In Nicaragua during 2020, a year marked by the pandemic generated by the covid-19 outbreak, the outlays for life insurance claims increased and for automobiles decreased.
Figures from the Superintendence of Banks and Other Financial Institutions (Siboif), detail that between January and November 2019 and the same period in 2020, the amount disbursed by insurance companies for life insurance coverage increased by 78%, from $10.7 million to $19 million.
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.
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.
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.
The National Commission of Banks and Insurance Companies is tendering the collective life and hospital medical insurance policy for the staff of the institution for the years 2021, 2022 and 2023.
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.
Last year in Nicaragua, insurance sales totaled $199 million, 4% less than in 2018, a drop that can be explained in part by the drop in life, health and accident policies.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that between 2018 and 2019 premium sales fell by $9 million, from $208 million to $199 million.
Atlántida Vida insurance company started operations in the local market and will be focused on the life and health sector.
The new participant, which will start with a capitalization of $6.2 million and is projected to reach $10 million in premium income, belongs to the Honduran business group Inversiones Atlántida.
Discounts in fitness centers, in dental services or in consultations with psychologists, are some of the benefits offered by insurance companies in Costa Rica to maintain their portfolio of clients and attract new ones.
The National Insurance Institute (INS), Sagicor, Pan American Life Insurance, Océanica de Seguros and Mapfre, are some of the competitors in the Costa Rican market that offer this type of privileges in their policies.
The Central Bank tenders the group life insurance policy and hospital medical expenses for a group of employees of the institution for a two-year term.
The policy of collective life insurance and medical expenses for deputies, directors and deputy directors of the Congress of the Republic of Guatemala is tendered for a 24-month term.
Total insurance premium revenues in Costa Rica totaled $1.261 million in 2018, 3% more than in 2017.
According to figures from the General Superintendence of Insurance (Sugese), between 2017 and 2018 the per capita spending of Costa Ricans on insurance increased slightly by 1.8%, from $248 to $252.
During 2018, Guatemala's insurance sector increased 3% year-on-year, well below the 8% growth rate reported between 2016 and 2017.
According to figures presented by the Guatemalan Association of Insurance Institutions (AGIS), between 2017 and 2018 the total of premiums subscribed in the country went from $881 million to $907 million.
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2099