Salvadoran Insurers confident that they will dodge the crisis
The insurance industry trusts that they will dodge the financial crisis that started in the US and affected other countries, since they are "sound enough" to meet their obligations.
Monday, October 6, 2008
"Up to now we can plainly state that the insurance sector in El Salvador generally has higher levels of solvency and financial (capital) safeguards for the tranquility and contentment of those who use our services," declared Raul Betancourt, executive director of the Salvadoran Association of Insurers (ASES).
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.
In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.
The Salvadoran insurance industry appears to be highly capitalized and technical, but it will not escape the effects of the crisis.
Under the new law, about 80% of vehicles will have to pay between $ 30 and $ 40 worth of insurance.
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