Little Growth in Salvadoran Insurance Market

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.

Monday, March 19, 2018

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.

In relation to the results of the sector in 2017, Pedro Geoffroy, president of Ases, explained to that " ... there are several factors that explain the result, it is still necessary to see data from this year to determine if it is a tendency or a bad year. Regarding assets, reserves and penetration, the sector remains robust."

The article adds that " ...Last year insurers paid 50.23% of all premiums, $315 million. In 2016 the figure was $321 million and in 2015, $331; which means that the country has reduced its claims."

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May 2018

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