Sunday 24 January 2021

Insurance in Central America: Optimism at the End of 2019

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.

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According to forecasts Costa Rica will follow with a 6% variation, Panama and Guatemala with increases close to 4%, and Honduras would grow 3%. In the case of Nicaragua, the fall in revenues would amount to 2%.

Eduardo Recinos, senior director of Fitch Ratings, told Elmundo.sv that “… El Salvador is the Central American country that ‘produces’ more in the area of insurance, as until August this year recorded a 6.6% growth, double the contribution in 2018.”

Recinos added that “… in recent months has seen a significant boom in the Salvadoran industry, especially in life insurance, as they represent the largest percentage in the portfolio of the sector.”

Source: Centralamericadata.com

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