Insurance: Growth Potential in El Salvador

In 2016, only 22% of the population had insurance in the event of a claim, and that proportion is now 26 %.

Wednesday, May 15, 2019

A study on the perception and penetration of insurance in the country, carried out by the Salvadoran Association of Insurance Companies (ASES), states that 23% of people who do not have insurance are for lack of knowledge or interest in this service.

María Teresa Bolaños, director of ASES, explained to Laprensagrafica.com that "... the study shows that the main reasons why people have insurance is to protect their family, to prevent an accident, to protect their assets in the event of an eventuality, to have support when unexpected expenses occur, to have access to medical services and as a means of saving."

You may be interested in "Insurance: Salvadoran Market Up 5% in 2018"

Bolaños added that "... We have found that the benefit of having insurance is perceived by consumers when they receive compensation. This reiterates our commitment to continue working so that insurance reaches more people in order to give them peace of mind in unexpected situations."

Other relevant data from the investigation in which more than a thousand people between 18 and 65 years old were interviewed in the Metropolitan Area of San Salvador, Santa Ana and San Miguel, is that on average one person invests $39.41 a month in insurance premiums.

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More on this topic

Vehicle Insurance: Low Penetration Persists

January 2021

The increasing importation of used vehicles, the increase in the number of motorcycles and the perception that the risk to which drivers are exposed is low, are some of the reasons that explain why the penetration of vehicle insurance in the Guatemalan market is still only 10%.

According to data from the Superintendence of Tax Administration (SAT) at the end of 2020 there were 4.11 million vehicles registered nationwide, this figure exceeded by 8% the 3.79 million reported at the end of 2019.

Insurance in Guatemala: Growth Slows Down

January 2019

During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.

According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the total of premiums subscribed in the country went from $881 million to $907 million.

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.

Insurance Market - I Quarter 2018

May 2018

According to the union of insurers in El Salvador, between January and March net premiums totalled $149 million, 2% less than the $152 million reported in the same period in 2017.

After registering a modest 2% growth between 2016 and 2017, representatives of the Salvadoran Insurance Association (ASES) reported that during the first quarter of the year a 2% drop in contracted premiums was reported, compared to the months from January to March 2017. 

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