Insurance: Salvadoran Market Up 5% in 2018

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.

Friday, April 12, 2019

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.

The 5% growth of the Salvadoran insurance market reported in 2018 is better than that of 2017, because in that year premiums of $627 million were registered, which meant a 1% increase with respect to what was reported in 2016.

See "Little Growth in Salvadoran Insurance Market"

Pedro Geoffroy, president of ASES, said that "... last year's growth is the highest since 2014. These results were achieved thanks to the impulse of a particular item: Accident and health insurance."

Regarding the performance of sales of accident and health insurance, Geoffroy added that "... This category includes medical expenses and personal accidents. The growth is attributed to a greater contracting of this type of insurance by natural persons, as well as those carried out by small and medium enterprises.

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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.

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 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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