Insurance Market Up 7% in 2019

Last year in El Salvador, net premium income totaled $702 million, 6.8% higher than in 2018.

Friday, April 3, 2020

Directors of the Salvadoran Association of Insurance Companies (ASES) explained that between 2018 and 2019 net premium income increased by $44 million, from $658 million to $702 million.

You may be interested in "Post-Quarantine Consumption Patterns"

Pedro Geoffroy, president of ASES, told Elmundo.sv that "... By the end of 2019, net premium penetration reached 2.6% in relation to the Gross Domestic Product (GDP); in 2018 this indicator stood at 2.52%. However, the percentage increase is still relatively low compared to the penetration in developed countries, where the indicator is above 4%."

Geoffroy added that "... The last year was undoubtedly one of growth and simultaneously one of new challenges for the insurance industry. Despite the encouraging results in terms of net premium growth, it is still important to be able to permeate society and generate a greater culture of prevention, so that more Salvadorans and their assets are protected against potential risk situations."

By 2020, insurers expect market conditions to be turbulent, as the health alert generated by the covid-19 outbreak will affect the economy.

Covid19: How are the outlook for insurance companies in El Salvador changing?

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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.

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.

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