Between July and October 2020, the number of people in Guatemala exploring options for life insurance online increased by 3%, and the number of Panamanian consumers seeking auto insurance increased by 39%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
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.
The National Vocational Training Institute in Honduras is putting out to tender collective insurance of medical and living expenses for its personnel, and insurance for buildings, equipment and the vehicle fleet.
In 2017 in Panama, premiums totaled $1.471 billion, 5% more than in 2016, but the loss ratio in fires and floods increased almost four times.
According to a report by the Superintendency of Insurance and Reinsurance of Panama (SSRP), in 2017 market growth was accompanied by an increase in claims, as insurance companies paid out $119 million for the fire and flood coverage policies, a figure that exceeds the $26 million disbursed in 2016 by 365%.
Between January and October 2017, premiums grew 4% compared to the same period in 2016, explained in part by a 9% increase in health insurance and 14% in collective life insurance.
Figures published by the Comptroller General of the Republic indicate that premiums in the Individual Life insurance sector registered an increase of 4.4%, while those of Health increased 9%.On the other hand, collective life insurance premiums increased 14.3%.
Growth in sales of vehicles and homes in the country has generated an opportunity for the insurance business, in a market where penetration is only 3%.
Greater purchasing power and the consequent increase in purchases of homes, cars and other goods is generating interesting opportunities for other complementary businesses.
Income from insurance premiums grew by 15% compared to the same month in 2015, reaching $924 million.
From the Monthly Bulletin by the Superintendent of Insurance:
Income from insurance premiums grew by 15% compared to September 2015, reaching ¢497 billion colones.Growth remains widespread by category and personal insurance is still the most dynamic category.The contribution of compulsory insurance, as explained in previous bulletins, responds to the increase in SOA in January 2016 due to accounting changes because RT premiums decreased by 20% year on year.
In the first quarter of the year, total premiums in the country totaled $338 million, 5% more than in the same period last year, driven by automobile insurance.
Vehicle insurance is the most in demand, reporting $63 million in premiums from January to March 2015, representing an increase of 11.8% compared to the same period last year. The second sector reporting the most growth is health, with premiums of $57.3 million, ie an increase of 6% and finally the premiums for group life reported $41 million, according to the Superintendency of Insurance and Reinsurance in Panama.
Technical policies reported growth of 15.3%, followed by life insurance which achieved an increase of 14.3%, fire insurance and allied lines with 13.3% and health insurance with 10.8%.
From a statement issued by the Panamanian Association of Insurers (Apadea):
The Panamanian insurance market closed last year with growth of 8.1%, with a lot of challenges to face in 2015 such as promoting 100% penetration for policies, sufficient development in rates and more personalized underwriting.
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.
Products in the category of life, accident and health lead the 6% increase in premiums seen in the first three months of the year compared with the same period in 2013.
Total premiums paid in the first quarter amounted to $42 million, of which 37.4% were for first party car insurance, 21.0 % for fire insurance and associated lines, 19.09 % for life insurance (individual and collective) and the remaining 6.01 % for health insurance.
Between January and September insurance sales increased by 8.5% compared to the previous year, totaling $892 million.
Most policies sold in that period were in the auto and health categories according to information from the Superintendency of Insurance and Reinsurance in Panama.
The auto insurance sector recorded sales of $153.7 million and health $146.5 million. In addition, group life insurance achieved sales of $110 million.
During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.
According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.
On presenting the report, "The Latin American insurance market," the official noted that this "is a key region for the present and future in global insurance."
A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.
December 2012 Bulletin from the Superintendent of Insurance (SUGESE):
Basic Indicators
The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance. The retention of these total direct premiums compared to 2011 remained at 81% and the total retained earned premiums (allocated ) increased from 96% in 2011 to 91% in 2012.
In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.
The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.
According to the Superintendent of Insurance, the largest segment of the market is the general insurance category (51%), followed by sickness insurance (26%) and personal life policies (26%).