The Autonomous Executive Port Commission is putting out to tender policies for damage insurance, motor, loyalty, electronic equipment and collective life and medical insurance.
The Legislative Assembly of El Salvador has approved an extension, until next December 31 2012, for the enforcement of compulsory insurance of vehicles.
From a press release from the Legislative Assembly of El Salvador:
The Executive Hydroelectric Commission of the Lempa River, is inviting bids for the procurement of an insurance program that includes medical and hospital insurance, group life, motor and miscellaneous policies.
The purpose of the tender is to contract an insurance program for the Executive Hydroelectric Commission of the Lempa River (CEL), comprising of Hospital Medical insurance, Group Life, Motor and Miscellaneous policies for the period 2012-2013.
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. The countries with the highest contribution in the production of $3.44 billion dollars that the industry reached the end of 2011, are Panama and Costa Rica, a positive sign that the region is recovering from the economic crisis.
The Ministry of Public Works will bid out the purchase of insurance policies.
The policies purchased will include the total fleet of light vehicles, electronic equipment insurance, fidelity insurance and insurance for any risk of fire as well as theft.
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. These totaled $206.3 million for the first half of the year.
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