Semester report from Insurance Sector in Nicaragua

Fitch Central America published its Special Report: "Nicaragua Insurance Sector: Semester Performance and Short Term Outlook."

Wednesday, November 26, 2008

The Nicaraguan insurance sector has reversed the operating losses recorded in June 2007. The index of combined insurance coverage for the was reduced from 101% in June 2007 to 95.6% in June 2008, resulting in operating profit of C$23.1 million compared to the C$4.2 million in June of last year. The improvement is due to favorable performance in claims, and lower operating expenses.

Despite the decrease in the accident rate, the sector continues to be the least efficient in Central America.

Fitch has indicated positive results due to more adjustments of subscription policies and operating management control, especially for insurers that are linked to international groups that recently entered the market. Still, the result could be affected due to greater competition tension in prices, while taking into to account the reduced demanded estimated in the sector.

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At the end of the first semester of 2008, the net premiums of the INS added up to US$289.6 million, which makes this market the biggest in Central America (not including Panama), and it also had the greatest growth compared to June 2007 (28%), as a result of efforts by the INS to improve the placement of its products. These results by the sector (2.6% of the GDP) are due to a greater level of income and insurance culture compared to the region, and high priced subscriptions due to the lack of competition in the market...

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