ASSA Group acquired 98.7% of stock of Metropolitan Insurance Company.
Eduardo Fabregas, Vice President of ASSA Insurance Company of Panama, told media: "With this acquisition, we will provide a serious and responsible service to our clients and brokers, also Metropolitan ASSA will have more resources at their disposal, offering a regional service to clients who do business outside of Nicaragua."
There was an improvement in accident rates and operating performance in the Nicaraguan insurance sector in 2008, as reported by Fitch in a special report.
Thanks to the growth in insurance premiums in the period and progress in costs and accident rates, the sector was able to overcome the operating loss that occurred last year (especially the state insurance company), registering a combined index of 96.3% in 2008 compared to 103.7% in 2007. The good operating performance has enabled the sector to more than offset the decrease in net financial income contribution (by private insurance companies in particular) and impact on the greater overall profitability. The expected decrease in the level of economic activity and thus in the sales of insurances implies a major challenge for the sector and for protection of the progress achieved in the short term. At the close of the previous year, net insurance premiums totaled C$2.1 million, 14.0% above the amount registered in 2007. The faster growth in the case of private insurance companies (17.1%) is worth noting, taking into account the significant growth in premiums of Metropolitana Life Insurance Company (35.1%) and Lafise Insurance (25.7%). For its part, the INISER (Nicaraguan Insurance Institute) experienced a growth of 8.6%. The positive growth of the sector has been primarily in the business of auto and life insurance.
The resolution, which requires all owners of boats used for passenger transport to have insurance, will come into effect at the end of January.
According to elnuevodiario.com.ni "the insurance has to cover the passengers and their luggage," said Manuel Mora, MTI Director of Water Transport, who revealed that throughout last year they kept in contact with Iniser to offer insurance services to the boat owners, "however since they do not see it as a profitable market, they never made any agreements."
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