Insurance: Sales Increase in the Midst of the Crisis

Despite the impact of the crisis caused by the covid-19 outbreak, between January and June 2020, income generated by net premium sales in El Salvador increased by 2%.

Friday, September 25, 2020

Data provided by directors of the Salvadoran Association of Insurance Companies (ASES), highlights that in the first half of the year net premiums were sold in the country for $345 million, an amount that is 2.3% higher than that reported for the same period in 2019.

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Regarding the expectations of sales at the end of the year, Pedro Geoffroy, president of ASES, told that they consider that "... it is still too early to establish the annualized impact on the insurance sector, so we will have to wait for the data to be reported in the coming months to have greater clarity on this issue."

Geoffroy added that "... like most sectors, the performance of the insurance sector is influenced 'substantially by the economic future of the country', so the industry will follow the trend of decline that the economy will have in 2020, particularly the service sector."

In recent years, the Salvadoran market has expanded and in 2019, income from net premiums totaled $702 million, an amount that exceeded that registered in 2018 by 6.8%.

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More on this topic

Insurance Market Up 7% in 2019

April 2020

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

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.

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.

Decline in Salvadoran Insurance Foreseen

April 2009

Insurers estimate that they could experience a growth of 5% or a decrease of 3% for 2009.

Against this backdrop, Salvadoran insurers plan to tackle the economic crisis by easing customer payments for the sales of net premiums so they will not fall into delinquency.

On the forecast for the industry, Peter Geoffry, secretary of the Salvadoran Association of Insurance Companies (ASES), told La Prensa Gráfica: "We think this 11.4% (growth for 2008) will not be very sustainable. We are obviously not talking about growth rates for 2009. We are predicting very slight decreases due to the situation in business generation this year."

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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