Outlook for the Insurance Market

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.

Thursday, December 6, 2018

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.

According to the report "Perspectivas Fitch Ratings de 2019: Sector de Seguros de Centroamérica", it is foreseen "... a solid credit profile for insurers, thanks to higher growth expectations in the largest markets in the region. Panama, Costa Rica and Guatemala would remain leading the growth of this industry in Central America."

Milena Carrizosa, Fitch's director, explained to Elmundo.sv that "... The credit profile of the insurance sector in Central America will remain unchanged with a positive trend in 2019, considering the continuous improvement in technical profitability and forecasts of higher GDP growth in the region."

According to the agency, in 2019 "... An economic recovery is expected in Panama and a constant improvement in Costa Rica, Guatemala and El Salvador."

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More on this topic

Insurance in Central America: Optimism at the End of 2019

October 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%.

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.

Guatemala: Growth Projections Improve

February 2019

The behavior of credit to the private sector, public spending, imports and remittances would explain the higher growth expected for the economy this year.

The Bank of Guatemala (Banguat) reported that this year's economic growth is projected to range between 3% and 3.8%, with a central value of 3.4%, up from the 3.1% reported during 2018.

Insurance in Central America: Outlook for 2018

March 2018

Projections are that this year growth of the Central American insurance sector will be driven by activities in the markets of Costa Rica and Guatemala.

From the report "Prospects 2018: Insurance Sector in Central America" by Fitch Ratings:

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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