Reinsurers to Pay $3.4 Million for Tropical Storm Ida

In El Salvador, payments for Ida damage claims will be larger than those caused by Hurricane Stan.

Wednesday, December 2, 2009

The figure is an estimate by ASES, the Salvadoran Association of Insurance Companies, after a preliminary assessment of reconstruction costs.

"These figures arise in the midst of a tax reform discussion that could drive away 8 reinsurers that operate in the country. The most renowned are Gen-Re, Mexico's Reaseguradora Patria and Germany's Hannover Re", reports newspaper El Mundo.

More on this topic

Insurance Settlement Order

November 2019

Because of the financial problems it faces, the Superintendence of Insurance and Reinsurance of Panama ordered the forced liquidation of La Floresta de Seguros y Vida.

"The forced liquidation of the insurance company La Floresta de Seguros y Vida, S.A. has been ordered at 9:30 a.m.

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.

The Insurance Market in Costa Rica

September 2014

Growth projections for 2020 in premium income are of 135% for Costa Rica, and 97% for the rest of the region.

A report entitled "Performance of Costa Rican Insurers in the Central American Environment" states that Costa Rica has a higher growth potential given it has "... less dependence on reinsurance, which involves greater risk retention, which allows for larger reserves, more investment and financial returns. "

El Salvador: Tax Reform Drives Off Reinsurers

November 2009

Some reinsurance companies argue that the country won't be attractive for business if the tax reform bill gets approved.

With this bill they will have to pay 5% income tax, and those reinsurers based on tax havens will be charged with an additional 25%.

From "In a letter to the Salvadoran Association of Insurance Companies, reinsurer Hannover Re remarked they are assessing whether they maintain their operations in the country, or if they increase some reinsurance contracts, especially those with variable conditions, which could become more expensive with the tax hike. Another reinsurer, Gen Re, shares this point of view".

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