El Salvador: Insurance Market to Grow 5%

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.

Monday, August 28, 2017

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.

The $306 million recorded in net premiums in the first half of this year is "... $3 million higher than that reported in the same period in 2016. This slight increase is due to the fact that ... during the first half of the year, there is seasonality, said Eduardo Montenegro, president of ASES. 

Montenegro explained to Elmundo.sv that "... most clients usually renew their insurance contracts in December. Some companies, he exemplified, earn in December alone amounts that are equivalent to three months of work."

"... In 2016, on average, each Salvadoran spent $97 on insurance during the past year. With respect to Central America, and without including Panama, El Salvador shows the second highest per capita expenditure."

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More on this topic

Insurance: Salvadoran Market Increases to 9%

September 2019

During the first six months of this year, net premium income totaled $395 million, 9% more than reported in the same period in 2018, an increase explained by life and fire policies.2

According to data from the Salvadoran Association of Insurance Companies (ASES), between the first half of 2018 and the same period in 2019, net premium income grew by $34 million, from $361 million to $395 million.

Insurance: Salvadoran Market Up 5% in 2018

April 2019

Last year, net premium income in El Salvador totaled $658 million, 5% more than reported in 2017, a rise explained by accident and health insurance.

According to data from the Salvadoran Association of Insurance Companies (ASES), during 2018 the area of accident and health insurance recorded sales of premiums of $128 million, which is equivalent to a 14% increase over what was reported in 2017.

Insurance Market Still Stagnant

August 2018

Between the first semester of last year and the same period in 2018 the value of premiums written in El Salvador saw almost no change, following the line of the weak growth of 1% reported between 2016 and 2017.

According to the Salvadoran Association of Insurance Companies (ASES), insurers reported premiums of $306.5 million in June of this year, which is equivalent to an increase of just 0.11% compared to the $306.2 million recorded up to the same month in 2017.

Profits for the insurance sector grow by 17% in El Salvador

August 2008

Insurance companies have reported positive results for the period from January to June of this year.

Pedro Geoffroy, president of the Salvadoran Association of Insurance Companies (ASES), explained that despite the tough economic environment there was an increase of 11.7% in premiums, that is, the amount of insurance policies the companies manage to sell in the market.

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