Explained by the behavior of the Costa Rican market, in 2017 Central American insurers received $5.02 billion in premiums, 7% more than in 2016.
According to a report drawn up by Revista Desempeño Asegurador, in 2017 "... insurance sales in the region expressed an absolute increase of US $334.7 million, an amount that represented a rise of 7.1% compared to sales in 2016."
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.
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.
BFA (Banco de Fomento Agropecuario), a state-owned bank fostering agriculture, is shopping for agricultural insurance, as risks in these activities have increased due to climate change.
Nora de López, president of the institution, explained they have held meetings with insurance companies, and are pondering whether to launch a public bidding process for hiring this insurance.
Exporting companies from El Salvador are demanding an integral exports policy from the Government.
According to the Corporation of Exporting Companies, known as COEXPORT, the most important items of such policy should be a financial guarantee fund and credit insurance.
The crisis has rapidly increased the levels of delinquencies, and getting paid on time and in form may be vital for an SME.
Maintaining liquidity has become a golden rule for businesses and one way to keep cash on hand is to simply stop paying suppliers. Of course, those who suffer most are companies that do not have bargaining power due to their size to recover unpaid debts and to devote resources to an adequate analysis of the risks of extending credit to each buyer.
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