In the first five months of the year, the insurance market recorded an increase of 8% compared to the same period in 2011.
Raul Betancourt, legal advisor to the Salvadoran Association of Insurance Companies (ASES), noted that total industry premiums amounted to $205 million. "This growth is attributed to the pension insurance and life insurance contracts", he said.
The insurance industry has expressed concern about the new compulsory insurance for traffic accidents in the absence of information about the project.
Raul Betancourt, director of the Salvadoran Association of Insurance Companies (ACES in Spanish), said that since they submitted a draft to the Deputy Minister of Transport (which defined coverage, scope, limitations and benefits), about six months ago, there has not been any further contact with the entity.
Under the new law, about 80% of vehicles will have to pay between $ 30 and $ 40 worth of insurance.
Raul Betancourt, executive director of the Salvadoran Association of Insurance Companies (ASES), said that according to preliminary analysis about 556 thousand vehicles would pay this premium.
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