New Laws for the Insurance Market

With the aim of boosting the insurance market in El Salvador, business leaders in the sector are proposing changes to the legislation that would allow for expanding marketing channels for policies.

Thursday, May 24, 2018

After the Salvadoran insurance market recorded growth of 1% in 2017, bills have been prepared that have been submitted to the Presidential House, which seek to reactivate the sector, through the commercialization of microinsurance focused on people with low incomes.  

See "Little Growth in Salvadoran Insurance Market"

According to representatives of the Salvadoran Association of Insurance Companies (ASES), the projects that have been presented are the law on insurance activities and the law on insurance contracts.

For his part, the president of ASES, Pedro Geoffroy Rivas, explained to Laprensagrafica.com that " ... The aim is to "expand sales channels", this means making it easier to acquire insurance, not only through traditional channels, such as in a bank, with an insurance broker and in the insurer itself."

Geoffroy adds that the changes would open " ... the door to other entities to sell insurance and even so that policies can be bought from a cell phone. Along with these channels, cheaper insurance would have to be introduced." 

See "What is changing  in insurance and how could it affect your wallet" and "Cant afford health or life insurance? This law could be the solution." (In Spanish)

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More on this topic

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.

Insurance Market - I Quarter 2018

May 2018

According to the union of insurers in El Salvador, between January and March net premiums totalled $149 million, 2% less than the $152 million reported in the same period in 2017.

After registering a modest 2% growth between 2016 and 2017, representatives of the Salvadoran Insurance Association (ASES) reported that during the first quarter of the year a 2% drop in contracted premiums was reported, compared to the months from January to March 2017. 

Profits for the insurance sector grow by 17% in El Salvador

August 2008

Insurance companies have reported positive results for the period from January to June of this year.

Pedro Geoffroy, president of the Salvadoran Association of Insurance Companies (ASES), explained that despite the tough economic environment there was an increase of 11.7% in premiums, that is, the amount of insurance policies the companies manage to sell in the market.

El Salvador insurance industry mulls micro-policies

May 2008

In an effort to expand their market, insurers in El Salvador are weighing the possibility of following the example of their counterparts in Mexico who offer micro-policies that provide benefits of as much as US$8,000 for a one-dollar premium.

"This type of insurance is very interesting because it brings our industry's benefits to poor people who don't figure on company payrolls," said Raúl Betancourt, executive director of the Salvadoran Insurers' Association (Ases).

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