Insurance: Salvadoran Market Increases to 9%

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

Tuesday, September 3, 2019

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.

The year-on-year growth reported up to June 2019 doubles that recorded at the close of 2018, when net premium income in El Salvador totaled $658 million, 5% more than reported in 2017.

Elmundo.sv reports that "... Premiums for life insurance, meanwhile, totaled $37.35 million in the first quarter of 2019, which is equivalent to a 6.9% year-on-year growth. Pension services totaled $14.56 million, an additional 13.7% compared to $12.81 million in the first three months of 2018."

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The article adds that "... Fire insurance grew 13.9%, from $20.51 million in the first quarter of 2018 to $23.37 million in the same period in 2019. There was also an increase in net premiums in the automotive business of 6.8% to $23.92 million. The industry that recorded a reduction was accidents and illness, which fell 1.8% to $30.02 million. Likewise, bonds were contracted by 18.3%, going from $4.92 million in the first quarter of 2018 to $4.02 million between January and March 2019.

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More on this topic

Insurance: Sales Increase in the Midst of the Crisis

September 2020

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%.

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.

Accident Insurance: Sales up 7%

February 2020

In the first eleven months of 2019, premiums were written in the country for Ch$1,395 million, and sales of personal accident insurance grew 7% over the same period last year.

Figures of the General Comptroller of the Republic detail that between the first eleven months of 2018 and the same period of 2019, fire and multi-risk insurance premiums recorded a 10% increase.

Compulsory Insurance Grows Little in Costa Rica

September 2019

The premiums paid for Compulsory Automobile Insurance and Occupational Hazard Insurance grew only 3% in the first half of the year compared to the same period in 2018, well below the 9% reported from January to June last year.

The National Insurance Institute (INS) reports that between January and June 2018 and the same period in 2019, premium income from the mandatory insurance in question rose from $240 million to $246 million.

Insurance: Panamanian Market Grows to 4%

July 2019

During the first five months of the year, premiums of $643 million were written, 4% higher than the $619 million reported for the same period in 2018.

Statistics from the Superintendence of Insurance show that from January to May 2019, the three insurance companies subscribing the highest proportion of market premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with 26%, 16% and 15% respectively.

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