Nicaragua: Insurance Market Falls by 4%

Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.

Wednesday, February 5, 2020

Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.

The fall in the accident rate gave insurers a breathing space last year, as the amount paid out decreased by 17% compared to what was recorded in 2018, according to official figures. reviews that "... It was the insurance of people who showed a reduction and have significant weight in the business of these companies. Last year, the demand for this service dropped 7%, whose turnover increased from $62 million in 2018 to $57 million in 2019".

The article adds that "... Within personal insurance, policy purchases are concentrated mainly in life, health and accident. Life insurance only increased from $41 million in 2018 to $38 million in 2019, representing a 7% variation."

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During the first quarter of the year in Nicaragua, premium income was down 6% from the same period in 2018, while claims payments increased 14%.

Figures from the Superintendence of Banks and Other Financial Institutions (Siboif) indicate that between January and March 2018, and the same period in 2019, premiums in the country fell from $55 million to $53 million.

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Life, health, and accident policies accounted for most of the 12% growth recorded in premiums during the first quarter of the year compared to the same period in 2016.

Total premiums recorded in the first quarter of the year, according to figures provided by Victor Urcuyo, head of the Superintendency of Banks and Other Financial Institutions, amounted to $57 million, almost 13% more than in the same period last year.

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