The Guatemalan insurance association reports that at the end of the year premiums totaled $926 million, 8% more than in 2016.
According to a report presented by the Guatemalan Association of Insurance Institutions, the growth of 7.7% was below the 9% that had been foreseen for 2017.It should be noted that medical insurance exceeded expectations, growing above 10%.
Insurers are limited to selling insurance policies and are not allowed to sell commercial bonds.
After the Insurance Superintendence requested clarification on whether or not insurers were authorized to sell bonds, the Attorney General's Office concluded that "... insurance companies should be limited to its insurance business, therefore they are not allowed to sell commercial bonds. "
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.
In Panama the insurance market is strengthening preventive measures in order to get the country removed from the "gray list" of the International Financial Action Group.
The latest measure taken by the Superintendent of Insurance and Reinsurance was hosting the forum 'Measures for the Prevention of Money Laundering and Combating the Financing of Terrorism in the Insurance Sector' in which issues were addressed related to the prevention of money laundering and risk management in the sector.
US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.
From a statement issued by BlueCross BlueShield Costa Rica:
Insurer arrives in the country with plans for complementary health
• Member of the BlueCross BlueShield Association (BCBSA), an organization of more than 37 healthcare companies in the United States and other countries and which serves, through them, over 100 million policyholders.
Experts on the prevention of money laundering will be meeting in Panama City on October 19th, 2014 to discuss the impact of this practice in the insurance sector.
Organized by the Superintendency of Insurance and Reinsurance the Forum will bring together enforcement officers from insurance companies registered in the country.
The Superintendent of Insurance and Reinsurance of Panama, Luis Della Togna told Laestrella.com.pa that "...
The amount of premiums written during the first half of 2014 totaled $657 million, which is 12% more than in the same period in 2013.
Of the total of premiums paid in the first six months of the year, health insurance, group life and car policies accounted for about 45%. In the case of auto insurance, one of the fastest growing in the country, the total was $112.4 million, 9.78% more than in the first half of 2013.
In the first five months of the year the volume of premiums was $545 million, nearly $50 million more than in the same period in 2013.
Automobiles, with premiums of $94 million and Health, with premiums of $91.8 million, are the sectors that grew the most compared to the previous period, with increases of 9.83% and 17%, respectively.
Carlos Berguido, executive director of Asociación Panameña de Aseguradores, said in Prensa.com that "...
Between December 2012 and December 2013 revenue from premiums went from $138 million to $156 million.
The pace of growth in the insurance sector in Nicaragua increased during the first quarter of 2014, registering premiums of $43 million, an increase of 21% compared to the same period in 2013.
Laprensa.com.ni reports that "... of the total premiums sold during 2013, the property insurance segment accounted for 71% of total sales, receiving $111.15 million, reflecting a growth of 10 5% compared to the $100.56 million sold in 2012. "
The National Insurance Institute (Instituto Nacional de Seguros) has established a technical standard on the conditions which companies must meet in relation to occupational insurance for their staff.
The National Insurance Institute of Costa Rica has ruled on the provisions of the Labour Code to ensure the provision of cash benefits, medical and health benefits and rehabilitation, as well as the financial strength of the regime.
Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.
The ranking of the premiums made by the Superintendency of Banks and Other Financial Institutions (Siboif) reveals that in the case of Seguros América S.A.,in the first quarter of 2013, they led the market with 29.3% of the sector. The company following them is Instituto Nicaragüense de Seguros y Reaseguros (Iniser) with 26.4%, ASSA Compañía de Seguros SA with 18.9%, Seguros Lafise with 17,5% and Mapfre Nicaragua with 7,8%.
With the amendment of Law 63 of 1996 it is intended that international reinsurers will invest in the country making it a hub for the whole continent.
According to Luis Della Togna, Superintendent of Insurance and Reinsurance of Panama, a draft has been drawn up which amends the law and thereby strengthens supervision, control and regulation of the sector.
Distance marketing of financial products is a business alternative with great potential in Costa Rica.
Elfinancierocr.com reports that "distance marketing of financial products and insurance in particular, is an alternative for both for business insurers as well as intermediaries. However, when insurance mediation activity is regulated by the risk involved, it deserves special attention by the Superintendent of 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.
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."