of most Central American economies after the effects of the 2008 – 2009 recession is also reflected in the activity of the insurance industry. With an annual global growth of only 5% (in Dollar terms), the six countries which form Central America (El Salvador, Costa Rica, Guatemala, Honduras, Nicaragua and Panama) have not yet managed to regain the lost path of 2009.

Fitch is of the opinion, however, that moderate growth could be maintained during 2011, in line with expectations of an economic recovery as projected by the agency for most countries; although El Salvador to a lesser extend. Fitch will be watching the impact that economic developments will have in the financial profile of the rated insurance companies of the region in order to take action if it deems appropriate.

More on this topic

El Salvador: Insurance Sector in the First Half of 2015

October 2015

In June 2015, the Salvadoran insurance industry recorded a growth rate of 4%, higher than the 2.4% increase recorded in the first half of 2014.

From a report by Fitch Ratings Central America:

Continuous growth: In June 2015, the insurance industry of El Salvador recorded a growth rate of 4% compared to the first half of 2014 (1S14), given a growth in the economy of 2.4%, according to central bank data.

Insurance in Central America: 2015 Outlook

January 2015

Fitch Ratings expects moderate growth in premiums in Costa Rica, increased interest in personal insurance in Guatemala, and stable performance in Nicaragua and Honduras.

From the report "Outlook 2015: Central American Insurance Sector":

Costa Rica:

Moderate growth in premiums

Changes in Nicaraguan Insurance Market

May 2013

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector.

Insurance in Central America: Performance and Prospects

January 2012

A Fitch Special Report on the insurance industry in Central America indicates a stable outlook with conservative growth.

SUMMARY

Insurance penetration remains stable.
Fitch estimates that at the end of 2011, premiums for the insurance sector in Central America will be U.S.

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