The segment of medical expenses policies registered the largest increase, up 26% over the previous year.
The Guatemalan Association of Insurance Institutions (AGIS) is looking to give greater impetus to reinsurance this year, as currently only one third of the total premiums are ceded to reinsurers.
Salvador Leiva, president of the AGIS told Elperiodico.com.gt that "...
Between January and September revenue from sales of these policies increased by 74% compared to the same period in 2013, with the sale of group insurance policies to companies being the factor driving the growth.
According to data from the Superintendent of Insurance, in January-September, the sector as a whole has accumulated $116 million in premiums for such policies.
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.
Growth projections for 2020 in premium income are of 135% for Costa Rica, and 97% for the rest of the region.
A report entitled "Performance of Costa Rican Insurers in the Central American Environment" states that Costa Rica has a higher growth potential given it has "... less dependence on reinsurance, which involves greater risk retention, which allows for larger reserves, more investment and financial returns. "
In August 2014 the field of health and personal accident was the category which recorded the biggest loss, equivalent to $7 million.
A monthly report by the Guatemalan Association of Insurance Institutions shows that the categories of personal health and auto accident and were two which experienced the greatest losses in the month of August.
Auto policies are the fastest growing category, with an increase of 14% so far this year compared to 2013.
Lack of a culture of prevention is preventing the emerging Nicaraguan insurance market from achieving high growth rates in most policies. Car policies are the most sought after, but those for life, property and health are growing slowly.
"... In 2013, the insurance industry paid $40 million in personal insurance, which included life insurance, accident and health insurance and pension income; also in property insurance including car insurance, fire and other policies, $105.2 million was paid."
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.
Two years after the amendment to the Law of the sector, the insurance market covering risks for short periods at low costs has been consolidated.
Banks and supermarkets are some of the outlets that insurance companies use to market a product that has established itself as a commercial operation with a low risk for insurers.
"The results of the implementation of Law 12 of April 3, 2012 are apparent to Jorge Barreiro Troitiño, corporate vice president of Nacional de Seguros, who said that just after 2012 the number of customers the company has increased by 50%, reaching 80,000 customers. "
Insurers paid $133 million to their customers during the first quarter of 2013, $47 million more than in 2012.
"The biggest financial outlays occurred in the lines of auto, health and fire, $29.7 million, $28 million and $16.3 million respectively," noted an article in Laestrella.com.pa.
As for companies, ASSA is a leader in the insurance market, having 20.22% of the sector, followed by Compañía Internacional de Seguros with 16.43% and in third place is Mapfre Panamá, S.A. with 12.79%.
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.
From January to December 2012, sales of insurance premiums reflected an increase of 8.16%, reporting a total of more than $138,635,000.
Panamaamerica.com.pa reports that "up to December 2012 were offered 85 million 879 thousand 82 dollars more than the previous year, which shows that consumers are becoming aware of the importance of having an insurance policy, indicated entrepreneurs from the insurance and reinsurance sectors in Panama. "
The Central Bank of Costa Rica is putting to public consultation the Regulation for Defence and Consumer Protection Insurance.
The regulation will be under consultation until 27 December.
Nacion.com reports that "According to this regulation, all natural or legal persons who are properly identified can make complaints or appeals with insurance firms provided these requests relate to their interests or legally recognized rights."
The Decline of the State Social Security Fund is forcing Costa Ricans to seek private health insurance.
Buying private health insurance could be an option for Costa Ricans in the face of deficiencies in the Social Security Fund (CCSS), a state health system that is ailing.
However, despite a growing demand for good quality health services, there are still few options for private health insurance, reports Insidecostarica.com.