The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.
According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017.It should be noted that medical insurance exceeded expectations, growing above 10%.
The reduction of 30% in premium income from compulsory work risk insurance accounted for most of the 8% decline in revenues from total premiums up to March.
In March general insurance and personal insurance maintained the upward trend that had been seen the previous months, with growth rates compared to the same month in 2014 of 6.1% and 8.3%, respectively.
The Colombian company signed an agreement to acquire the shares of Insurance Banistmo, whose participation in the Panamanian market is 8%.
From a statement issued by Grupo Sura:
Suramericana SA, a subsidiary of SURA Group which specializes in the industry for insurance, health and occupational hazards, signed a contract for the acquisition of Insurance Banistmo, which, once the relevant authorizations have been obtained, will allow the Company to consolidate its presence in the Central American market, adding this operation to Seguros SURA Panama.
Insurers claim that the market has been unable to grow due to the excessive number of arrangements to be made to register a channel for marketing products.
Industry participants argue that "... today alternate marketing channels are not open and regulation makes it difficult to register a marketing channel."
Amilcar Córdoba, CEO at Seguros FEDPA, told Capital.com.
Insurers are limited to selling insurance policies and are not allowed to sell commercial bonds.
After the Insurance Superintendence requested clarification on whether or not insurers were authorized to sell bonds, the Attorney General's Office concluded that "... insurance companies should be limited to its insurance business, therefore they are not allowed to sell commercial bonds. "
Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.
According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.
In Panama the insurance market is strengthening preventive measures in order to get the country removed from the "gray list" of the International Financial Action Group.
The latest measure taken by the Superintendent of Insurance and Reinsurance was hosting the forum 'Measures for the Prevention of Money Laundering and Combating the Financing of Terrorism in the Insurance Sector' in which issues were addressed related to the prevention of money laundering and risk management in the sector.
The Superintendent of Insurance is preparing a bill to promote market development by encouraging the installation of foreign reinsurance companies in the country.
The bill, still in draft form, aims to attract major reinsurance companies to the country and use the market already operating in the country as a platform. In turn, the legislation would also increase "...
US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.
From a statement issued by BlueCross BlueShield Costa Rica:
Insurer arrives in the country with plans for complementary health
• Member of the BlueCross BlueShield Association (BCBSA), an organization of more than 37 healthcare companies in the United States and other countries and which serves, through them, over 100 million policyholders.
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. "
Experts on the prevention of money laundering will be meeting in Panama City on October 19th, 2014 to discuss the impact of this practice in the insurance sector.
Organized by the Superintendency of Insurance and Reinsurance the Forum will bring together enforcement officers from insurance companies registered in the country.
The Superintendent of Insurance and Reinsurance of Panama, Luis Della Togna told Laestrella.com.pa that "...
The amount of premiums written during the first half of 2014 totaled $657 million, which is 12% more than in the same period in 2013.
Of the total of premiums paid in the first six months of the year, health insurance, group life and car policies accounted for about 45%. In the case of auto insurance, one of the fastest growing in the country, the total was $112.4 million, 9.78% more than in the first half of 2013.
The sale of life, accident and health insurance rose from $113 million in June 2013 to $148 million in the same month in 2014.
Figures from the Superintendence of Insurance (SUG) show the growing interest on the part of Costa Ricans in policies for medical expenses and life coverage. While the premiums for personal expenses policies, including the two mentioned above, grew by 21% last year, the increase in overall policies in the same period was 12%. In total they invested $566 million.
In the first five months of the year the volume of premiums was $545 million, nearly $50 million more than in the same period in 2013.
Automobiles, with premiums of $94 million and Health, with premiums of $91.8 million, are the sectors that grew the most compared to the previous period, with increases of 9.83% and 17%, respectively.
Carlos Berguido, executive director of Asociación Panameña de Aseguradores, said in Prensa.com that "...
Between December 2012 and December 2013 revenue from premiums went from $138 million to $156 million.
The pace of growth in the insurance sector in Nicaragua increased during the first quarter of 2014, registering premiums of $43 million, an increase of 21% compared to the same period in 2013.
Laprensa.com.ni reports that "... of the total premiums sold during 2013, the property insurance segment accounted for 71% of total sales, receiving $111.15 million, reflecting a growth of 10 5% compared to the $100.56 million sold in 2012. "