Decline in Salvadoran Insurance Foreseen

Insurers estimate that they could experience a growth of 5% or a decrease of 3% for 2009.

Wednesday, April 1, 2009

Against this backdrop, Salvadoran insurers plan to tackle the economic crisis by easing customer payments for the sales of net premiums so they will not fall into delinquency.

On the forecast for the industry, Peter Geoffry, secretary of the Salvadoran Association of Insurance Companies (ASES), told La Prensa Gráfica: "We think this 11.4% (growth for 2008) will not be very sustainable. We are obviously not talking about growth rates for 2009. We are predicting very slight decreases due to the situation in business generation this year."

More on this topic

El Salvador: Insurance Market to Grow 5%

August 2017

In the first half of the year, net premiums totaled $306 million, and the insurance guild plans to close the year with a total growth of 5% compared to 2016.

Figures from the Salvadoran Association of Companies (ASES) show that 2016 closed with a total of $621 million in registered net premiums, and for this year the projection is to increase them by approximately $30 million.

Deterioration in El Salvador’s Economy

July 2012

The first six months of 2012 reflect poor growth levels of 1%, below the already meager 1.6% projected by the government.

From the Salvadoran Association of Industrialists (ASI):

The Salvadoran Association of Industries (ASI) presented the balance of the Salvadoran economy during the first six months of the year, demonstrating that El Salvador is the country with the lowest economic growth and the only clear decrease in the region.

Salvadoran Insurance Industry to Remain Stagnant

May 2010

ASES, the Association of Insurance Companies, reported that insurers will fail to grow in 2010.

Its president, Ricardo Cohen, explained that although the insurance industry is in a solid position, it won’t generate profits this year, mainly due to the lack of new investments or projects in the country.

Honduras records negative first-quarter growth of 3.3 percent

May 2008

Honduras registered negative year-on-year growth of 3.3 percent in the first quarter of 2008, the government announced.

BCH, the central bank, blamed the rise in world fuel prices, an absence of dynamism in the manufacturing sector, high inflation and the increased costs of raw materials for construction.

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