The Executive Committee of the Lempa River Hydroelectric Station is putting out to tender all risks insurance to cover machinery breakdown and consequential loss, for a term of one year.
El Salvador Government Purchase CEL-LP 19/17:
"All risks insurance for machinery breakage and consequential loss of CEL and the companies Lageo, S.A. de C.V., Etesal S.A.
According to Fitch Ratings, pension insurance has become a problem in terms of technical profitability for the companies that sell them.
From a statement issued by Fitch Ratings:
Fitch Ratings - San Salvador - (April 28, 2016):
Pension insurance has become a challenge in terms of technical profitability for sellers, says Fitch Ratings. One of the benefits of the current pension system is protection against disability and pension insurance, contracted by the Pension Fund Administrators (AFP) for its members. This coverage is provided by insurers and covers the insured against accidents or diseases that would make it impossible for them to work. In addition it also covers beneficiaries when the insured person dies, providing the required additional capital to finance pensions.
The Ministry of National Defense in El Salvador wishes to acquire all risk fire insurance for the Central Military Hospital and Regional Hospital of the Armed Forces.
Government Purchase El Salvador DR-CAFTA LA / 029/2015 / MDN:
"ACQUISITION OF ALL RISK FIRE INSURANCE POLICIES FOR CENTRAL MILITARY HOSPITAL AND REGIONAL ARMED FORCES HOSPITAL."
The deadline for submission of proposals is April 21, 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
Since the Costa Rican insurance industry opened up to private competition in 2008, the market has experienced rapid and consistent growth in premiums.
The Autonomous Executive Port Commission is putting out to tender policies for damage insurance, motor, loyalty, electronic equipment and collective life and medical insurance.
Government Purchase El Salvador DR-CAFTA CEPA LA-05/2015
The purpose of the tender is to hire one or more legal person (s) National (s) Foreign (s) or Union of bidders for the Procurement of Insurance Policies for damages- Package Policy, Motor Insurance , Collective Life Insurance - Medical insurance, Fidelity Insurance, Insurance for Electronic Equipment for the CEPA and FENADESAL for the period from twelve noon (12:00 m) of January 1, 2015 until twelve noon (12:00 m) from January 1, 2016.
The Ministry of Finance of El Salvador is putting out to tender, for the period January to December 2014, insurance policies and fidelity bonds.
Government Purchase El Salvador DR CAFTA LA 07/2014:
"ACQUISITION OF INSURANCE POLICIES AND BONDS OF LOYALTY"
The purpose of the tender is to: "Acquire insurance policies and fidelity bonds for the period from midnight on January 1 day to the 24th hour of the day December 31, 2014."
Fitch estimates that premiums in the region should grow measuredly, with the greatest dynamism seen in Costa Rica, the second insurance market in the region.
A statement from Fitch Ratings reads:
Fitch Publishes 2013 Prospects for the Insurance Sector in Central America.
The outlook on the ratings of insurance companies in different markets of Central America will remain stable in 2013.
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.
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:
With 68 votes, the Legislature approved on Thursday, an extension of six months for the enforcement of compulsory insurance for liability for damages to third parties, resulting in traffic accidents, a provision is established in the Law of Land Transport, Traffic and Road Safety.
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 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.
The expected date for receipt of offers is March 31st.
Exporting companies from El Salvador are demanding an integral exports policy from the Government.
According to the Corporation of Exporting Companies, known as COEXPORT, the most important items of such policy should be a financial guarantee fund and credit insurance.
Silvia Cuéllar, head of Coexport, detailed both financial instruments to Laprensagrafica.com: "Credit insurance will be a guarantee for exporters having problems with their products, and the guarantee fund will provide greater protection for the entrepreneur".