In January $136 million worth of insurance premiums were sold, below the $138 million sold in the same month of 2016.
The decrease compared to January last year is mainly explained by a reduction in premium segments such as maritime, aviation, technical, various risks and bonds.
Laestrella.com.pa reports that "...In the first month of this year, insurance sales associated with maritime activities decreased by 65.1% and those related to the airline industry shrank by 9.7%.Similarly there were contractions in sales in the technical category (-26.1%), insurance of various risks (-29.3%) and bonds (-4.6%)."
The National Bank for Agricultural Development in Honduras is inviting bids for several insurance policies for the period between April 1st and December 31st, 2015.
Purchase of insurance policies by the National Bank for Agricultural Development, hereinafter called BANADESA, for the period from 1 April to 31 December 2015, as detailed below:
Companies prefer to hire private guards or outsource transportation of goods instead of purchasing insurance, sales of which fell by 38% between January and October compared to to the close in 2013.
According to the American Federation for Transport (Fecatrans), only 20% of their members have insurance against damage, theft or loss, because it raises costs which must then be transferred to the final price, meaning that the majority only take out insurance for third party damage in order to keep prices at competitive levels.
The government of Nicaragua has decided to suspend the increase from $85 to $295 on compulsory insurance for third party damage for transport trucks.
After receiving complaints from the union of freight trucks, governmental authorities in Nicaragua have decided to rescind the upward adjustment, which would have come into effect in August, on Third Party Liability insurance for cargo trucks.
Freight companies in Nicaragua say with the introduction of new rates the cost of insuring a truck for damage by third parties has increased from $85 to $295.
Between $45 million and $50 million more is the estimated amount that will have to be paid by freight business to ensure the trucks to comply with amendments to the Law for the Traffic Circulation Plan and Traffic Violations.
The main freight union of Central America has issued an ultimatum to the government of El Salvador to modify the collection of the new tax levied at customs offices.
Representatives of these unions which integrate the Central American Council of Transport have given a deadline of May 31 to amend this charge, otherwise on that date, if Congress has not amended the law which created the new tax, the truckers will go on strike for an undefined period causing heavy losses to Central American companies.
During the first half of 2012, the insurance sector in Latin America had a premium volume of $77,085 million, maintaining growth rates of two digits.
According to César Quevedo, deputy director of the Institute of Science at Seguro de Fundación Mapfre, the insurance industry is "key" to this global market.
In January and February, 190,000 fewer TEUs were moved than in the same period of 2012, when the figure was 1,000,218 thousand TEUs.
"The country's five terminals (Balboa, Manzanillo International Terminal, Colon Container Terminal, the Port Authority of Singapore and Cristóbal) reported one million 28,000 TEU's (a unit equivalent to a 20 feet long container) in the two months," noted an article in Prensa.com.
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.
In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.
The undisputed leader remains the Instituto Nacional de Seguros (INS), with a 90.2% market share and among the private companies the strongest are Mapfre and Assa with a 9.6% share between them.
According to the Superintendent of Insurance, the largest segment of the market is the general insurance category (51%), followed by sickness insurance (26%) and personal life policies (26%).
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."
Comprehensive services such as International Trade: Freight, Shipping, Ports and multimodal Logistics.
Organization that operates in Honduras
Phone: (504) 2504 9641 - (504) 2504 9640
A report by Fitch notes the momentum in the insurance sector in Central America and its growth potential.
From the report by Fitch Central America is entitled "Performance of Insurance Industry Central America: Well Positioned for Growth ":
The insurance industry in Central America managed to increase premium production by 12% compared to 2010, where Panama, Guatemala and Honduras recorded an above-average growth. The countries with the highest contribution in the production of $3.44 billion dollars that the industry reached the end of 2011, are Panama and Costa Rica, a positive sign that the region is recovering from the economic crisis.
A low penetration level of insurance as related to GDP allows for sustainable growth of insurance businesses.
In the past five years, Panama has seen an explosion of commercial development and an influx of insurance companies. The country is about to remake its insurance legislation, which is also aimed at helping the country become a regional hub for insurance and reinsurance, according to Carlos Abrahams, a director at Global Intermediaries. Global is a specialized reinsurance consultancy and brokerage in Panama City, Panama.
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