As a result of the damage and losses caused by covid-19 and tropical storms Iota and Eta, insurers in Guatemala have received compensation claims of about $65 million.
According to statistics from the Guatemalan Association of Insurance Institutions (Agis), due to the Eta storm, up to November 30th, 1.005 claims were reported for floods or slopes, which amounted to about $32 million. For Iota, the insurance companies received 120 claims, which together amounted to approximately $2 million.
Following the reform of government agreement 17-2020, the entry into force of the regulation requiring passenger and cargo transport units to take out civil liability insurance was delayed for one year in Guatemala.
Despite the impact of the crisis caused by the covid-19 outbreak, between January and June 2020, income generated by net premium sales in El Salvador increased by 2%.
Data provided by directors of the Salvadoran Association of Insurance Companies (ASES), highlights that in the first half of the year net premiums were sold in the country for $345 million, an amount that is 2.3% higher than that reported for the same period in 2019.
The current scenario of reactivation of commercial flights and tourist activities, are an opportunity for insurers to increase their sales, since the hiring of a policy is a mandatory requirement for tourists to be allowed to travel.
Products that offer a refund in the event of having to cancel the trip due to illness, as well as coverage at the destination if the person becomes ill, both for medical expenses and for lodging in case a quarantine is needed, constitute a great opportunity in this context of the spread of covid-19.
Although the covid-19 outbreak in Guatemala has increased interest in medical and life insurance, it is expected that because of the economic crisis, group insurance sales will be affected.
Figures revealed by directors of the Guatemalan Association of Insurance Institutions (AGIS), detail that so far the months with the highest incidence of positive cases have been June and July.
Because Costa Rica requires foreign visitors to take out a local policy, which costs more than $275 for a two-week stay, tour operators are asking that insurance taken out abroad be accepted as an incentive for tourist arrivals.
After more than four months of the country's borders being closed to tourists, commercial flights resumed on Aug. 3 with the arrival of an Iberia plane carrying more than 200 passengers from Spain.
From January to June 2020 in Nicaragua, the amount paid by insurers for life insurance increased by 54% compared to the same period in 2019, a rise that could be explained by the health crisis generated by the spread of covid-19.
Although the Nicaraguan government had only 116 deaths from covid-19 as of July 28, the numbers of insurance companies competing in the local market reflect another reality.
Due to confinement, the economic crisis and vehicle restriction measures, two out of ten customers in Guatemala cancelled their car insurance.
The spread of covid-19 has generated a health and economic crisis in the country, a situation that caused falls in the income of insurance companies, however, the sector's union considers that it is a temporary effect and that in the coming months sales could recover.
The insurance for the construction of the civil works, auxiliary installations of line and stations, supply and installations of the integral system, of the Line 3 of the Panama Subway, is tendered for 54 months.
Panama Government Purchase 2020-2-80-0-08-LP-002878:
Last year in El Salvador, net premium income totaled $702 million, 6.8% higher than in 2018.
Directors of the Salvadoran Association of Insurance Companies (ASES) explained that between 2018 and 2019 net premium income increased by $44 million, from $658 million to $702 million.
Panamanian businessmen consider unviable the bill that intends to force insurance companies to cover medical expenses related to the coronavirus.
The bill, which was presented by Representative Zulay Rodriguez, seeks to ensure that insurance company clients are attended to in case they are infected with covid-19, however, policies do not usually provide coverage when the disease is declared as an epidemic or pandemic.
Last year, total income from insurance premiums in Costa Rica accumulated $ 1,449 million, 8% more than reported in the previous year, a variation that doubles the 3.5% increase recorded between 2017 and 2018.
The 8% growth recorded in 2019 doubles the variation recorded in 2018, when the upturn amounted to 4%.
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