Insurance in Central America: Optimism at the End of 2019

Except for Nicaragua, which projects a decline in revenues, Fitch Ratings estimates that by year-end the region's insurance markets will have grown from 3% to 8%.

Thursday, October 31, 2019

According to the report Perspectives of Insurance Industry in Central America, prepared by the rating agency Fitch Ratings, El Salvador will be the market that in 2019 will register more dynamism in the region, reporting an 8% increase over revenues reported in 2018.

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According to forecasts Costa Rica will follow with a 6% variation, Panama and Guatemala with increases close to 4%, and Honduras would grow 3%. In the case of Nicaragua, the fall in revenues would amount to 2%.

Eduardo Recinos, senior director of Fitch Ratings, told Elmundo.sv that "... El Salvador is the Central American country that 'produces' more in the area of insurance, as until August this year recorded a 6.6% growth, double the contribution in 2018."

Recinos added that "... in recent months has seen a significant boom in the Salvadoran industry, especially in life insurance, as they represent the largest percentage in the portfolio of the sector."

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More on this topic

Insurance Market: Figures in 2018

February 2019

Total insurance premium revenues in Costa Rica totaled $1.261 million in 2018, 3% more than in 2017.

According to figures from the General Superintendence of Insurance (Sugese), between 2017 and 2018 the per capita spending of Costa Ricans on insurance increased slightly by 1.8%, from $248 to $252.

Outlook for the Insurance Market

December 2018

Fitch Ratings forecasts that the insurance sector in Central America will close 2018 with a year-on-year increase of almost 6% and expects that in 2019 the business will reach a very similar growth rate.

The projected increase for 2018 and 2019 would be based on the behavior of the Panama, Costa Rica and Guatemala markets, however, the increases of 5.8% and 6.1% forecast for 2018 and 2019, respectively, would represent a slowdown regarding the 8.2% growth registered in 2017.

Honduras: Insurance Market at the End of 2016

August 2017

Three companies accounted for 62% of total premium production and about 50% of the system's assets.

From a report by Fitch Ratings Central America:

Industry Concentrated by Market Players : The Honduran insurance sector is made up of 12 competitors.

Insurance in Central America: 2015 Outlook

January 2015

Fitch Ratings expects moderate growth in premiums in Costa Rica, increased interest in personal insurance in Guatemala, and stable performance in Nicaragua and Honduras.

From the report "Outlook 2015: Central American Insurance Sector":

Costa Rica:

Moderate growth in premiums

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