Changes in Nicaraguan Insurance Market

Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.

Wednesday, May 29, 2013

The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector. The company following them is Instituto Nicaragüense de Seguros y Reaseguros (Iniser) with 26.4%, ASSA Compañía de Seguros SA with 18.9%, Seguros Lafise with 17,5% and Mapfre Nicaragua with 7,8%.

According to the Association of Insurance Supervisors of Latin America (ASSAL), a particular feature of the Nicaraguan market is that domestic capital insurers are still the strongest.

In the ranking of regulated firms, the state run company Iniser lost ground in 2012 compared to the previous year, as last December the state entity had 27.9%, while in 2011 it had 30%. The company could continue to lose more, because of the aggressive growth of three of the regulated private insurers: Seguros América, ASSA and Seguros Lafise.

According to the forecast report for 2013 by Fitch Ratings, Nicaragua is expected to retain "marked growth in private companies," whose participation "in the last year increased by 73% compared to the reduction in the share of Iniser".

Competition in the sale of insurance has become aggressive, Siboif data reveals that the entities selling the most policies were Seguros América, with $ 6.3 million and Seguros Lafise with $5.7 million.



More on this topic

Nicaragua: Insurance Market up to March

May 2014

Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.

Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.

Insurance Market in Costa Rica up to March 2014

May 2014

The state run Nacional de Seguros and PanAmerican Life share 88% of the market in the segment of accident and health policies.

The segment for Accident and Health policies showed that up to March 2014 the majority market share was held by Instituto Nacional de Seguros (INS) with 46.4% and 41.7% was held by Pan American Life, according to the Superintendent of Insurance (SUGESE).

Five Insurers Dominate Panamanian Market

January 2012

Internacional de Seguros and ASSA are the industry leaders of a sector that netted $936 million in premiums in 2011, a 16% growth.

Five companies control the insurance market in Panama: Internacional de Seguros, ASSA, Mapfre Panamá, Assicurazioni Generali and Aseguradora Ancón.

Annual Nicaraguan Insurance Sector Report

April 2009

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.

 close (x)

Receive more news about Insurance

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Looking for Importers and distributors of furniture

Mexican manufacturer of office furniture seeks importers and distributors interested in dealing their products in Central America.
PM Steele is a 100% Mexican company, with more than 67...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Dec 2)
Brent Crude Oil
47.08
Coffee "C"
118.15
Gold
1,815
Silver
23.880