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

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

Friday, August 15, 2008

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. These totaled $206.3 million for the first half of the year.

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Salvadorian Insurance Market Increases

August 2012

In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.

Raul Betancourt, legal advisor to the Salvadoran Association of Insurance Companies (ASES), noted that total industry premiums amounted to $205 million. "This growth is attributed to the pension insurance and life insurance contracts", he said.

Good Prospects for Insurance Companies

May 2012

A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.

From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":

The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth.

Guatemala: Damage Insurance in Most Demand

July 2010

Cover against damages relating to cars, fires and earthquakes make up 66.4% of total premiums.

According to the Guatemalan banking regulator (Sib), at the end of 2009, accidents accounted for 18.1% and life insurance 15.5%.

However, reports a gradual increase in the contribution of life insurance premiums to the total over the last four years, and growth of 10.9% in 2009.

Big increase in claims threatens profits of insurers in Panama

July 2008

Insurance claims rose by 62.22 percent in the first five months of this year in Panama compared with the same period of 2007.

Insurers face difficulties that are likely to be reflected in lower profits. The increase in claims is being blamed on an increase in crime, poor fire prevention in the Colón Free Zone and an increase in the cost of medical services.

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