The Association of Insurance Companies (ASES) also reported an 8.1% increase in technical reserves in the same period.

"An increase in occurrences covered by insurance and sales slowdown have forced companies to increase their equity and technical reserves", reported Laprensagrafica.com.

Source: laprensagrafica.com

More on this topic

Little Growth in Salvadoran Insurance Market

March 2018

Representatives from the sector stated that in 2017 premiums totalled $627 million, which meant an increase of just 1% with respect to the figures reported in 2016.

According to the Salvadoran Association of Insurance Companies (Ases) last year's performance was associated with lower demand in some sectors, greater competition and a volume of risks that has not increased substantially.

2014 Panama: Insurance Companies Grow by 8%

February 2015

Technical policies reported growth of 15.3%, followed by life insurance which achieved an increase of 14.3%, fire insurance and allied lines with 13.3% and health insurance with 10.8%.

From a statement issued by the Panamanian Association of Insurers (Apadea):

The Panamanian insurance market closed last year with growth of 8.1%, with a lot of challenges to face in 2015 such as promoting 100% penetration for policies, sufficient development in rates and more personalized underwriting.

Insurance Market in El Salvador Not Taken Off

October 2013

In the last five years penetration of the insurance market did not reach even 2% of GDP because people see insurance as an unnecessary expense.

According to Richard Cohen, executive president of the Salvadoran Association of Insurance Companies (ASES), penetration of this market has the potential to grow up to four times in the next few years.

Salvadorian Insurance Market Increases

August 2012

In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.

Raul Betancourt, legal advisor to the Salvadoran Association of Insurance Companies (ASES), noted that total industry premiums amounted to $205 million. "This growth is attributed to the pension insurance and life insurance contracts", he said.