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."

Source: laprensagrafica.com

More on this topic

Insurance: Sales Increase in the Midst of the Crisis

September 2020

Despite the impact of the crisis caused by the covid-19 outbreak, between January and June 2020, income generated by net premium sales in El Salvador increased by 2%.

Data provided by directors of the Salvadoran Association of Insurance Companies (ASES), highlights that in the first half of the year net premiums were sold in the country for $345 million, an amount that is 2.3% higher than that reported for the same period in 2019.

Insurance Market Up 7% in 2019

April 2020

Last year in El Salvador, net premium income totaled $702 million, 6.8% higher than in 2018.

Directors of the Salvadoran Association of Insurance Companies (ASES) explained that between 2018 and 2019 net premium income increased by $44 million, from $658 million to $702 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.