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.
Between July and October 2020, the number of people in Guatemala exploring options for life insurance online increased by 3%, and the number of Panamanian consumers seeking auto insurance increased by 39%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
Due to confinement, the economic crisis and vehicle restriction measures, two out of ten customers in Guatemala cancelled their car insurance.
The spread of covid-19 has generated a health and economic crisis in the country, a situation that caused falls in the income of insurance companies, however, the sector's union considers that it is a temporary effect and that in the coming months sales could recover.
As of March 20, the government agreement that requires passenger and cargo transport units to take out civil liability insurance will become effective in the country.
On February 12, 2020, government agreement 17-2020 was published in the Diario de Centroamerica, requiring owners of trucks, panels and pickups, as well as micro and urban buses, taxis, motorcycle taxis and "tuc tucs", to have an insurance policy.
The Universidad Nacional Autonoma tenders the supply of an insurance policy for several motor vehicles owned by the institution.
Honduras Government Purchase LPN No.31-2019-SEAF-UNAH:
"In case of theft, a co-insurance of 20% is requested and the insurance company will pay 80% of the insured amount, without deducting any amount for introduction taxes and others, in the case of those vehicles that have GPS installed the co-insurance will be reduced to 2%.
Last year, premiums of Ch$1,567 million were written in the country, a figure that did not change significantly from the Ch$1,569 million reported in 2018.
Figures from the General Comptroller of the Republic detail that between 2018 and 2019 premiums in the branch of fire and multi-risk insurance registered a 5% increase.
On the other hand, automobile premiums decreased 2% for the years in question, and in the case of personal accidents the increase reported was 8%.
Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.
The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.
The Port Maritime Authority tenders the insurance policy service for electronic equipment, automobiles, vehicle fleet and fire insurance for the year 2020.
El Salvador Government Purchase 20190056 Free management:
"The Port Maritime Authority requires Goods Policy Service for the AMP 2020, which includes:
From January to July 2019, premiums of $910 million were subscribed, 5% higher than the $864 million reported in the same period of 2018.
According to the most recent report of the General Comptroller of the Republic, between the first seven months of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 17% increase.
Between January and June 2019, premiums increased 4% compared to the same period in 2018, partly because of a 5% increase in health policies and 6% in group life insurance.
The latest data published by the General Comptroller of the Republic indicate that between the first half of 2018 and the same period of 2019 the premiums of the branch of fire and multi-risk insurance registered a 12% increase.
Although in the first six months of the year, the Guatemalan market increased to 6%, for the growth to be sustained, it is necessary to regulate the obligatory nature of civil liability insurance against third parties and occupants for all vehicles in the country.
Currently, the Guatemalan insurance market has only regulated compulsory insurance in the part corresponding to extra-urban transport units, which slows down the growth potential of companies in the sector.
From January to April of this year, $105 million in auto premiums were underwritten in Panama, 7% more than was reported in the same period in 2018, which is partly because of the modifications to the basic traffic accident insurance.
The latest report of the General Comptroller of the Republic states that between the first quarter of 2018 and the same period of 2019, the value of the premiums subscribed in the automobile branch grew from $98.1 million to $104.5 million, which is equivalent to a 6.5% increase.
Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.
Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.
During 2018, premiums paid for health insurance totaled $312 million, 7.8% more than reported in 2017.
In the first eleven months of 2018, premiums of $1.378 million were underwritten in Panama, exceeding by 6% the value reported in the same period of 2017.
The latest data from the Superintendence of Insurance and Reinsurance, detail that between the first eleven months of 2017 and the same period of 2018, the value of premiums underwritten went from $1.301 million to $1.378 million.
In the first nine months of this year, premiums of $1,115 million were written in Panama, exceeding by 4.9% the value reported in the same period of 2017.
The latest data from the Insurance and Reinsurance Superintendence, between the first nine months of 2017 and the same period in 2018, the value of premiums written went from $1.063 million to $1.115 million.