The Supreme Court of Justice tenders hospital medical and life insurance policies for the 9,390 employees of the institution.
El Salvador Government Purchase LP 11/2021:
"Collective hospital medical insurance is required, which shall have as mandatory benefits outpatient consultation with out-of-network Doctors up to $35. The Company shall respect the medical indications issued in prescriptions, covering the medication according to the diagnosis presented, with a limit of 8 consultations per policy year for each insured, and the Insurance Administration Department may request additional consultations according to severity of the diagnosis.
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.
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.
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.
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.
The Ministry of Justice and Public Security tenders the supply of different insurance policies for the institution and its agencies at the national level.
El Salvador Government Purchase DR-CAFTA-LA-08/2020-MJSP:
"The Ministry of Justice and Public Security, through the Institutional Procurement and Contracting Directorate, aims to acquire insurance policies from July 1 to December 31, 2020 in order to protect assets, motor vehicles, personal injury, financial resources, materials or damage to equipment owned by the Ministry and its agencies.
Grupo Unity, a regional insurance broker in Central America, will be acquired by Willis Towers Watson, a company specializing in risk management and insurance brokerage.
According to a press release from Willis Towers Watson, the objective of the transaction "...is to increase the reach, scale and talent of Willis Towers Watson in the Latin American region, both for the Corporate Risk and Brokerage (CRB) segment, and for Human Capital and Benefits (HCB)."
Except for Nicaragua, which projects a decline in revenues, Fitch Ratings estimates that by year-end the region's insurance markets will have grown from 3% to 8%.
According to the report Perspectives of Insurance Industry in Central America, prepared by the rating agency Fitch Ratings, El Salvador will be the market that in 2019 will register more dynamism in the region, reporting an 8% increase over revenues reported in 2018.
The Port Maritime Authority tenders the insurance policy service for electronic equipment, automobiles, vehicle fleet and fire insurance for the year 2020.
El Salvador Government Purchase 20190056 Free management:
"The Port Maritime Authority requires Goods Policy Service for the AMP 2020, which includes:
During the first six months of this year, net premium income totaled $395 million, 9% more than reported in the same period in 2018, an increase explained by life and fire policies.2
According to data from the Salvadoran Association of Insurance Companies (ASES), between the first half of 2018 and the same period in 2019, net premium income grew by $34 million, from $361 million to $395 million.
Customers who are guided by immediacy and technology, who are also more focused on travel than buying health or life insurance, force insurers to reinvent their processes to continue increasing their sales.
Because the population group known as the "millennials," which is made up of customers who like to keep up with the buying process and are not willing to wait, companies must transform to keep up with their sales pace.
Insurance policies for damages, automobiles, electronic equipment, life, collective and hospital medical, for CEPA and FENADESAL are tendered.
Purchase by the Government of El Salvador DR-CAFTA-ADACA-UE CEPA-LA-08/2019:
"The purpose of the tender is to contract the insurance policies, damages-package policy and group life insurance and hospital medical insurance, automobile insurance, fidelity insurance and electronic equipment insurance for CEPA and FENADESAL, for the period from October 1, 2019 to January 1, 2020, both dates at twelve o'clock in the morning, according to the Terms of Reference established in these Tender Bases, by means of one or several Legal Persons, Union of Persons, and/or Joint Participation of Offenders (Legalized), National or Foreign."
In 2016, only 22% of the population had insurance in the event of a claim, and that proportion is now 26 %.
A study on the perception and penetration of insurance in the country, carried out by the Salvadoran Association of Insurance Companies (ASES), states that 23% of people who do not have insurance are for lack of knowledge or interest in this service.