El Salvador: Insurance policies will be more expensive in 2009

The Salvadoran Association of Insurance Agents maintains that the crisis is creating an atmosphere of uncertainty, hence it is important to seek advise regarding the topic of insurance.

Wednesday, November 5, 2008

The union, which presented a conference on the repercussions of the crisis on the sector, argues that "despite the fact that global insurance experts are conscious of the impact that the crisis is causing in all sectors, they see many opportunities if innovation continues."

However, the financial impact stands out, as it will affect rates for fires, shipping, and to a lesser degree rates for automobiles.

The negative impact will increase during the first quarter of 2009 due to local elections, so the union recommends that everyone prepare for the political and economic changes.



More on this topic

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Insurance Industry Outlook

February 2011

Fitch Ratings discussed Central American insurance sector projections for 2011.

The slow recovery of most Central American economies after the effects of the 2008 – 2009 recession is also reflected in the activity of the insurance industry. With an annual global growth of only 5% (in Dollar terms), the six countries which form Central America (El Salvador, Costa Rica, Guatemala, Honduras, Nicaragua and Panama) have not yet managed to regain the lost path of 2009.

Guatemala Insurance Industry Prepares for Growth in 2011

November 2010

Fitch Ratings highlighted in their report a “relatively stable” performance of the insurance industry in 2010.

The performance of the Guatemalan insurance industry in 2010 has been relatively stable, despite the occurrence of two catastrophic events (storm "Agatha" and the eruption of the "Pacaya" volcano in late May) and the generally stagnant premiums of the main operating branch of the industry: Motor Vehicle Insurance.

Panama insurance sector slows down

October 2008

After maintaining a average rate of growth of 32%, the increase in August was not 7.36%.

The rhythm of growth in the insurance industry fell in August from the level that it enjoyed during the first seven months of the year, which was above 30% in terms of income from premiums.

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