Because of vehicle and health insurance performance, premiums paid in Panama last year totaled $1.562 million, 6% more than in 2017.
Preliminary figures from the Superintendence of Insurance and Reinsurance detail that last year income from vehicle insurance totaled $321 million and increased 9% with respect to 2017.
During 2018, premiums paid for health insurance totaled $312 million, 7.8% more than reported in 2017.
In the first ten months of this year, premiums of $1.245 million were subscribed in the country, exceeding in 5% the value reported in the same period of 2017.
The most recent data from the Superintendence of Insurance and Reinsurance detail that between the first ten months of 2017 and the same period of 2018, the value of premiums subscribed went from $1,188 million to $1,245 million.
The Public Ministry of Panama tender for a collective health insurance for the workers of the Procuraduría General de la Nación, for a term of 24 months.
Panama Government Purchase 2018-0-35-0-08-LV-020577:
"A collective health policy or insurance will be contracted for 4,251 collaborators, which will cover medical services required for the prevention of illnesses and accidents, the care and maintenance of health or its recovery in case of suffering a guaranteed event, up to the amount stipulated in the Insurance Contract.
In the first nine months of this year, premiums of $1,115 million were written in Panama, exceeding by 4.9% the value reported in the same period of 2017.
The latest data from the Insurance and Reinsurance Superintendence, between the first nine months of 2017 and the same period in 2018, the value of premiums written went from $1.063 million to $1.115 million.
In the first seven months of this year in Panama, $864 million worth of premiums were written, an amount that exceeds by 3% the value reported in the same period in 2017.
According to figures from the Superintendency of Insurance and Reinsurance, between the first seven months of 2017 and the same period in 2018, the value of subscribed premiums went from $839 million to $864 million.
The Judicial Power in Honduras is putting out to tender collective life insurance and medical hospital policies for the institution's officials and employees at the national level.
Honduras Government Purchase L.Public No. 07-2018 Hospital Medical Insurance:
"The purpose of this tender is the acquisition of a "Collective Life and Hospital Medical Insurance for Officials and Employees of the Judiciary at the National Level", for a period of two (2) years, with consecutive annual individual contracts, and a duration of 12 months for the first year of contract and the same term for the next year.
In Panama, industry authorities have ordered insurers to refrain from applying increases to individual premiums that are not contemplated or authorized in health policies.
According to the order given by the Superintendency of Insurance and Reinsurance, insurers that made increases to policies that were unforeseen and not authorized by the regulator, in the last twelve months, will have to refund the excess to customers.
Growth in policies for health and boats and aircrafts accounted for most of the 19% growth recorded in the first quarter of the year.
Data from the Superintendency of Insurance indicates that during the third month of the year the agricultural and livestock sector registered an increase of 64% compared to March 2017, followed by health insurance, whose premiums increased by 27%.
In Panama during the first three months of the year $367 million was written in premiums, which is 2% more than the $360 million reported in the same period in 2017.
During the first quarter of 2018, the three insurance companies that wrote the largest proportion of these premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $70 million, $62 million and $56 million, respectively.
Three insurers distributed 52% of the premiums generated in January of this year, which in total amounted to $129 million.
In the first month of 2018, the three insurance companies that subscribed the largest proportion of the premiums were Assa Compañía de Seguros, Compañía Internacional de Seguros and Mapfre Panamá, with $32 million, $19 million and $16 million, respectively.
Representatives from the sector stated that in 2017 premiums totalled $627 million, which meant an increase of just 1% with respect to the figures reported in 2016.
According to the Salvadoran Association of Insurance Companies (Ases) last year's performance was associated with lower demand in some sectors, greater competition and a volume of risks that has not increased substantially.
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:
Stable Rating Perspective:The rating outlook for the Central Americaninsurancesectoris stable for 2018, given that most of the rated companies maintain a stable outlook on an individual basis.Fitch Ratings believes that the sector shows stable fundamentals, as a result of good profitability levels and high liquidity and capitalization indicators in all countries, which it expects to continue to be reflected in solid balance sheets in companies.
In 2017, net premiums collected totaled $1 billion, 22% more than the $829 million reported in 2016.
According to figures from the Superintendency of Insurance of the Dominican Republic, last year Seguros Universal was the company that registered the highest number of net premiums collected, adding up to $216 million, equivalent to 21% of the total market.
Explained in part by the increase registered in mandatory insurance, last year income from premiums in Costa Rica added up to $1.323 billion, 15% more than in 2016.
Costa Rican authorities reported that last year the largest increase was recorded in mandatory types of insurance, with interannual increases of 26% (¢28.4 billion) in Occupational Hazards and 18% (¢7.5 billion) in the Obligatory Automotive.As a result, this category gained a 1.9 pp share with respect to voluntary insurance categories.
Over the past year, premiums totaled $440 million, 8% more than in 2016, led by General Insurance and Accident and illness insurance.
According to figures from the National Commission of Banks and Insurance, at the end of 2017 the loss ratio totaled $200 million, representing 45% of premium income, 3% more than was reported in 2016.