Central America: Evolution of Insurance Demand

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%.

Thursday, November 19, 2020

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.

For this analysis, CentralAmericaData collected data on the number of Central American consumers who showed their interest in purchasing some type of insurance online in July. In October the same information was collected again and the variations reported in the quarter in question were evaluated.

Details of some of the most outstanding findings:

Between July and October Costa Rica the number of consumers looking for health insurance decreased by 6%. In Honduras, the number of people who tried to access health insurance fell by 57%, in Panama by 50%, and in El Salvador by 36%.

For the months in question, the number of Guatemalans seeking automobile insurance fell by 9%, in Panama a variation of 39% was reported, and in Honduras the number of consumers interested in this financial service increased by 16%.

In Costa Rica, the number of consumers who explored options for purchasing life insurance grew 37% for the period under analysis, in Panama a -20% drop was reported, and in El Salvador a 45% increase.

CentralAmericaData has a complete information system for the analysis of consumer interests in any country in the region, which allows companies to project demand trends and anticipate changes in the various sectors and categories of products and services. This information system allows monthly tracking of preferences and purchase intention of Central Americans by product or category, resulting in a very high value input to make business decisions in the new commercial reality.

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